Sohna’s un­lim­ited po­ten­tial

Will Sohna’s new Mas­ter Plan see the area emerg­ing as an af­ford­able res­i­den­tial des­ti­na­tion, giv­ing Gur­gaon a run for its money?

HT Estates - - NEWS -

Will Gur­gaon’s for­tunes be linked to the Mas­ter Plan for Sohna 2031? If one goes by the buzz in Haryana’s realty mar­ket, sev­eral res­i­den­tial projects are ex­pected to be launched in Sohna, now that the Mas­ter Plan for the area that pro­poses 13 new res­i­den­tial sec­tors has been no­ti­fied. The to­tal num­ber of sec­tors is 38.

Realty ex­perts say a few de­vel­op­ers have started ac­quir­ing land banks in the area and some with SEZs (spe­cial eco­nomic zones) have ap­plied for land use change.

De­vel­op­ment in the area will see a boom. Town­ships with group hous­ing and plot­ted de­vel­op­ments are likely to come up in the area in the price band of R3500 to R4000 sq ft.

Ra­heja is per­haps the first de­vel­oper to have launched its project, Aranya, on a land bank it ag­gre­gated in 20082009 un­der the old Mas­ter Plan. It’s an in­te­grated township that is in prox­im­ity to IMT Sohna where a 1,700acre in­dus­trial es­tate is planned by the Haryana gov­ern­ment. Ra­heja De­vel­op­ers has pro­cured more land and made an ap­pli­ca­tion for ex­tended li­censes. New launches will be an­nounced shortly.

On Sohna’s po­ten­tial, Navin Ra­heja, man­ag­ing direc­tor, Ra­heja De­vel­op­ers, says “IMT Sohna will def­i­nitely en­hance the prospects of Aranya as a res­i­den­tial and re­tail des­ti­na­tion for the thou­sands of peo­ple who will get jobs there.

The value of in­vest­ments would mul­ti­ply at a tremen­dous pace once this in­dus­trial es­tate is up and run­ning. Also, the Del­hiMum­bai ded­i­cated freight cor­ri­dor is lo­cated close by, and all the mega in­dus­trial es­tate and in­fra­struc­ture com­ing up along with the KMP cor­ri­dor will only add to the value of in­vest­ments here,” he says.

Plots in Gur­gaon are priced at over R1lakh per sq yard but in Sohna they are still around R30,000 per sq yard, al­most one third the price just 10 km ahead.

Ac­cord­ing to Ajay Ag­gar­wal, direc­tor, Avalon group, only town­ships and res­i­den­tial op­tions are vi­able in Sohna. The group plans to launch a G+20 storey group hous­ing project in the area. “The start­ing price will be around 4000 per sq ft. The area has much bet­ter con­nec­tiv­ity, a fly­over has been ap­proved at Bad­shah­pur and widen­ing of the road has been planned,” Ag­gar­wal adds.

The val­u­a­tion of the area has also gone up con­sid­er­ably. Land prices in Sohna area that were ear­lier in the range of R1.5 to R2.5 crore per acre are to­day go­ing for R3 to R4 crore. In­ter­est­ingly, realty ex­perts are of the view that the Sohna story will take a long time to de­velop - some­what sim­i­lar to what has been wit­nessed in Greater Noida.

“Many peo­ple are get­ting over­con­fi­dent about the Sohna op­por­tu­nity. The pre­vail­ing prop­erty prices along Sohna Road pass­ing through the Gur­gaon lim­its are any­thing be­tween R5500 per sq ft to R6000 per sq ft, es­pe­cially in sec­tors 67, 67 A and 68. Ex­pect­ing too much from Sohna, how­ever, could be ir­ra­tional. The Gur­gaon story is not yet over. Sohna may be an in­ter­est­ing op­tion for those want­ing to pick up prop­er­ties in the sub R4000 per sq ft range,” adds Anckur Sri­vast­tava of GenReal Ad­vis­ers.

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