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?
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.