Will Sohna witness a realty boom?
IMT Sohna, Delhi-Mumbai dedicated freight corridor and KMP Expressway hold the key to Sohna’s development as a hot realty spot
With Gurgaon having experienced a real estate boom, the next destination that’s going to attract investors is likely to be Sohna. Close on the heels of its new Master Plan 2031, new group housing projects, townships, plotted developments and luxury projects have been announced leading to what realty experts say will be a boom in coming years.
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 close to IMT Sohna where a 1,700-acre industrial estate is planned by the Haryana government.
“Sohna is positioned at one vertex of the triangle with Gurgaon and Faridabad occupying the other two vertices. With Gurgaon having experienced the real estate boom, the area between the city and Sohna is witnessing the aftereffects of this boom. Also, with the KMP Expressway linking NH8 to NH2 the triangle is expected to see sustained long term real estate interest,” says Ganesh Vasudevan, CEO, IndiaProperty.com.
“Sohna Road and its surrounding areas display all the signs of development that a satellite area bordering a hot and happening Tier 1 zone (Gurgaon) shows. The area can be described in two segments - Sohna 1 and 2: The first zone covers Sector 38 (Rajiv Chowk) to Sector 66 (Vatika Site) and the second one starts from the road that runs down from Universal Business Park to Badshahpur and beyond till Sohna,” says Vasudevan.
According to the experts, the value of investments could double once IMT Sohna 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 add more value to the investments here.
Plots in Gurgaon are priced at over R1 lakh per sq yard but just 10 km ahead in Sohna they are still around R30,000 to R35000 per sq yard. The valuation of the area has also increased considerably. Land prices in the Sohna area that were earlier in the range of R1.5 to R2.5 crore per acre are today going for R3crore 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.
Says Pradeep Mishra, a Gurgaon-based property consultant, “The prospects are quite good but buyers should expect good returns only after four to five years. A good return on short term investment is not possible. This is an emerging area and a lot of infrastructure is yet to be put in place. At the moment, the only existing attraction is Sohna Road which connects NH 8 to the KMP Expressway.”
ILD International Land Developers Pvt Ltd is expected to launch a residential project by the end of the year. Avalon and Central Park are amongst other developers planning to launch residential projects in the Sohna belt, depending on the market conditions.
“Prices are lower than other established localities in Gurgaon such as Golf Course Road, M G Road etc, but it makes sense only if a buyer is looking for either end-use or long term investment. Also another point to note here is that a lot of projects surrounding this belt are over five years old,” says Vasudevan.
He adds, “The developing part of Sohna Road also known as Sohna Road Extension has a number of under-construction residential properties by developers like Tulip, Unitech etc. Owing to the success of Sohna Road, under-construction high-end properties along the Golf Course Extension and proximity to NH8 - the capital values of residential properties are already going up if one sees the pace of development in the area. One should easily keep a perspective of a minimum of five to seven years in mind before the area would come close to habitation.”
The Delhi-Mumbai dedicated freight corridor is located close to Sohna and all the mega industrial estate and infrastructure coming up along with the KMP corridor will add more value to the investments here