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

HT Estates - - NEWS - HT Es­tates Cor­re­spon­dent

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

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