Am­ple op­tions for buy­ers at great prices


New Gur­gaon is the up­com­ing res­i­den­tial hub along NH- 8 that for ms the south­ern side of Dwarka Ex­press­way. The cor­ri­dor is called New Gur­gaon be­cause it is seen as a lat­eral ex­ten­sion of Gur­gaon. The in­flu­ence of New Gur­gaon ex­tends to both sides of NH-8 on cross­ing the toll at Kherki Daula, with sec­tors 81-95 spear­head­ing the up­side in the com­ing five years.

What are the de­mand driv­ers in New Gur­gaon?

New Gur­gaon falls on the south­ern side of Dwarka Ex­press­way, which will pro­vide bet­ter con­nec­tiv­ity and in­fra­struc­ture once it is fully op­er­a­tional. Though de­layed by lit­i­ga­tions, Dwarka Ex­press­way has now been cleared of all mat­ters by the Pun­jab and Haryana High Court, and it will be fully de­liv­ered be­fore the 2020 hori­zon. Once it is fully op­er­a­tional, com­muters will be able to reach Kherki Daula from Dwarka in Delhi in just 20-30 min­utes, after which they can com­mute seam­lessly to the in­dus­trial hubs of Mane­sar and Dharuhera. How­ever, the south­ern belt of the ex­press­way or New Gur­gaon (sec­tors 81-95) will pick up faster than the north­ern sec­tors (103-118). There are var­i­ous rea­sons for the south­ern belt of the ex­press­way to ap­pre­ci­ate faster than the north­ern sec­tors. The align­ment of the 1.8km Dwarka Link Road in the north, which will join Dwarka to the ex­press­way and pro­vide the crit­i­cal direct con­nec­tiv­ity, has only been cleared in 2014. The process will be de­layed, since it in­volves land ac­qui­si­tion. On the other hand, New Gur­gaon is lo­cated at a com­mutable dis­tance of 30-40 min­utes from the wellestab­lished com­mer­cial cor­ri­dors of Sohna Road, DLF Cy­berCity and Golf Course Road through well-laid in­ter­nal roads, NH- 8 and Golf Course Ex­ten­sion Road.

New Gur­gaon is po­si­tioned to emerge as a rel­a­tively af­ford­able res­i­den­tial catch­ment within Gur­gaon. The area is set to at­tract home­buy­ers look­ing for good res­i­den­tial op­tions within the city.

How would the driv­ers pan out on res­i­den­tial prop­erty prices in New Gur­gaon?

Sohna Road, or NH- 248A, is a res­i­den­tial cor­ri­dor in Gur­gaon and has been con­sid­ered as a bench­mark lo­ca­tion for New Gur­gaon. This six-km cor­ri­dor is a well-es­tab­lished mar­ket, a 20- minute drive away from New Gur­gaon. Sohna Road bi­sects fur­ther from Bad­shah­pur, from where it con­nects to the up­com­ing of­fice and res­i­den­tial area of Golf Course Ex­ten­sion Road and the pre­mium res­i­den­tial hub of Golf Course Road, which are within a driving dis­tance of 30-40 min­utes.

The cor­ri­dor boasts wide roads and has also emerged as a well-de­vel­oped re­tail and en­ter­tain­ment hub in the last few years. This in­fra­struc­ture de­vel­op­ment, along with lim­ited avail­abil­ity of va­cant land, has pushed prices in Sohna Road to run in the range of ₹ 8,100 to ₹ 10,900 per sq ft. New Gur­gaon is the near­est up­com­ing res­i­den­tial area to Sohna Road that has a mix of res­i­den­tial projects with prop­er­ties rang­ing from the af­ford­able and mid-seg­ment to pre­mium seg­ment. With prices in the range of ₹ 3,900 to ₹ 5,500 per sq ft, de­pend­ing on the type of pro­ject and its lo­ca­tion and frontage on NH-8, New Gur­gaon is set to at­tract home­buy­ers. At an av­er­age price of ₹ 4,700 per sq ft, res­i­den­tial prop­erty in the se­lected cor­ri­dor trades at a dis­count of 51% from the ₹ 9,500 per sq ft price pre­vail­ing in the bench­mark lo­ca­tion.

With the com­ple­tion of Dwarka Ex­press­way within the in­vest­ment hori­zon, the move­ment of the Kherki Daula toll, and the open­ing up of the South­ern Pe­riph­eral Road from NH-8 to­wards Golf Course Ex­ten­sion Road, the re­port es­ti­mates this dis­count to nar­row down from 51% to 42%. For New Gur­gaon, this will trans­late into a price move­ment from the cur­rent ₹ 4,700 per sq ft to ₹ 6,900 per sq ft, dur­ing the next five years.

Mu­das­sir Zaidi, na­tional director- res­i­den­tial agency, Knight Frank In­dia, says, “We an­tic­i­pate that we are at the end of the cy­cle of slow down. The wave of pos­i­tive sen­ti­ments is quite ev­i­dent and the worst will be over soon. Delhi NCR as a mar­ket had far larger im­pact of slow­down due to the fact that a much larger pro­por­tion of pure in­vestors are in the mar­ket who had de­serted the same for want of bet­ter re­turns and thereby, con­sid­ered al­ter­na­tive as­sets. The lo­ca­tions we have iden­ti­fied is an­tic­i­pated to ben­e­fit from bet­ter con­nec­tiv­ity and re­cov­ery of the mar­ket in tan­dem with the other mar­kets of In­dia and as a re­sult emerged as po­ten­tial des­ti­na­tions for in­vest­ment. Golf Course Ex­ten­sion and New Gur­gaon due to bet­ter con­nec­tiv­ity to the wellestab­lished com­mer­cial cor­ri­dors are ex­pected to see an up­surge in de­mand due to com­ple­tion of projects, so­cial and phys­i­cal in­fra­struc­ture be­ing es­tab­lished, cou­pled with in­cre­men­tal of­fice space in the pipe­line.”


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