The cor­ri­dor boasts of qual­ity in­fra­struc­ture

HT Estates - - HTESTATES -

Golf Course Ex­ten­sion Road and New Gur­gaon are the top real es­tate des­ti­na­tions in the NCR as they are likely to see a price ap­pre­ci­a­tion of 42% and 47%, re­spec­tively, by 2020, says a new re­port launched by Knight Frank In­dia ti­tled Res­i­den­tial In­vest­ment Ad­vi­sory Re­port 2016 for the NCR mar­ket. The re­port iden­ti­fies top in­vest­ment des­ti­na­tions in NCR for the next five years (till 2020) and also re­views the per­for­mance of the pre­vi­ously rec­om­mended des­ti­na­tions.

“Go­ing for­ward, we have i den­ti­fied new i nvest­ment des­ti­na­tions, namely Golf Course Ex­ten­sion Road and New Gur­gaon (sec­tors 81–95), which are likely to hold bet­ter in­vest­ment po­ten­tial in NCR, ben­e­fit­ing from the fore­see­able in­fra­struc­ture devel­op­ments and in­cre­men­tal of­fice sup­ply in Gur­gaon. Th­ese lo­ca­tions are ex­pected to ex­pe­ri­ence a price ap­pre­ci­a­tion in the range of 42% to 47% till 2020,” says Dr Sa­man­tak Das, chief econ­o­mist and na­tional di­rec­tor, re­search, Knight Frank In­dia.

Why Golf Course Road

Golf Course Road is the most pre­mium res­i­den­tial area in Gur­gaon, with cur­rent prices be­tween ₹ 12,500 to ₹ 14,800 per sq ft. Fac­tors such as faster con­nec­tiv­ity and prox­im­ity to DLF Cy­ber City, well- es­tab­lished so­cial and phys­i­cal in­fra­struc­ture, lim­ited avail­abil­ity of land for fur­ther de­vel­op­ment and up­com­ing in­fra­struc­ture, such as the ex­ten­sion of the RMRG to the 16-lane ex­press­way have made this lo­ca­tion a prime ad­dress in Gur­gaon. A rip­ple ef­fect of this de­vel­op­ment will be seen on the mar­kets close to Golf Course Road.

Golf Course Ex­ten­sion i ncludes sec­tors 58- 67 and runs from Ghata vil­lage to Bad­shah­pur vil­lage. By virtue of be­ing close to Golf Course Road, a rub-off ef­fect in prices will be wit­nessed by Golf Course Ex­ten­sion Road.

Golf Course Ex­ten­sion is a 15– 20 minute drive from the em­ploy­ment hubs of Sohna Road and Golf Course Road. The up­com­ing 8.3-km, 16-lane ex­press­way that joins NH-8 to sec­tors 55- 56 on Golf Course Road will not only con­nect Golf Course Ex­ten­sion to Golf Course Road and DLF Cy­berCity but also pro­vide speedy con­nec­tiv­ity be­tween th­ese cor­ri­dors. An­other im­por­tant in­fra­struc­ture push for Golf Course Ex­ten­sion is the link­ing of the rapid metro to sec­tors 55-56.

Not only does Golf Course Ex­ten­sion have a ro­bust, vis- ible in­fra­struc­ture pipe­line that will get de­liv­ered in the next two years, it also boasts of strong, planned in­fra­struc­ture devel­op­ments such as the pro­posal of ex­tend­ing the ex­ist­ing Del­hiGur­gaon Metro link to Mane­sar, which will pass through Golf Course Ex­ten­sion Road. This cor­ri­dor will also be the next com­mer­cial cor­ri­dor, af­ter DLF Cy­berCity and Golf Course Road, in terms of good qual­ity com­mer­cial spa­ces. Gur­gaon has a ten­ant mix of IT/ITeS and cor­po­rate oc­cu­piers; how­ever, the de­mand for com­mer­cial of­fice space has picked up re­cently. This cor­ri­dor is not only close to the em­ploy­ment hubs of Gur­gaon, such as Sohna Road and DLF Cy­ber City but also has ap­prox­i­mately three mil­lion sq ft of ready of­fice space of its own, with an­other 5-6 mil­lion sq ft un­der con­struc­tion.

Thus, in­fra­struc­ture push, re­duc­tion in travel time and a strong, ex­ist­ing of­fice space pipe­line make Golf Course Ex­ten­sion an al­ter­na­tive res­i­den­tial des­ti­na­tion for home­buy­ers who can­not af­ford the res­i­den­tial prices in Golf Course Road.

How would the driv­ers pan out on res­i­den­tial property prices Golf Course Ex­ten­sion?

Golf Course Road has been con­sid­ered a bench­mark lo­ca­tion for Golf Course Ex­ten­sion Road. As a res­i­den­tial catch­ment, Golf Course Road has now sta­bilised, with prices in the range of ₹ 12,500 to ₹ 14,800 per sq ft. In the se­lected des­ti­na­tion of Golf Course Ex­ten­sion, prices are in the range of ₹ 6,800 to ₹ 9,800 per sq ft, de­pend­ing on the type of project, lo­ca­tion and frontage along the road. At an av­er­age price of ₹ 8,300 per sq ft, res­i­den­tial property in se­lected cor­ri­dor trades at a dis­count of 39% from the av­er­age price of ₹ 13,600 per sq ft price pre­vail­ing in the bench­mark lo­ca­tion.

With the in­fra­struc­ture push via the com­ple­tion of the 16-lane ex­press­way by the end of 2016, and the move­ment of of­fices to­wards Golf Course Ex­ten­sion, the dis­count is es­ti­mated to nar­row down from 39% to 27%. For Golf Course Ex­ten­sion, this will trans­late into a price move­ment from the cur­rent ₹ 8,300 per sq ft to ₹ 11,800 per sq ft dur­ing the next five years, says the re­port.

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