Bet­ter con­nec­tiv­ity to boost hous­ing

HT Estates - - HTESTATES - Ab­hishek Behl

Though Metro rail con­nec­tiv­ity has pushed up real es­tate prices in many In­dian cities, its im­pact has been lim­ited in Gur­gaon. When it touched MG Road in 2010, the Metro sys­tem cov­ered just a seven-km stretch which was by then al­ready ur­banised to a large ex­tent. The only ad­van­tage for the Mil­len­nium City, how­ever, was that de­spite a long bear cy­cle since 2012 to the cur­rent year, realty prices and rentals have re­mained steady along the Metro cor­ri­dor. Ab­sorp­tion of of­fice space has also in­creased along and near metro line.

All that i s set to change be­cause of the new tran­sito r i e n t e d d eve l o p m e n t o r ToD. Tak­ing cues from Delhi, Haryana in­tro­duced the pol­icy and in­creased FAR (floor area ra­tio, which al­lows de­vel­op­ers to build more on the space they are al­lo­cated) from the cur­rent 1.75 to 3.50 in Haryana along the cor­ri­dor. This step is likely to in­crease den­sity and bring down prices due to in­creased sup­ply. The down­side is that more hous­ing, of­fices and malls are go­ing to put im­mense pres- sure on the al­ready stretched in­fra­struc­ture and trans­port fa­cil­i­ties in the city.

The Metro did not take the Gur­gaon mar­ket by stor m be­cause it was retro­fit­ted, says Ramesh Menon, CEO, Certes Realty. This was un­like Ro­hini and Dwarka in Delhi which were ur­banised be­cause of bet­ter con­nec­tiv­ity to Cen­tral Delhi.

Of f i ce work­ers go­ing t o Gur­gaon from Delhi are the ones who have ben­e­fited the most be­cause com­mutes have be­come eas­ier and cheaper as they save money on petrol. Or­gan­i­sa­tions of­fer­ing drop-off fa­cil­i­ties to staff go­ing to Delhi, Noida and Farid­abad now just send the cabs to the near­est Metro sta­tions and save on costs.

Gur­gaon’s rick­ety in­fra- struc­ture, how­ever, re­mains a chal­lenge, un­able to cope with the daily rush of of­fice go­ers headed for Cy­ber City, Sohna Road, Udyog Vi­har and other of­fice hubs.

Nar­gis, who lives in Delhi, finds it tough to get to of­fice in Udyog Vi­har. “The cost of living in Gur­gaon is very high so I live in Delhi. Lack of trans­port and daily jams make my dif­fi­cult quite tough,” she says.

A large ma­jor­ity of of­fice work­ers who come Delhi say that while last mile con­nec­tiv­ity is good and trav­el­ling in the evening in the Cap­i­tal is fairly safe, Gur­gaon has prob­lems. Poor light­ing out­side sta­tions, fleec­ing by auto rick­shaw driv­ers, lack of po­lice pres­ence apart from over­crowd­ing in sta­tions need to be checked, they say.

Pravesh Ku­mar, an of­fice executive who comes from south Delhi, says the Metro has en­abled peo­ple like him to work in Gur­gaon but rush hour is a prob­lem. “I of­ten leave of­fice late as it is not pos­si­ble to get a seat from MG Road be­tween 6pm to 7pm,” he says.

Res­i­dents of MG Road have their share of prob­lems. “There are daily traf­fic jams at If­fco Chowk, it leads to air pol­lu­tion and lo­cal trans­port too is not avail­able,” says Ved­pal Bak­shi, who lives in Es­sel Tower, a pre­mium res­i­den­tial area. He, how­ever, agrees that malls and of­fices on MG Road have more foot­falls be­cause it’s easy for Del­hi­ites now to come over for shop­ping and en­ter­tain­ment.

While the ad­vent of the Metro ini­tially did lit­tle for Gur­gaon’s realty mar­ket, ex­perts say the ex­ten­sion to Golf Course Road, Old Gur­gaon, par­tic­u­larly along the Dwarka Ex­press­way, will be ben­e­fi­cial for the mar­ket.

The Rapid Metro, which is al­ready near­ing com­ple­tion along Golf Course Road, has cre­ated some move­ment in the com­mer­cial mar­ket with ma­jor com­pa­nies like Uber opt­ing to book space in DLF’s Hori­zon Cen­tre and other build­ings along this road.

planned 20 years ago with vir­tu­ally nil oc­cu­pa­tion. An es­tab­lished net­work helps in marketing both the sec­tors and projects bet­ter. Ar­eas also com­mand a pre­mium as they are bet­ter con­nected, says Vivek Dahiya founder and CEO, GenReal Ad­vis­ers.

Get­ting in­fra­struc­ture in place first also makes af­ford­able hous­ing suc­cess­ful as out­skirts of cities get con­nected. “Here the main ob­jec­tive is to con­nect Noida and Greater Noida and to do it in one shot. In my opin­ion this is a good move,” he says.

The 22- km Noida- Greater Noida Ex­press­way is the road link be­tween the two cities. A 30-km Metro stretch is now under con­struc­tion that is ex­pected to link Sec­tors 50, 75, 78, 79 and most sec­tors along the ex­press­way with Greater Noida.

Once the Metro is op­er­a­tional, says Anckur Sri­vast­tava of GenReal Ad­vis­ers, “this stretch will be a pre­ferred cor­ri­dor for live, work and play. It of­fers ex­cit­ing res­i­den­tial op­tions in the range of ₹ 4,500 to ₹ 5,000 per sq ft. Prices are ex­pected to re­main sta­ble for some time to

Con­tin­ued from page 01 come as there is over­sup­ply in this mar­ket.”

In ar­eas, how­ever, where so­cial in­fra­struc­ture is in place and peo­ple have moved in and some of­fices have opened, there is room for ap­pre­ci­a­tion in the range of 5% to 10%,” he says.

Shveta Jain, mana gi ng director, Res­i­den­tial Ser­vices, Cush­man & Wake­field, In­dia, says a lot of sup­ply is likely to be cre­ated along this stretch in the next three to four years. Th­ese are the af­ford­able pock­ets of Noida (un­like Sec­tor 93 and Jaypee Town­ship). Enough pent-up de­mand also ex­ists over here for hous­ing in the range of ₹ 4,500 per sq ft to ₹ 5,000 per sq ft. Sup­ply is avail­able over here for any­thing be­tween ₹ 50 lakh and ₹ 1.5 crore.

Also, the hous­ing sup­ply ex­pected to come up in th­ese sec­tors will be stag­gered and will not come in at one go. This will en­sure that con­sis­tent de­mand ex­ists for the next few years.

“Metro con­nec­tiv­ity will def­i­nitely aug­ment habi­ta­tion in th­ese lo­ca­tions. New launches are ex­pected in this sec­tor, es­pe­cially by brands go­ing,” she says.

HT FILE PHOTO

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