The National Capital Region is expected to have the second highest real estate demand over the next few years, and Gurgaon leads the pack here, says ET Realty
Looking at the cumulative real estate demand, the NCR will have a requirement of 10.2 lakh housing units (commercial capital Mumbai requires 16.4 lakh), 249 lakh sq ft office space and 6.6 lakh sq ft retail by 2013. In the NCR, Gurgaon leads the pack in the demand in residential, office, retail, and hospitality sectors. Forthcoming world-class projects, proximity and well connectivity to Delhi are a few factors driving these figures.
Diligent efforts by HUDA
The diligent efforts by Huda (Haryana Urban Development Authority) have put Gurgaon high on infrastructure. Under the new Gurgaon-Manesar Master Plan 2025, the availability of land for development and avenues for new growth corridors has opened up. The new master plan allocates 14,930 hectares of land for residential use; this is good enough for over 58 new sectors. Most of the new developments are taking place in these sectors. Records show that 35% of the proposed residential land is under the process of licensing. The major upcoming growth corridors in Gurgaon include extended Golf Course Road, Sohna Road, Pataudi Road, Manesar, Jaipur Highway and a concentrated growth in Bhiwadi and Dharuhera.
Around NH-8, the sectors of New Gurgaon like 37, 37D, 80, 81, 82, 85, 86, 90, 9, 92, 93, 95, and 99 are having a tremendous response. A very positive development for these sectors is the proposal by the authorities concerned like Huda to let developers do the sector roads.
Another factor is the proximity of these areas from Dwarka-Gurgaon link expressway, which will help residents here bypass the traffic at Gurgaon toll near Delhi during peak hours. The gap between demand and supply is still widening. The earlier expansion plans of retailers have been revised. With high vacancy levels, developers are evaluating revenue-sharing models to attract retailers. But, now, with the correction in prices, construction activities are picking up.
Orris Infrastructure has joined hands with realty giant DLF to launch Commercial Project on 50 acres of land in Sectors 88 and 89 of New Gurgaon. Under a joint venture, 5 million sq ft will be developed for commercial activities.
Ramprastha Group has been awarded a turnkey group-housing project by Army Welfare Housing Organization (AWHO) in Sector 95, Gurgaon. The project is located on a 24.53-acre plot on the Pataudi Road. AWHO owns the land which was provided to Ramprastha Group.
Antriksh Group is planning for Antriksh Zeal in Sector 112 on Dwarka-Gurgaon Expressway. Rakesh Yadav, the managing director of Antriksh Group, says: “The main advantage of this site is that it is close to NH-8 and other forthcoming highways like the Dwarka Expressway and the KMP Expressway.”
Assotech Limited is going to launch a 12-acre group-housing project, Assotech Blith, in Sector 99, Gurgaon. Supertech is also planning to come up with, Aravali, on 12 acres in Sector 79. Cyber City Gurgaon has caught the fancy of most of the developers. The multidirectional developments in terms of infrastructural and commercial activities have promoted the residential sector, which ranges from affordable to high-end low-rise and high-rise houses, tall condominiums and huge penthouses and villas. The BPO and IT revolution in the area has supported high purchasing power. Kunal Banerji, president (marketing) of M3M Group, says that with improving infrastructure, Gurgaon has shaped into a prime location for real estate and industrial zone in the NCR.
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