OVER VIEW - NCR GROWS FAR AND WIDE
The sectors on Southern Peripheral Road are a mix of residential, commercial, public and semi-public, and industrial zones. Some infrastructural projects are already underway and one can see water lines, sewerage, storm water drains, electricity lines being laid, along with sector roads.
The dominant budget group in the corridor is `80 lakh-`1.2 crore constituting 47% of the housing supply. In addition, `60-80 lakh budget bracket has 13% share of the housing supply and the `20-60 lakh segment account for less than 10% of the housing supply. New Gurgaon offers a relatively less expensive residential option to consumers, along with integrated development of commercial and retail segments, making it a buyers' market. There is an over-supply of residential units in this stretch and transactions have been very slow.
The dominant budget segments are the `60-80 lakh and `80 lakh-`1 crore brackets with 33% and 30% share, respectively. The higher budget segment of `1-1.4 crore contributes to 18% of the supply.
Sohna Master Plan offers residential options for those who intend to work in Gurgaon but cannot afford to purchase a house due to the high, overall capital value in the city. Sohna Master Plan area presently offers properties across `20 lakh to `2.5 crore price brackets.However, majority of the supply is concentrated in the `4060 lakh budget segment with 45% share.
The second highest share is that of the `60-80 lakh bracket, with about 25% of the supply.
A healthy percentage of properties are also available in the `20-40 lakh bracket. Dwarka Expressway has residential projects and infrastructure (roads, water, sewerage, electricity) along the stretch is in various stages of development. Purchasing a residential option here is advisable for those who are looking for relatively less expensive options, with proximity to both Gurgaon and Delhi. The real estate activity is at a low tide and new project launches have declined sharply, compared to the previous years in the corridor.
There is an existing unsold inventory in the market along with options available in the resale segment.
More than 50% of the residential supply is priced between `40 lakh and `1 crore. A small portion of the supply (10%), is priced at less than `40 lakh, and is mostly in the sectors at the far end of the corridor.
The well-planned NoidaGreater Noida Expressway Corridor provides land bank for development of offices, malls, schools, hospitals, and parks.The corridor provides a host of infrastructure facilities, including Delhi Metro and the NoidaGreater Noida Expressway.
More than 50% of the residential supply is priced between `40-80 lakh. Over one fourth of the supply is priced at `1 crore and above and is located near the beginning of the corridor, closer to Delhi. Most housing developments in Greater Noida West consists of multistorey types with hardly any plotted or bungalow developments.
It does not have a self-sustained environment and severely lacks in basic social infrastructure. The region has been able to sell houses till now only on the basis of cheaper prices and a promise of the future.More than half of the properties in the corridor are priced under `20 lakh, therefore affordable.If nodes of Gurgaon and Dwarka Expressway seems a little steep on budget, consider Noida for investment. When combined, these hotspots offer a variety of properties suitable for all pockets.
NOIDA-GREATER NOIDA EXPRESSWAY
The well-planned Noida-Greater Noida Expressway Corridor provides land banks aplenty for the development of offices, malls, schools, hospitals, and parks. The corridor provides a host of infrastructure facilities, including Delhi Metro and the Noida-Greater Noida Expressway. More than 50% of the housing supply is priced between `40 and `80 lakh. Over one fourth of the inventory is priced `1 crore and above and is located near the beginning of the corridor, which is closer to Delhi.
GREATER NOIDA WEST
Most residential developments are multistorey apartments. Plotted or bungalow developments are scarce. Greater Noida West does not have a self-sustained environment and severely lacks in basic social infrastructure. The corridor has been able to sell houses till now only on the basis of cheaper prices and the promise of future development. The corridor is yet to see development of malls and markets. More than half of the properties in the corridor belong to the affordable category and are priced under `20 lakh. The next dominant budget segment is between `20-40 lakh, accounting for one third of the corridor's residential supply. Properties costing more than `60 lakh account for just 14% of the total listings.
New Gurgaon offers a less expensive residential option to consumers along with integrated development of commercial and retail segments. It does not rely on Dwarka Expressway becoming operational for beginning habitation in the projects.Accessibility is an issue, with additional cost to be incurred by way of toll plaza at Kherki Dhaula.It will take 3-4 years to evolve into a mature residential hub. However, there are discussions to remove the toll plaza or remove the need to pay toll by residents in the area. Due to an oversupply in the market, and low transactions, buyers can negotiate good discounts from the sellers.
SOUTHERN PERIPHERAL ROAD
The Southern Peripheral Road Corridor offers residential options to those looking to stay close to the established areas of Gurgaon like Sohna Road. It offers price advantage as the average price in the corridor is 20-25% less than that in Sohna Road or Golf Course Extension Road.While the corridor presently has teething infrastructure issues, these are much smaller in comparison to other major corridors like Dwarka Expressway. Given the much smaller extent of land-related issues, the timelines required for their resolution and completion of outstanding infrastructure is likely to be much smaller.
South Gurgaon offers residential options for those who intend to work in Gurgaon but cannot afford to purchase a house due to high overall capital value in the city.While the distance between Gurgaon and the corridor may seem large today, it is large only in a relative sense. Once the southern sectors of Gurgaon are developed and the corridor sees some development, this perception will most likely fade away. The land use plan under the Development Plan-2031 is spread across approximately 14,000 acre.The corridor is divided into 36 sectors of which 18 are dedicated for residential development.As per the latest update from the Department of Town and Country Planning of the Haryana government, a total of 38 development licences have been given to various developers.These licences cover development permission for 804 acres of land, covering mainly the residential (98.5%) segment. The balance area is for commercial development.
Dwarka Expressway offers a relatively less expensive residential option to consumers, along with integrated development of commercial and retail segments. The corridor has potential to evolve into a stand-alone hub, independent of main Gurgaon. It will take at least another two years to be a fully-developed region.However, the silver lining is the announcement of NH status to the highway. Once the expressway comes under NHAI, it will help address many bureaucratic hurdles. Purchasing a relatively less expensive housing option makes sense as it is close to both Gurgaon and Delhi. A 2-3 year waiting window is necessary before the corridor gets proper physical and social infrastructure.