WIDENING HORIZON - New Gurgaon: Way forward
Areport by real estate con sultancy Frank & Knight has identified New Gurgaon as one of the top ten residential destinations in India from an in vestment point of view in the next five years 2016-2020.
The projections are bound to increase the developers' credibil ity and raise the consumers' con fidence and would work as a bridge between the buyers and sellers, suggest experts.
New Gurgaon is an emerging real estate destination compris ing some new Sectors of 102 to 113 and 76 to 95. These regions enjoy great connectivity with Dwarka-Gurgaon Expressway, NH-8 and KMP Expressway.
Accessibility and good existing connectivity are two main plus points of the area. Upcoming in frastructural projects such as the DMIC, KMP Expressway and de velopment of multiple centres of excellence as planned under the DMIC are likely to further pro vide an impetus to growth around this area.
Realty experts and developers are of the view that the area holds tremendous potential for commercial as well as residen tial purposes. Shveta Jain, director, Residential Services, Cushman & Wakefield, points out, “New Gurgaon is fast emerging as one of the future residential destinations of Gurgaon with a number of projects already offering possession and in advanced stages of construction. The area also has significant upcoming office supply with several projects planned in Sector 88. Haryana Urban Development Authority (HUDA) has allowed developers to construct sector roads along with secondary roads in New Gurgaon which has helped in rapid construction of road network in the area.“
Pradeep Aggarwal, co-founder and chairman, Signature Global, says, “Fuelled by good connectivity and tremendous upsurge in infrastructural development, New Gurgaon is emerging as a vibrant residential and commercial hub in the NCR.“
Harmit Chawla, MD, HCorp Realty, says, “Many areas around Gurgaon have been developed in recent past and are now among the prime real estate destinations of NCR. New Gurgaon has great future in times to come because of connectivity and the infrastructure which is being laid. We do see the future promising here as the area is steadily getting on the right track of development.“ Parveen Jain, president, NAREDCO, who is also the CMD, Tulip Infratech, says, “With proximity to the national capital, New Gurgaon is a fast growing investment destination compared to other regions like northern Gurgaon, Noida, Greater Noida, Ghaziabad areas.“
Rohan Sharma, associate director Research and Real Estate Intelligence Service, JLL India, says, “The projects in Gurgaon have also moved up the value chain with affordable housing projects earlier and slowly moving up to mid-segment and premium housing. It remains one of the relatively less expensive residential micro-markets within Gurgaon.“
He adds, “There are a host of township projects being developed here by prominent developers here and they offer different residential housing options for buyers from multi-storeyed apartments to low-rise floors. Developers have focused towards delivering older launched projects and a lot of people have already moved in to projects that have been completed.“
New Gurgaon is likely to contribute towards residential and commercial growth in the region. This should allow it to discover its true potential as an extension of the existing Gurgaon city boundaries.