Updated: July 5, 2014 12:05:23 am
By: Surabhi Arora
Sohna Road has emerged as a prime residential location in the Gurgaon market. What makes this location an ideal destination for residential investment is its excellent connectivity with the emerging commercial hub, Golf Course Extension Road and National Highway 8. In the future, the area will be further connected to New Gurgaon through the Southern and Northern Peripheral Roads, which are also emerging residential and commercial destinations in Gurgaon.
This micro-market has an excellent mix of retail, commercial and residential properties. Developers, like Raheja, Unitech, Omaxe, CHD, Ansal, Parsvnath, Eldeco, Vipul, Gold Souk etc., have developed a number of residential, commercial and retail properties in this region.
The area offers residential development in the form of group housing apartments, theme-based villas, duplexes and plotted developments. The road has plenty of operational malls, such as Omaxe, Ninex Mall, Galleria, and almost all of the civic amenities are in place, such as hospitals, hotels and schools. Most of the residential projects along the road have been delivered.
Good ready-to-move-in options are available on this road in the price range of Rs 8,000-11,000 per sq ft. The area is still affordable compared to other locations, like MG Road and Golf Course Road. The under-construction projects are located in sectors along the Southern Peripheral Road, which is a 150-metre wide road connecting Golf Course Extension to NH-8 intersecting Sohna Road at Badshahpur.
Approximately 20,000 units are under construction in various sectors along this road. Apartments being developed in these micro-markets are typically 3-4 BHK of 1,500 to 3,000 sq ft. The under-construction properties are currently priced in the range of Rs 4,500-9,500, which is approximately 20-30 per cent lower than the ready-to-move-in projects.
In the last year, due to adverse macro-economic sentiments, the prices have been stagnant in this micro-market. However, in the coming two to three years, the area is expected to pick up the pace as companies looking for affordable options in Gurgaon prefer this micro-market. A number of companies, like Cognizant, TNS Global, Software One, Huawei, Pfizer, Atos and Rockwell Automation, have leased large offices in this area, which will further boost the residential demand in this locality.
Until recently, the traffic congestion on Sohna Road was the major concern when considering investment in this area. However, with the road widening in place and construction of a 600 metre flyover at Subhash Chaowk by Haryana Urban Development Authority, it is expected that smooth, vehicular movement will be provided between Huda City Centre and Hero Honda Chowk on the Delhi-Gurgaon Expressway. Another flyover is likely to come up between the Southern Peripheral Road and Sohna Road intersection near Badshahpur, which will further provide a congestion-free ride on this road.
Towards the west, Sohna Road goes further ahead to the Sohna Town which is notified as Gurgaon Extension in the new Gurgaon-Sohna Master Plan, 2031. The area is set to become an axis of commercial, residential, institutional and industrial development because of its strategic location. According to the master plan, the Kundli-Manesar-Palwal (KMP) Expressway, which is under construction, is passing by the southern side of the Sohna town.
Two clover-leaf junctions are being developed on the KMP Expressway that will substantially enhance accessibility of this region. The Dedicated Freight Corridor linking Delhi to Mumbai is also passing by the south- eastern side of the town. Another, proposed 90 metre wide link road from Gurgaon’s Sector 63, to Sohna, is expected to ensure smooth travel time of about 10 – 15 minutes from Golf Course and Golf Course Extension Roads. Moreover, Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) has already acquired approximately 1,500 acres of land for development of an Industrial Model Township between Sohna and the KMP Expressway.
The Haryana government has envisaged development of theme hubs, namely Leisure Hub, Sports Hub and Leather Hub along the KMP Expressway in the vicinity of Sohna.
Investors looking for affordable options and long-term investment horizons may go for investment in this area. The value of the investments is likely to appreciate once various infrastructure projects and industrial estates are up and running.
— The author is Associate Director-Research, Colliers International
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