Delhi NCR Real Estate: All Eyes On New Gurgaon..!

 by Mr. Rohan Sharma, JLL India

New Gurgaon is a moniker coined for the areas/sectors beyond the second toll plaza on NH-8 which are located on the highway on either side of it or which are accessible through it through internal sector roads.

This real estate micro-market is one of the two identified growth corridors for residential projects  in Gurgaon; the other being Dwarka Expressway.

The influence zone of this micro-market extends from the sectors immediate after the Kherki Daula toll plaza and right up to the sectors being developed beyond all the way till Manesar on both sides of the highway.

As of date a total of over 44,000 residential apartment units have been launched here across more than 80 projects.
 
Rohan Sharma,
JLL India
Apartment prices have moved annually by over 37% and over 20%, respectively in 2012 and 2013 compared to previous years. The projects here have also moved up the value chain with earlier affordable housing projects & slowly moving up to mid-segment and premium housing. It remains one of the relatively less expensive residential micro-markets within Gurgaon and hence has also seen healthy sales volumes over the past years.

There are large township projects here by the likes of Vatika, Orris, Lotus Greens, Ramprastha among others.

Accessibility and good existing connectivity has worked in the favour of this region. Upcoming infrastructural projects such as the DMIC, KMP Expressway, development of multiple centres of excellence as planed under the DMIC are likely to further provide an impetus to growth around this area.

Economic activity will fuel future growth, with existing automobile/ancillary industries in Manesar already doing well.

Healthy amount of commercial office supply of around 1.9 mn square feet  is also expected to come up over the next three years. Besides this, there are existing and upcoming branded hotel projects which point towards current and anticipated demand from business travellers being considered healthy as economic activities pick up pace.

Already, over 2,200 residential units are completed and handed over to buyers with another approximately 38,000 residential apartments likely to be handed over the next 3 year period.

This should bring in enough traction for future developments of retail centres which will be an improvement over the current, existing neighbourhood retail shopping centres which have been developed as part of the township projects under development here and where part completion of some towers / projects has been handed over.

This area is likely to contribute towards residential and commercial growth in the region along with associated economic growth through industry development, which should allow it to emerge as a true extension of the existing Gurgaon city boundaries.

About the author

 Mr. Rohan Sharma is Associate Director (Research & Real Estate Intelligence Service) at JLL India
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