Happy

Enjoying locational advantage and its excellent connectivity with NH8, impetus it received from leading property developers and the authorities, Gurgaon-Sohna Road is emerging as a promising niche and premium real estate destination.

It was in late 2004 that Gurgaon Sohna (GS) Road started picking up steam on the real estate front. Though a couple of enterprising developers had set foot in the area as early as 2002, it was not before 2004 that GS road struck chord with property seekers and investors. Omaxe Construction Limited laid the foundation of its residential project South Avenue in 2002, Ashiana Homes embarked on Silver Crescent, a residential development in 2003, Eldeco Infrastructure and Properties Limited put up Eldeco Mansion villas, Vatika Group launched Vatika City and Niho Construction initiated Scottish Castle during the same year.

Growing Demand

The impetus that GS road received from these established developers then has today transformed the area into one of the most sought after property destinations of the NCR. “When the availability of land was more or less choked in other areas, Sohna road became the obvious choice”, says Sunit Sachar, VP (Marketing), Parsvnath Developers Limited. As on date, the fast paced real estate developments and the growing interest of property owners has sent the prices soaring.

Prices

“Most initial announcements for apartments were in the range of Rs. 1300-1500 per sq ft. However in the middle of 2005, prices steadily climbed at a rate faster than in 2004. In 2006 the prices have reached the current levels, which are almost 100% higher appreciation than the launch prices three years ago,” says Ramesh Menon, Head-Strategic Consulting, Ground Realty.

At present, the rates of residential projects are pegged upwards of Rs.2800 per sq ft. Says Muneet Jhakar of JMD Group, “The prices have doubled over the past two years. The on-going residential rates ranges between Rs. 2800 and 4200 per sq ft.” While the plots in the area are tagged in the range of Rs. 30,000 to 50,000 per sq yd depending on the location and project, the price of an apartment hovers around 55-70 lakhs and penthouses are priced over a crore. Not just residential but even the price of commercial properties are also witnessing an upturn.

While the office space is estimated to range between Rs 5000 to 6000 psf, the mall space wavers in between Rs 6500 to 8000 psf, depending on the floor, size, and location of the space inside the building. According to Major Gen Jayant Varma, ED (North), Knight Frank India Pvt Limited, "Currently, the outright retail purchase rates are between Rs 10,000- Rs 15,000 psf.

Source:Realtyplus