By making 14,930 hectares available for residential, and 1,404 hectares for commercial development, the new Gurgaon Masterplan is expected to boost real estate development in Gurgaon. Market sources expect the new supply could be good news for the middle-class— apartments at Rs 2,000-2,500 per sq ft in a market where very few are available for less than Rs 2,700 per sq ft. This could also lead to some price correction in developed areas, say realtors.

Prices in the new sectors being created under the plan will be at least 30-40 per cent lower than in existing sectors. You can expect the same rate differential between Noida and Gr Noida in Gurgaon and Greater Gurgaon.

With more land becoming available, he said, developers will start focusing on the middle and lower segments and not only on high-end housing as they have been doing so far.

Infrastructure will have to be developed fast in the new sectors,” he said. “It will take at least four years before the first project is ready but demand will keep growing. So it’s difficult to see how prices will fall in sectors.

Secondary market prices in areas like Gurgaon-Sohna Rd have already seen a correction of about 10 per cent in the last six months. I expect a further correction of 10 per cent as more supply becomes available in the newly demarcated sectors.

According to market sources, DLF, Unitech, Pioneer Urban Land & Infrastructure, Vatika, Raheja, Vipul, Emaar-MGF, and Ambience group are the key players who have “land banks” in the newly demarcated sectors, and could be expected to launch projects in the near future.

Developers are cagey about revealing the price band at which they will launch their projects. Market sources, say Raheja’s projects in new sectors like 78 and 88 could be priced around Rs 2,200-2,500 per sq ft at the time of launch.

Prior to the notification of the masterplan, very few new projects were being launched as most of the land available in residential zone of the previous masterplan had exhausted. And whatever was launched was priced at Rs 2,700 per sq ft and above.

In sectors situated near Golf Course Road, rates will be high, close to Rs 5,000 per sq ft. A project near Sohna Road would be priced at marginally less than Rs 3,000 per sq ft. It is only in the distant sectors that apartments priced at around Rs 2,000-2,100 per sq ft will be available.

End-users will have to be alert and rush in to apply as soon as there’s a project launch. Since rates will be low in the new sectors, investors will try to corner a large portion of the supply.

Rates for group housing in Manesar will be in the range of Rs 2,000-2,200 per sq ft.
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  • :( Just seen an old thread. I think there is no connection between this and the reality today.
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  • New Gurgaon

    Amty,

    The projects in the new sectors did come in at those rates.
    That the rates today are much higher is also true.
    Investors did enter at those low rates and have made huge profits.
    However, today those kind of rates are not seen anywhere in Gurgaon / Manesar.
    For those kind of rates you need to look at Bhiwadi / Dharuhera and beyond.

    Originally Posted by amty_gr
    :( Just seen an old thread. I think there is no connection between this and the reality today.
    CommentQuote
  • The rates described were reality even till 2009, and many who didn't invested that time would not believe today. Some examples

    2009 rates of some projects-
    Tulip Orange (Sohna Road) - 2400 psqft
    GPL Eden Heights (SPR) - 2600 psqft
    Indiabulls Centrum Park (DEW) - 2000 psqft
    Mapsko Casa Bella (New Gurgaon) - 2400 psqft
    DLF NTH (New Gurgaon) - 2400 psqft
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    Closed and copied: https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/gurgaon-real-estate/36439-gurgaon-manesar-urban-complex-masterplan-2031-to-boost-real-estate/page2?t=38210&page=2
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