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.
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| 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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