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Look around you. There are acres of green cover, a peaceful environment, no traffic and lots of development," says Ravi Tiwari, senior executive (sales) at Krrish Group, pointing to the bustling village of Surajkund, which has undergone a makeover in the last five years. At the construction site of Ibiza Town, an upcoming "über-luxe" residential project in the heart of Surajkund undertaken by Krrish-Shalimar Group, Tiwari talks of the facilities that the township will soon offer with the practised ease of a salesman - swimming pool, jacuzzi, jogging track, manicured lawns and even "elegant" pergolas. Eighty per cent of the flats, says he, have already been booked. "Most of the demand is coming from the affluent sections of south Delhi," he says.
Surajkund, located in Faridabad in Haryana just 8 kms from south Delhi, previously famous for its annual crafts fair, is now a real estate hotspot, an affordable alternative to south Delhi colonies like Greater Kailash, Chittaranjan Park and Saket. The reason? Location, location and location. Till a few years ago, south Delhi was the preferred destination for executives. With a majority of companies moving to Gurgaon, it began to lose its charm. Commuting from south Delhi to Gurgaon can take over an hour during rush hour - each way. A lot of people thus moved out to Gurgaon. As a result, real estate prices in Gurgaon climbed sharply. Flats in gated communites cost upwards of Rs 12,000 per square foot; no new launch, even in the fringes of Gurgaon, is below Rs 8,000 per square foot. This is where Surajkund fits in. The new four-lane Faridabad-Gurgaon expressway has compressed travel time from Surajkund to Gurgaon to a mere 20 minutes. The Haryana Government has also proposed a Metro line from Faridabad to Gurgaon enabling better connectivity.
Real estate prices in Surajkund, of course, are below Gurgaon. Flats in many of the upcoming high-rise projects can be bought for Rs 7,500 per square foot. Its access to the other suburb of Delhi, Noida, will also improve once work on the Ghaziabad-Faridabad highway gets completed. Surajkund's connectivity with popular commercial and entertainment hubs of Hauz Khas Village, Greater Kailash and Vasant Kunj in Delhi is smooth - these destinations take around 25 minutes to reach from here. Moreover, with work on the Faridabad Metro corridor already under way, you wouldn't need to drive down to the Badarpur or Tughlakabad Metro stations; the nearest station will now be NHPC Chowk. Also note that the area is a 35-minute drive from the Indira Gandhi International Airport.
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Price is also an incentive. Take the case of Ibiza Town, spread across 10 acres, which offers 2BHKs, 3BHKs, 4BHKs and even 5BHKs at Rs 7,500 per square foot. Compare that to south Delhi prices; according to the online portals 99acres and Magicbricks , the average price in Greater Kailash II (merely 6 km away from Surajkund) is Rs 23,065 per square foot, and Rs 19,116 per square foot in Saket. For a lesser price, Surajkund flats come with common facilities like swimming pool and clubhouses, and ample parking space. Surajkund prices have risen 25 per cent in the last one year, says Tiwari of Krrish Group, and will skyrocket in another three years. So, even if Surajkund property prices become 50 per cent of current prices in Greater Kailash II in three years - say, Rs 12,000 per square foot - that's still an appreciation of 60 per cent.
Builders seem to have discovered the opportunity in Surajkund. The village now bears a stark resemblance to Gurgaon. One über-luxury township bearing an anglicised name - like Belvedere and Royale Retreat - paves the way for another. Hotels and malls are springing up along dhabas. Even the dilapidated Maharaja Ranjit Singh Shopping Complex is being overhauled to attract mall trawlers and will soon boast of a Criscendo Cafe and Lounge. Property dealers and underwriters have found their golden goose. Just a few kilometres from Ibiza Town, work is under way on another luxury colony: Omaxe's The Forest Spa. Omaxe has two more projects in Surajkund: Omaxe Hills and Omaxe Hills-II.
CEO Mohit Goel says Omaxe picked Surajkund as a location as it is away from the hustle-bustle of south Delhi. It offers its residents a peaceful and evidently cleaner environment, smooth roads and plenty of green cover - this makes it at least three degrees cooler than Delhi. The apartments in The Forest Spa are priced at Rs 8,000-9,000 per square foot, and their size varies from 2,520 to 7,450 square feet. Delivery, says Goel, can be expected in the first half of 2014.
Drive down further and you will find hoardings of another upcoming township undertaken by Planet Surajkund, a consortium of builders. Among their many projects in the area is Rise Sky Bungalows, which according to the project's media manager, Manik Avrol, will be akin to "living in a 5-star hotel". An apartment in Rise Sky will cost Rs 7,895 per square foot. The nearest hospitals, Batra Hospital in Tughlakabad and Asian Institute of Medical Sciences (AIMS) in Faridabad, are both a five-minute drive away.
Water troubles and power cuts aside, is Surajkund a self-contained unit, like Gurgaon or Noida? Not yet. "While the area is becoming an attractive investment, it is not an alternative to south Delhi yet," says Anshuman Magazine, chairman & managing director of CBRE, the world's largest real estate consulting firm, for the South Asia region. "Then there is the difference in perception among buyers." While Gurgaon and south Delhi are famous for their pub-hopping social life, micro-breweries, karaoke bars and art galleries, Surajkund doesn't have much to offer. The nearby Crown Interiorz and Parsvnath City Mall in Faridabad, says Ruhi Mehta, 25, don't offer many options to shoppers. "If I want a cup of coffee, I have to go to Claridges or drive down to south Delhi!" says Mehta who has been living in Surajkund's Eros Charmwood Village, one of its oldest townships, for over 12 years. The Eros Group has recently added another tower to its township.
