New Gurgaon comprises the areas and sectors beyond the second toll plaza on NH-8, located on either side of the highway or accessible through internal roads. This real estate micro market is one of 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 immediately after the Kherki Dhaula toll plaza, up to the sectors being developed all the way to Manesar. As of date, 44,000 residential apartment units have been launched for at least 80 projects.
Apartment prices rose 37 per cent and 20 per cent, respectively, in 2012 and 2013. The projects here have also moved up the value chain, with housing projects that were affordable earlier moving up to the mid-segment and premium range. As one of the relatively less expensive residential micro markets in Gurgaon, it has seen healthy sales volumes over the past years.
There are large township projects here by Vatika, Orris, Lotus Greens, Ramprastha and others. Accessibility and good connectivity has worked in favour of New Gurgaon. Coming infrastructure projects such as the DMIC, the KMP Expressway, development of multiple centres of excellence as planned under the DMIC and automobile/ancillaries industry in Manesar, growth will get a shot in the arm.
A healthy amount of commercial office supply of around 1.9-mn sq ft is also expected to come up over the next three years. Besides, there are existing and upcoming hotel projects which point towards current and anticipated demand from business travellers.
Already, 2,200 residential units have been completed and handed over to buyers, with another 38,000 residential apartments likely to be handed over the next three-year period. This should bring 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.
New Gurgaon is slated to contribute significantly 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.
The writer is associate director - research and real estate intelligence Service, JLL India
