Sohna Road is fast emerging as a prime residential location in the Gurgaon real estate market. Here is a precise look at the market activity.
For home buyers seeking property in the Delhi-NCR, Gurgaon has long been a favourite destination. Home buyers who find Delhi out of their price bracket prefer this region for a variety of reasons. Favorable factors such as proximity to Delhi, international airport and smooth connectivity have led to Gurgaon’s transformation into biggest economic hub.
After Gurgaon’s central location, Sohna road is the fast emerging locality in the Delhi-NCR real estate market which is growing constantly in terms of livability index and civic infrastructure.
Strategically located in the south of Gurgaon, Sohna has shown promising improvement on many key livability parameters. This perception has also been confirmed by a new report by Cushman & Wakefield.
Here are the main growth drivers impacting property prospects:
According to micro-market report, the locality has potential for future urbanisation. This report is based on assessment of key parameters such as existing and potential connectivity with emerging commercial hub, health care infrastructures and educational facilities, rail and road connectivity etc.
Gitamber Anand, President, CREDAI says “Sohna, south of Gurgaon, is an upcoming location with great potential for the future. We are looking at it very keenly especially to see the support the government initiatives are providing to this location. We are seeing definite interest from end users and investors for the currently underway projects.”
The locality has good supply of new residential, commercial and retail properties. Sohna as realty market has the presence of prominent developers like Eldeco, Unitech, Tata Housing, Ashiana Homes, Central Park, Ireo, Raheja, Omaxe, CHD, Parsvnath, Ansal etc. have served with a several retail, residential and commercial properties in this locality.
Home buyers can choose from a number of property options ranging from housing apartments, large integrated township, foreign theme-based homes, villas and duplexes. Some land plots are also available along with mid and high rise buildings. Sohna Road has number of functional shopping malls such as Galleria, Omaxe, Ninex Mall blessed with almost all civic amenities like schools and hospitals in the vicinity.
Affordable housing options
“Housing affordability” has been given high rating in the report as the prices of majority residential houses lies between the range of Rs 37 – 58 lakhs for 2 BHK flats and Rs 61-89 lakhs for 3 BHK apartments. And these residential projects are under various phase of construction. Possibly, these projects will get ready for possession in next 3-4 years and it will create huge inventory and significant potential for affordable housing option in the Gurgaon region.
Approximately 12,000-13,000 inventory of housing units are expected to come up by 2020.
The area also offers ready-to-move-in apartments in the price range of Rs 8,000- 11,000 per sq ft. The report chiefly states that the locality is still affordable as compared to other locations of Gurgaon like Golf Course Road and MG Road.