The development of Sohna Road began in 2003-04. It is one of the areas of Gurgaon that benefited the most from the positive market sentiment in 2009-10. The sectors along Sohna Road include 33, 38, 47, 48, 49, 69 and 71 A. The location is experiencing massive development in residential as well as commercial projects.
Most of them are complete, with a substantial population residing in projects such as Southend Floors (SS Group), Uppal Housing Pvt Ltd, BPTP flats and floors and Eldeco Infrastructure and Properties. The area has higher occupancy as compared to adjoining locations, such as Golf Course Road and Golf Course Extension Road.
The area offers prime connectivity to locations such as Golf Course Road and Golf Course Extension Road as it is connected to the NH 8 at one end, and the Delhi peripheral ring road at the other. Due to its strategic location and saturation of raw land in Old Gurgaon, Sohna Road is considered as the next residential hub of Gurgaon.
Ongoing projects In the past couple of years, a number of renowned developers such as Era Group, CHD Developers, SS Group, Today Homes, Tata Housing, Vipul Group, Tulip Infrastructure Pvt Ltd, Spire South and Central Park have strengthened their presence in Sohna Road. The area is primarily inhabited by middle income and upper middle income groups. The formats prevalent in Sohna Road are 3 BHK and 4 BHK, while some of the developers are also focusing on 2 BHK formats.
These projects are currently being offered in the price range of R3,900 per sq ft to R5,500 per sq ft, requiring a total investment ranging between R58 lakh to R82 lakh depending upon the area of the apartment.
These are prices for apartments of size 1500 sq ft. According to KPMG’s analysis, the rental values prevailing in the area range from R11 per sq ft to R14 per sq ft. The location is considered a promising investment destination.
However, problems of insufficient civic amenities also persist. The road ahead Sohna Road has higher occupancy compared to the other micro markets of Gurgaon. Most of the ongoing projects were launched during 20072010 and are expected to be completed by 2015. Owning to commerical development in the area, it is expected that the demand for residential units in Sohna Road is expected to rise in the next few years. To cater to the growing demand of the location, approximately 5,500-8,000 units of residential apartments will be made available by 2015. The figure is based on the number of ongoing projects in the area and expected number of apartments by each developer.
According to KPMG Analysis it is expected that the location may witness rise in capital values between 16-19% by 2011-2015. The proposed commercial developments may support potential buoyancy in capital values. The area is likely to become the next industrial and commercial centre of Gurgaon. Source HT ESTATE
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