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Real Estate Development in Sohna

Real Estate development in Sohna

Like Noida Extension (Greater Noida West) and Raj Nagar Extension (Ghaziabad), a new developing zone – Gurgaon Extension (the area extending from Sohna Road and directly connected to the main Gurgaon-Sohna Road) – is being considered by realty experts as a good place for affordable-range housing. The value of investments could double here once IMT Sohna is up and running, experts say. Also, the Delhi-Mumbai dedicated freight corridor is located close by and all the mega industrial estates and infrastructure coming up along with the KMP corridor will add more value to the investments here.

Close on the heels of its new Master Plan-2031, a slew of group-housing projects, townships, plotted developments, and luxury projects have been announced by leading developers like Raheja Developers, IREO, Parsvnath, Avlon, Gold Souk, etc, for this area.

Gurgaon Extension is already well known for its natural sulphur springs and Damdama Lake. Some of the leading institutions and industries in the area are GD Goenka Education City, K R Mangalam University, Apeejay Satya University, Westin Resort, and MMTC Pamp Gold Refinery (listed among the Top 5 largest refineries in the world).

 

Master Plan-2031 of Sohna

According to the recently approved Master Plan-2031 of Sohna, the population of Gurgaon Extension (Sohna) is expected to grow tenfold by 2031. The developing area will have 5,000 acres of residential and commercial development and 2,600 acres of green and open space development in over 20 sectors.

 

This huge growth rate is expected to be induced by factors like Kundli-Manesar-Palwal (KMP) Expressway and Dedicated Freight Corridor (DFC) along the southeastern side of Gurgaon Extension.

The Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) has acquired nearly 1,600 acres for development of an Industrial Model Township (IMT) between Gurgaon Extension and KMP Expressway. Recently, the government of Haryana approved the development of theme hubs like Leisure Hub, Sports Hub, and Leather Hub along KMP Expressway, in close proximity to Gurgaon Extension.

 

Connectivity and accessibility

Connectivity and accessibility is the biggest USP of Gurgaon Extension (Sohna). There is a proposal to merge the 90metre Link Road from Gurgaon’s Sector 63 with the proposed 150metre Gurgaon Extension Road, which will not only reduce the travel distance by a couple of kilometres but also ensure a smooth travel time of 10-15 minutes from Golf Course and Golf Course Extension Road.

The KMP bypass would take care of the heavy vehicle movement, reducing the traffic flow on the existing Gurgaon-Sohna-Alwar Highway and the new 90metre to 150metre roads. Also, the area will have excellent connectivity with the NCR through the proposed Metro line.

 

Realty Projects

If you are looking to buy a house and your monthly income is below Rs 50,000 per month, Gurgaon Extension offers good options to suit your budget. Here 2- and 3BHK flats are available in the range of Rs 3,500 per sq ft to Rs 4,500 per sq ft, depending on the location and the developer, like Avlon, Gold Souk, Parsvnath, IREO, etc. Apart from this, developers are also coming up with plotted development with floors, villas, and luxurious, independent apartments. 

With the notification of the proposed new connectivity, the prospective and current residential projects are expected to receive an excellent response from the market. The sectors along the new 150metre-wide link road from Golf Course Extension Road will not only enjoy a premium positioning but will also have an advantage in terms of visibility and location among all the other sectors within the Gurgaon Extension (Sohna) Master Plan.

Raheja Developers is building Aranya City, an integrated township with all facilities over 107 acres. The gated community offers plots, villas, floors, and group-housing units with a modern clubhouse; the project also has a school, a hospital, nursing homes, and shopping arcades.

Navin Raheja, CMD of Raheja Developers, says: “This new developing stretch is a good investment area as in the coming few years it can give huge returns on investment. We always viewed this area as a high-potential zone and started acquiring land banks long ago. Today, we have one of the largest land banks in this region. Encouraged with the appreciating realty market, we are finalizing our plans for Gurgaon Extension.”

Ashish Gupta, joint managing director of Gold Souk, says: “Gurgaon Extension has wide roads and world-class infrastructure projects. The residential and commercial projects coming up here are only about 12-13km from Gurgaon, with a price tag that is almost less than half of the prevailing rates in other parts of Gurgaon. Thus, this new developing area is going to be in great demand.”

Other developers expected to be in the Gurgaon Extension (Sohna) are Central Park, Pioneer Park, Parsvnath, Tata Reality, Homestead, and ILD. ILD is expected to launch a residential project here by the end of the year.

Real estate giants of the NCR, Mumbai, and Bangalore are looking to buy residential FSIs in the Sohna Master Plan-2031. The developers are eyeing residential FSI’s from Rs 1,500 per sq ft to Rs 1,700 per sq ft and expect to launch multistorey highrise apartments in the range of Rs 5,000 per sq ft to Rs 6,500 per sq ft.

 

Market scenario

Gurgaon Extension has emerged as a prime residential destination for end users and is currently registering a healthy demand. It is a good example of mixed-use development with great scope for further growth. Planned urbanization with IT parks, malls, residential apartments, villas and new residential projects under construction on both sides of this road make the area a sought-after location among first-time homebuyers and those looking for a property for investment. 

The availability of land parcels for further development and rapid commercial growth in the area have been the main factors that led to the growth of residential real estate along this stretch.

Gurgaon Extension or the Sohna surrounding areas display all the signs of development that a satellite area bordering a hot and happening Tier 1 zone (Gurgaon) shows. The area can be described in two segments – Gurgaon Extension 1 and 2. The first zone covers Sector 38 (Rajiv Chowk) to Sector 66 (Vatika Site) and the second one starts from the road that runs down from Universal Business Park to Badshahpur and beyond till Gurgaon Extension.

Ajay Singhal, director of Avlon Group, says: “The developing part of Gurgaon Extension Road (Sohna) has a number of residential properties under construction by developers like Tulip, Unitech, etc. Owing to the success of Gurgaon’s Golf Course Extension Road, Sohna Extension Road, and the construction of high-end properties along the regions to NH-8, capital values of residential propertiesare already going up. The area will become fully habitable in about five-seven years.”

Sanjiv Kumar, MD of Swarneem Group, says: “The prospects are quite good but buyers should expect good returns only after four to five years. A good return on short-term investment is not possible. This is an emerging area and a lot of infrastructure is yet to be put in place. At the moment, the only existing attraction is Gurgaon Extension Road, which connects NH-8 to KMP Expressway.”

Reason to invest

After a boom in the residential development on the Gurgaon-Sohna Road and Golf Course Extension Road, the recentlynotified Sohna Master Plan area of Gurgaon Extension is all set to emerge as the next destination for commercial, residential, institutional, and industrial development. The Southern Peripheral Road, which links NH-8 to Golf Course Road and South Delhi is under construction. The planned IMT Sohna is also likely to become the next big industrial park in the region after IMT Manesar and IMT Faridabad. The proposed infrastructure continues to add value to the overall development making Gurgaon Extension an attractive destination for those looking to buy units at slightly lower rates, compared to the rest of Gurgaon. 

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