The real estate sector is flourishing, thanks to the slew of measures taken by the government over a short period of time. The trust is back and with it the real estate markets that were lagging in certain segments are witnessing increased activity. Gurugram is one such market that has retained its leadership position in terms of real estate offerings. The place has been catering to all segments of real estate for more than a decade. Among many areas in Gurugram, South of Gurugram has emerged as the favorite destination of realtors and the buyers alike.
Talking of Sohna now known as ‘South of Gurugram’, it came into existence after the unprecedented economic growth in Gurugram that led to rapid urbanization requiring large number of housing projects to support migration and the living needs of people working in and around Gurugram. The area has proximity to business centres and industrial clusters, it is developing as the real estate destination riding high on accessibility, competitive prices and planned infrastructure. In the coming 3-4 years, the region will see a supply of around 20,000 housing units and the average ticket size in the area is less than Rs 40 lakh. The area is developing faster than expected as some of the government’s recent schemes and initiatives have given an impetus to the development of affordable units. The market here is at a nascent stage and most of the projects are in the under-construction stage. Coming years will see the delivery of many previously-launched units and majority of these projects are group housing apartments.
This market of Gurugram are leading to the development of other nearby markets. The initial stretch from Rajiv Chowk to Badshahpur (Gurugram-Sohna connecting road) has good infrastructure such as hospitals, malls, hotels, offices and business centres. With massive demand from end-users in the low and mid-income groups, the real estate market in this area is led by affordable and mid-segment housing constituting around 49% of the overall supply.
It can be counted among the few pockets in NCR that are becoming the hub of quality real estate. The next two years will be more exciting for buyers as builders are under pressure to complete projects before 2022—the ambition of PM Narendra Modi to offer Houses for All by 2022. As of now South Gurugram is in lead when it comes to meeting the demands of varied customer base, and soon it will take a lead in residential segment as many projects are being launched in this segment.
