Gurgaon has been at the forefront of economic development in the National Capital Region (NCR) over the past two decades. Favorable factors such as proximity to Delhi, International Airport and an impetus by the Haryana government through various policy initiatives have led to Gurgaon’s transformation into an economic hub. Initially, the city’s growth had been led through the evolution of the industrial development, which was later followed by the evolution of the IT/ITeS service sector. The industrial growth was fueled with the opening up of the Maruti Suzuki Plant in 1980’s in Udyog Vihar and later with Manesar (setting up of an Industrial Model Township in 1992). Meanwhile, the growth of the IT/ITeS sector commenced with the entry of Genpact’ (first international BPO of India) followed by many others, in the post liberalization era of the 1990’s leading to the evolution of Gurgaon into an eminent IT/ITES service sector hubs of India.
‘ The consequent growth in the economic opportunities has led to rapid urbanization in the region along with a demographic change towards a younger, increasingly cosmopolitan, affluent and educated population. The unprecedented pace of urbanization has reflected in the city’s tremendous growth along south and west directions from its initial hubs of MG Road and NH 8 (Cyber City, Udyog Vihar), thus leading to evolution of newer growth vectors over the years, such as Golf Course Road, Golf Course Extension Road (GCER) and the larger Southern.
Peripheral Road (SPR), Dwarka Expressway / Northern Peripheral Road (NPR) and NH 8 (New Sectors).
Going forward, multiple infrastructural and industrial developments are either upcoming or are planned that are expected to catalyse the economic activity in the Sohna Town and the larger southward vector of Gurgaon. Some of these include operationalization of the Manesar-Palwal section of the Kundli-Manesar-Palwal (KMP) Expressway, ongoing development of the Industrial Model Township of Sohna and the planned section of the Western Dedicated Freight Corridor (DFC) passing through Sohna. In anticipation of increasing economic activity leading to consequent urbanization, the Town and Country Planning Department of the Government of Haryana notified the Master Plan of Sohna in 2012, outlining the contours of the planned development to meet future growth till 2031.
Pursuant to the notification of the Master Plan, the real estate activity in Sohna garnered momentum in the last three-four years. With residential projects scheduled to be delivered over the next 3-4 years, the visible habitation in the area is expected over the next 5-7 years.
In this backdrop, an assessment of the various key aspects important for making a location livable (habitable) has been undertaken to understand what Sohna has to offer to a price-sensitive working professional looking to purchase a house for end use in the medium to long term.
Attractiveness of Sohna in South of Gurgaon for a Potential Home Buyer
Given the increasing urbanization levels in Gurgaon over the last decade (as outlined earlier) and thus increasing population levels, the city has expanded south and west from its business centers of MG Road and NH 8 (Cyber City, Udyog Vihar). While areas like Golf Course Road and Sohna Road have been established in the last one decade, other locations such as GCER, SPR and NH 8 (New Sectors) are emerging. The economic evolution of these locations has also reflected in appreciation of residential prices in these areas, thus impacting their overall affordability.
As the city further evolves, with growth in economic opportunities, newer vectors in the region, which are a natural extension, will have to be evaluated as cost effective options (suit the budget), while meeting one’s space requirements. In this context, this section outlines what Sohna as a residential location in South of Gurgaon has to offer to the potential buyers.
One of the first things while evaluating a location for buying a home for an end use is the product types on offer in the location. Sohna as a market has presence of leading developers such as Tata Housing, ILD, Ashiana Homes, Ashiana Housing, Supertech, Central Park, Ireo, Eldeco, Silverglades amongst others, which offer various product formats. With Sohna being an upcoming growth vector, residential apartments lead the way with close to 9,000-10,000 group housing units being officially marketed as of June 2016 (forming about 74% of the total residential supply in Sohna, which entails 12,000-13,000 units). This is followed by option of plotted developments and independent floors.
Besides these, about 4,000 affordable housing units (defined by the Haryana Affordable Housing Scheme) have also been introduced in the market.
The next related aspect for the working urban population, especially looking for a house in a group housing society for an end use is the availability of the suitable configuration (2/2.5 BHK, 3 BHK) which would adequately cater to their space requirements while not ballooning their budgets. The 2/2.5 and 3 BHK units put together account for approximately 88% of the units on offer in the market.
KEY INSIGHTS: SOHNA RESIDENTIAL MARKET
Developer Presence (Across various product formats) – -25 developers such as ILD, Breez builders & Developers, Ashiana Homes, Ashiana Housing, Supertech, Central Park, Ire°, Eldeco, Silver Glades, Tata Housing, MKS Ventures, Gold Souk, Tulsani amongst others. Major Configurations –
2 and 3 BHK are most offered Group Housing Apartment Configurations