Gurgaon Extension emerges as a potential market for affordable housing
Gurgaon Extension is the new name given to rapidly developing Sohna Road. The area extending from Sohna Road and directly connected to the main Gurgaon-Sohna Road has started budding as an affordable housing destination.
Mixed development
With the approval of the new Gurgaon-Sohna Master Plan, 2031, Gurgaon Extension started gearing up to grow in terms of residential, commercial, industrial and institutional development. About 5,000 acres of land in this region has been earmarked for residential and commercial development.
Driving factors
Gurgaon Extension has excellent connectivity to Gurgaon, New Delhi, Bhiwadi, Faridabad, Palwal, etc. It has easy access to the national highway-8 and NH-2, which further provides connectivity to many other cities. Apart from connectivity, the new realty hotspot is set to witness tremendous growth owing to its proximity to Delhi and Gurgaon, affordable prices of properties, rising demand for properties, etc. Currently, the major attraction is proximity to Gurgaon Extension Road that connects NH 8 to the KMP Expressway.
Affordable pricing
Gurgaon Extension or the Sohna Road offers properties at pretty affordable rates compared to areas in Gurgaon such as Sectors 52, 55, 56, 57, 79, 80, 81, 82, 83, 84, 89, 92, 103, 106, 112, etc. Group housing projects in this micro-market are priced at around Rs 4,500-6,500 per sq ft. Townships with group housing, plotted developments and multi-storey housing projects are likely to come up in the area in the price band of Rs 3,500-4,100 sq ft.
Moreover, the area has been a home to numerous projects by many reputed developers like Raheja, Tata, Parsvnath, IREO, Gold Souk, Avlon, Universal and Paras. The residential projects in Gurgaon Extension are currently in various stages of construction. Many more developers are looking to acquire land chunks in this area. Some of the builders who had bought land for SEZs (special economic zones) are now planning to change the land use.
Realty experts are of the opinion that, since many amenities have been proposed in the Sohna master plan, the area with its new name, Gurgaon Extension, will definitely be a big hit among buyers.
Raheja Group has launched ‘Aranya’, an integrated township project, close to IMT in Gurgaon Extension, where a 1,700 acre industrial estate has been planned by the Haryana government. Goldsouk Group owns a huge land bank in Gurgaon Extension and is planning to launch multiple projects. The developer presently has more than 200 acres of land in this area, across sectors 16, 17, 18 and 25. International Land Developers Pvt Ltd (ILD) is planning to launch a residential project by the end of this year.
Proposed developments
The real estate market of Gurgaon Extension is likely to boost up further with the completion of some major projects such as Delhi-Mumbai dedicated freight corridor, IMT Sohna and all the mega industrial estates and infrastructure projects coming up along the KMP corridor.
Some of the noteworthy leading institutions and industries in this part include K R Mangalam University, GD Goenka Education City, Apeejay Satya University, MMTC Pamp Gold Refinery, etc.
Some realty experts believe that, it is the right time for homebuyers to buy properties in Gurgaon Extension. For investors, good returns can be expected in the next three-four years. Short-term investments may not yield good returns as yet there is no proper infrastructure in place in this part of NCR.
