New growth corridors of Delhi-NCR- Part 1
The National Capital Region (NCR) of Delhi sprawling across a wide area of 45,887 sq km offers a number of distinct micro markets. Every residential market has its own characteristics of development, price factor and buyer sentiment.
The events that have influenced the Indian economy over the past 1.5 years have had their influence on the residential sector of Delhi-NCR as well. Jones Lang LaSalle India, a global real estate services firm, has recently released a report named ‘Emerging Corridors Of Delhi NCR’, which studies this thriving region’s future real estate development potential amidst various economic and regulatory changes. The report, referring to the past 18-months period of reflection, offers a qualitative overview of the three sectors – office, retail and residential – with relevance to the Delhi NCR.
Ashutosh Limaye, Head of Research & REIS, Jones Lang LaSalle India expressed that the three realty segments in Delhi NCR – office, retail and residential – are displaying growth on account of the suburban towns surrounding the prime city. There is huge development potential in these areas along with ample financial viability and affordability which are the key market drivers.
The residential sector of Delhi NCR offers a wide range of projects across all types and in various price categories that can fit all pockets. There is a fair mix of both buyers and investors across all the residential markets, although investor contribution is significantly higher in Gurgaon and Noida as they offer a wide array of projects along with healthy demand levels.
The suburbs are the key growth areas across Delhi-NCR, stresses the report. Though the main city boasts a substantial level of office and retail stock, the lack of potential for future development confines its growth.
As the existing suburban sprawls of Gurgaon, Noida and Ghaziabad being close to exhausting their development potential, the JLL report looks at the new hotspots that are likely to emerge as the nerve centres of future growth planning and realty development.
Sohna
Sohna is a town located at 24 km from Gurgaon and is well-connected by the well-knownSohna Road. Following the notification of the Master Plan for Sohna 2031 by the Haryana Government, Sohna real estate market is likely to emerge as an affordable housing hub. It is expected to offer built-up residential projects priced at around Rs 4,000 to 5,500 per sq ft.
Under the new master plan, an area of 6,110 hectares has been earmarked for future development, of which more than 28% of the land area has been set aside for residential development. Around 20 new sectors have been planned in this sub-market. Observing the potential of this market, many developers have already started acquiring land chunks and obtained development licenses. Sohna is likely to get numerous township projects in the upcoming years. The prices of serviced plots are about one-third of those in Gurgaon. After the notification of the master plan, the land prices have already witnessed a hike by over 120 percent to Rs 3.5 crore to Rs 4.5 crore per acre.
Infrastructure development– Several infrastructure projects have been taken up to enhance the attractiveness of this micro-market which includes a proposed Orbital Rail Corridor along the proposed KMP Expressway, an Industrial Model Township across 1500 acres, etc. The connectivity of this part will get a boost by the two cloverleaf junctions on the KMP Expressway. The Dedicated Freight Corridor linking Delhi to Mumbai will also enhance the development in this part.
