What makes it a good destination for home buyers?admin
Improving infrastructure: HUDA has targeted to complete the work of laying the basic service infrastructure and sector roads, by the end of 2017. Although the work on the water supply, sewerage, electricity, development of certain sector roads and landscaping, are still pending, the improving infrastructure will add value to the region. The metro rail has already been laid till sector 55-56, providing good connectivity. Cyber City, a key commercial hub of Gurugram, is now connected to Golf Course Road via a newly opened underpass and has reduced the travel time to 35-40 minutes from Golf Course Extension Road. In addition to these, the region has ample educational institutions, commercial complexes and malls.
“Considering the potential of this region, development firms are planning more projects along this stretch. End-users will also surely benefit from the overall development of the region,” says Atul Bansal, president – finance and accounts, M3M Group, which is planning two projects on the SPR.
See also: Gurugram circle rates: How will the reduction impact the property market
Mix of completed and ongoing projects: Of the 11 sectors falling along the SPR, six are purely residential – sectors 69, 70, 70A, 71, 72 and 73. A number of projects in these sectors, are either nearing completion or will be completed in one-and-a-half years. Praveen Jain, CMD, Tulip Infratech, says “In the next four to six months, there will be a good supply of completed projects, offering possession to buyers.”
What is on offer?
The region offers two, three and four-bedroom apartments, along with a limited number of villas and plots.
The Shaharsh Gupta, a Gurugram-based consultant, explains that “A number of buyers who look for investing in the region, look for slightly bigger space. Hence, three and two-bedroom apartments are the most sought-after ones.” The area of the units usually ranges from 1,000 sq ft to as high as 2,600 sq ft.
Property prices in the Southern Peripheral Road and appreciation potential
In the beginning of 2010, the average launch price hovered around Rs 2,200-3,000 per sq ft. Over the next five years, property prices rose exponentially, touching as high as Rs 10,000-12,000 per sq ft, in 2015. However, due to the slump in the market, the average rates have again come down to around Rs 6,500 per sq ft. In some of the completed projects, the rates are on the higher side, to the tune of Rs 9,500 per sq ft. New launches are likely to come at slightly lower rates, due to the high levels of inventory.
Nevertheless, these rates are lesser than those prevailing in neighboring areas like Golf Course Road or Sushant Lok, where the average rates are around Rs 11,500 per sq ft and Rs 10,500 per sq ft, respectively.
What should buyers look for?
As the area is still under development, it is likely to take another year before all the sector roads and green cover is in place. If you are a prospective buyer, you can look for projects in the region that are nearing completion and those that are now registered with the Real Estate Regulatory Authority. This would ensure timely delivery and will safeguard your interests.