Sohna master plan will boost realty market in Haryana

Sohna master plan will boost

realty market in Haryana

The Haryana government has notified the Gurgaon-Sohna Master Plan, 2031, which is expected to streamline and regulate the burgeoning real estate market of Gurgaon. With the approval of this new master plan several residential, commercial and industrial projects are expected to be launched here in the near future. More than 20 new sectors have been notified in the new master plan.

The new master plan for Sohna has sanctioned the development of 6,110 hectares, which would have a density of 300 people per hectare; the plan has been prepared for a projected population of 6 lakh people by 2031.
Over 28% of the area would be developed for residential sectors while 20% has been earmarked for industrial purpose. The 1,483km-long Delhi-Mumbai Industrial Corridor (DMIC) is located close to this place and this mega infrastructural project along with its industrial estates, along with the KMP corridor, will add to the value of investments here.
To provide fast connectivity from Delhi and Faridabad, a 150metre-wide Gurgaon Extension Road has been proposed in the new master plan. The proposed road will directly connect to the existing Golf Course Extension Road, from Sectors 63 and 64.
Under the new master plan, 2,600 acres has been reserved for green and open spaces and 5,000 acres for residential and commercial development in over 20 sectors. Apart from this, 1,600 acres is to be developed for an IMT (Industrial Model Township) by the Haryana State Industrial and Infrastructure Development Corporation Ltd (HSIIDC).
After the approval of new master plan, developers and promoters have started acquiring land banks in the area and those with SEZs (special economic zones) are mulling land-use change after the notification.
Impact of new master plan
Experts believe that the Gurgaon-Sohna realty market will be an independent market and that it will not be affected by price movements and absorption of projects located along Dwarka-Gurgaon Expressway or Golf Course Extension Road. For example, group-housing projects on Golf Course Extension Road are priced over Rs 10,000-12,500 per sq ft but the rates on Gurgaon-Sohna Road are still around 4,500-6,500 per sq ft.
The Sohna market is expected to cater to the affordable segment in residential properties; the townships with group-housing and plotted developments are likely to be available in the price band of Rs 3,500-4,000 sq ft.
Why invest in Gurgaon-Sohna region
This area has great connectivity and prospects with the proposed 1,483km-long DMIC, new Metro linkages, and the forthcoming KMP bypass coming up in the vicinity. Also the place is in close proximity to the main city which is a leisure hub, a leather hub, a sports hub. Other facilities close to the developing sectors of the Sohna master plan include Westin Sohna Resort, GD Goenka World School, KR Mangalam University, and Ascendas’s IT & ITeS project. MMTCPAMP SA gold and silver refining is located at the Roj Ka Meo industrial estate near Sohna.
Top developers like Raheja Developers, Gold Souk, IREO, Central Park, Tata Reality, Godrej, MVL, Universal, ILD, Avlon, Parsvnath, Paras and Homestead are planning to launch new projects here.
Raheja Developers has launched Raheja Aranya City in Sectors 11 and 14; these is a plotted-development project. Raheja Aranya City is an integrated township close to IMT Sohna, where a 1,700-acre industrial estate is planned by the Haryana government.
Navin Raheja, the CMD of Raheja Developers, says: “The new sectors of Sohna will definitely enhance the prospects of Aranya City as a residential and retail destination for the thousands of people who will get jobs there. The value of the investments is likely to multiply appreciably once this industrial estate is up and running. With the sanction of the new sectors, real estate activity as a whole will see heightened activity.”
Gold Souk, another realty player in the area, is planning to launch Gold Souk Golf Links, a premium highrise project that offers units of 1,250-2,350 sq ft at Rs 5,000 per sq ft. Ashish Gupta, the MD of Gold Souk, says: “Our forthcoming projects are located on the proposed 150-metre Gurgaon Extension Road and along the two sides of the 60-metre roads of Sectors 17 and 25.”
Realty market of Gurgaon-Sohna Road
Gurgaon-Sohna Road is one of the fastest growing stretches in Gurgaon’s realty market. The area is being talked about as the city’s next big site for commercial and residential development in the next few years, as some of the biggest names in the real estate business have launched projects here.
Gurgaon-Sohna Road is easily accessibility from NH-8, the IGI Airport, Golf Course Road, Delhi and other NCR regions; it also has good connectivity with the soon-to-be launched KMP highway. Also, Southern Peripheral Road is close to the established residential corridor of Sohna Road. Thus, it is no wonder that several realty projects have come up on this stretch, with several more under construction. This particular stretch has seen a huge demand in the last couple of months by investors from all over the NCR, and elsewhere too. The rate of appreciation of property on Gurgaon-Sohna Road is expected to reach 18-20% in the near future.
Unitech Group has a number of projects like Uniworld Garden 2, South Park, South City 2, Unitech Sunbreeze, Unitech Vistas, Nirvana Country 2 and the Residence along the main Gurgaon-Sohna Road. Unitech’s South Park in Sector 70 is well connected to NH-8 and Golf Course Extension Road and adjacent to the proposed Metro line.
CHD Group’s CHD Avenue 71 is Located on a 60-metre-wide sector Road (bisecting Sectors 71 and 72A); this is a premium multistorey ground-plus-22-storey project on 16.5 acres and offers 3- and 4BHK apartments. Ravi Saund, the chief operating officer of CHD Group, says: “The master planning of this project has been done around the flora-rich central avenue to keep residents in touch with nature.”
Spaze Group’s luxury group-housing project, Spaze Privy AT4, is in Sector 84, in close proximity to the proposed Metro station and ISBT corridor. Amit Raj Jain, the chief marketing officer of Spaze Group, says: “Sohna Road is emerging as the next realty destination in Gurgaon and is currently registering good demand, with supply keeping pace. A proof of this lies in the high number of transactions taking place in this area. Over the years, this location has become the centre of Gurgaon.”