Sohna Road: Next Realty Destination

Sohna Road is appearing as the booming realty destination in Gurgaon and is proving to be in good demand with supply keeping pace. An example of this lies in is the high number of transactions taking place in this area.

Sohna Road has residential apartments, commercial spaces, villas, IT parks and retail. As a result this location has become the centre of Gurgaon.

The availability of land for commercial and residential development is one of the main factors driving development in this location. As a result it shows huge demand and appreciation in property prices on the Sohna Road. The Master Plan Sohna for the city has opened up many sectors for real estate development. With 30 to 35 sectors getting approval, the area is witnessing huge real estate activity.

Over the several past years, real estate values in Gurgaon have shown a significant appreciation of almost 50% in both the commercial & residential segments, making it a sought after destination for investors.

Commercial projects command Rs 12,000 per square foot while IT parks come for Rs 5,500 to 6,000 a square foot. Residential plots in the area range between Rs 70,000 to 80,000 per square yard, prices for apartments range between Rs 6,000 to 9,000 per square foot.

One of the main reasons for the growing demand is the infrastructure and enhanced connectivity options that are improving, but not enough to keep pace with the growth in the area.

Old Gurgaon is saturated and after old Gurgaon, the only availability of raw land for expansion of Gurgaon is Sohna Road. The Sohna Road is proposed to be widened to six lanes with good connectivity to NH-8 and this has made the area the next sought after residential & commercial destination.

A key driver of demand is the employment generated in Gurgaon. There is a large inflow of highly paid professionals into Gurgaon every year, which converts into strong demand for housing in peripheral areas.

In the view of meeting supply of high demand Haryana govt. have also taken a step. Haryana Govt. is intended to encourage the planning and completion of Group Housing Projects on Sohna road wherein apartments of pre-defined size are made available at pre-defined rates within a particular time-frame. All such projects shall be required to be necessarily completed within predefined time frame from the approval of building plans or grant of environmental clearance, whichever is later. The licenses shall not be renewed beyond the said time period from the date of commencement of project.

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