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Delhi-Mumbai Expressway, elevated road will transform Sohna into next major realty hub

Delhi-Mumbai Expressway, elevated road will transform Sohna into next major realty hub

According to the experts and realtors the Sohna is going to be the next major realty hub of Delhi NCR. The completion of Sohna Elevated Road and the part of Delhi-Mumbai Expressway passing through Sohna is expected to be completed by next year. This will improve the connectivity of Sohna with other cities and create ample of jobs opportunities in upcoming future. The demand for housing in Sohna will going to increase drastically as the project will reduce the travel time between Rajiv Chowk and Sohna. One can reach Rajiv Chowk in a shot span of 15 minutes.

As per real estate expert, Vinod Behl, “Sohna is centrally located in the NCR, and the growth of any real estate destination largely  depends on that area’s connectivity, physical and social infrastructure, established residential and commercial developments in the neighbourhood and its proximity to corporate and industrial hubs, the major centres of employment”. The price of the property is largely dependent on these key drivers. In this respect, Sohna scores high as a micro market of Gurgaon. He further added “The area is contiguous to south Delhi and Gurugram, besides providing access to Palwal, Faridabad and Alwar. He said connectivity to the Jewar airport in Uttar Pradesh, when it becomes operational, will enhance the area’s potential as a realty hub,”.

Talking about the count of realty projects in Sohna, then there are 10 affordable group housing projects, 15 projects under the Deen Dayal Awas Yojana, three commercial projects, and 19 group-housing project, besides 6-7 commercial projects. (Source: Department of Town and Country Planning). Around 800 acres of land has been licensed since 2012, with maximum licenses issued in years 2012, 2013, 2014 and 2019. Spread across 27 square kilometers, Sohna is divided into 38 sectors for urban development by the Haryana government. Developers are developing projects in Sohna more in comparison to Gurgaon because of lower plot costs over the past seven years.

As per vice-chairman of Anarock, a real estate consultancy, Santosh Kumar, “Popularly known as south Gurugram, Sohna emerged as a favourable affordable destination owing to its proximity to various business centres and industrial clusters,”.

Anarock studies reveal that the maximum real estate activities in Sohna took place in 2014, 2015 and 2017, when 12,000, 6,000 and 4,000 housing units were launched, respectively. The launch has been muted over the past 4 yrs due to unfavourable market conditions.

Mr. Kumar further said that 55% of the projects are in the mid-segment ( ₹40 lakh to ₹80 lakh), 26% are in the affordable segment (below ₹40 lakh) and 16% in the premium segment ( ₹80 lakh to ₹1.5 crore).

As said by Mubeen Khan, a city-based real estate consultant,  “In comparison, Gurugram is more about premium housing, with average price of a flat being more than ₹75 lakh,”. The micro market will grow fast with brilliant connectivity with Gurugram, Delhi.

Enhanced Connectivity

Pradeep Agarwal, MD of Signature Developers said “By 2031, around 640,000 people are going to reside in south Gurugram. With the increase in population and led by multiple government initiatives, Sohna is expected to witness heightened demand for residential spaces in the time to come. Sohna is aligned with the Delhi-Mumbai Expressway, Palwal-Sonipat Orbital Rail Corridor, linked to KMP [Kundli-Manesar-Palwal] and new elevated road to Gurugram will boost housing in the city,”.

According to Behl, what makes Sohna attractive for both end-users and investors is the lower entry point, with good scope for price appreciation that has seen risen significantly over the past seven years.

After Union transport minister Nitin Gadkari visited Sohna on September 5 and made an announcement that the work on the Haryana portion of the Delhi-Mumbai Expressway and Sohna elevated road will get completed by mid-2022,  and officials of the National Highways Authority of India (NHAI) clarified that the Sohna elevated road would be completed by June 2022. Developers and experts are enthusiastic of the future growth of Sohna. They are optimistic of the two new road projects and are of view that these projects will lead to a turnaround and highly contribute to Sohna’s growth.

Sanjiv Thakur, a realty consultant said “Last year, it was Sohna and New Gurugram micro markets which had emerged on the top as far as supply and price of properties is concerned. Once the elevated road is completed, home buyers in Gurugram will have great options to buy affordable houses, plots and also premium housing in this area,”.

The chairman and MD of Central Park, Amarjit says, “Owing to its proximity to different business centres and industrial clusters, it promises good connectivity and planned infrastructure upgrades. The proposed link between the new Jewar airport and the Delhi-Mumbai Expressway is the newest and most crucial connectivity factor, boosting real estate on Sohna Road,”

Market trend

Studies by real estate consultancies indicate that homebuyers’ preferences are changing and people prefer to reside in gated communities on the outskirts of the cities. A study by Anarock stated that almost 57% of home launches in NCR in 2020 took were registered from the outskirts of Gurugram, such as Sohna and Sohna Road, besides areas under the Yamuna Expressway in Uttar Pradesh’s Gautam Budh Nagar.

Another excerpt from Anarock stated that “Sohna, Sohna Road and Dwarka Expressway are some of the most preferred areas among the buyers. Previously, most of the sales in the periphery were made by investors or buyers planning to relocate in future. However, they are now willing to accept the distance between their homes and their workplaces due to boost in infrastructure and connectivity,”

Basic infrastructure

While some stakeholders express bullish sentiments about Sohna’s emergence as a housing hub, there are others who are reluctant to invest in this area as it still lacks physical, social and recreational infrastructure.

Ramesh Menon, CEO of Certes Realty says, “Roads are good but we need much more to survive and thrive in a city. There is need for schools, colleges, malls, hospitals, and similar recreational spaces. It will take a long time for this area to emerge as a subcity of Gurugram,”.

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