A report says that the NCR will have a total demand of nearly 10.2 lakh residential units, 249 lakh sq ft of office space and 66.6 lakh sq ft of retail space by 2013. With rising demand in residential, office, retail, and hospitality sectors, Gurgaon tops the demand charts. Forthcoming world-class projects, proximity and good connectivity to Delhi are a few factors driving these figures.
Due to a lack of infrastructure and the surge in prices of available land in other parts of the NCR, Gurgaon and Noida are at the fore in catering to the demand for affordable and luxury housing. In fact, for the sheer volume of residential units launched in these places, the NCR has a higher number of units compared to the other five metropolitan cities like Mumbai, Chennai, Bangalore, Kolkata and Hyderabad put together. According to a report released by Knight Frank India, nearly 86,000 residential units entered the market in financial year 2011-12. The developers and promoters were able to gauge the pulse of the market and launched more affordable and mid-segment projects than premium projects in this period.
As of March 2012, nearly five lakh units are under various stages of construction in the NCR market. The vacancy levels have improved and stand at 36% in quarter four of the last financial year, as compared to 40% in quarter two financial of last financial year.
Knight Frank India’s report says that the market shows a positive outlook as sales have picked up in quarter four of the last financial year. Even though the quantum of units launched in the NCR market is very high, a complete analysis shows that unsold inventory will be absorbed two quarters ahead of the completion based on long-term sales velocity at an aggregate level.
The property rates in Delhi and the NCR were on a steady upward rise till 2008, showing an increase of 25%, but fell sharply during the global slowdown which affected the real estate sector. They have shown an upward trend since mid-2009 and there has been a constant increase in property prices with prices growing 50% since 2007.
Under the new Gurgaon-Manesar Master Plan-2025, the availability of land for development and avenues for new growth corridors has opened up.
The new master plan allocates 14,930 hectares of land for residential use; this is good enough for over 58 new sectors. Most of the new developments are taking place in these sectors.
Records show that 35% of the proposed residential land is under the process of licensing. The major new growth corridors in Gurgaon include extended Golf Course Road, Sohna Road, Pataudi Road, Manesar, Jaipur Highway and a concentrated growth in Bhiwadi and Dharuhera. Around the NH-8, the sectors of New Gurgaon like 37, 37D, 80, 81, 82, 85, 86, 90, 92, 93, 95, and 99 are registering a tremendous response.
Developers in Gurgaon
Developers like DLF, Unitech, MGF EMAAR, Chintels, Ansal, Orris, Antriksh, Assotech, Raheja Developers, CHD, etc, have major projects that are riding the real estate market.
New projects like Assotech’s Blith in Sector 99, Raheja Developers’ Raheja Aranya, Antriksh Group’s Antriksh Zeal in Sector 112, Chintels Group’s International City on the Gurgaon-Dwarka Expressway, Orris Infrastructure’s Aster Court and Carnation, and Ramprastha Group’s newly-launched grouphousing project are showing good appreciation.
Vijay Gupta, the chairman and managing director of Orris Infrastructures, says: “Undoubtedly, especially in the NCR, the gap between demand and supply is still widening. To meet the demand, we are evaluating revenue-sharing models to attract retailers. With several world-class projects under construction here, and with the infrastructure improving by leaps and bounds, Gurgaon is all set to see a fresh residential supply.”
Chintels Group has recently launched Chintels Paradiso, a group-housing project over 12.3 acres, spread over Sectors 106, 108 and 109 of New Gurgaon. These new residential sectors, bordering Dwarka Phase II, are being promoted as the next and hottest real estate destinations. Chintels Paradiso will have 500 apartments with state-of-the-art infrastructure and amenities.
Prashant Solomon, the joint managing director of Chintels India Limited, says: “We are expecting a robust growth in the real estate sector in the near future and, therefore, it becomes imperative for the industry to brace itself to meet the demand. Chintels Paradiso is a luxurious 1.1 million square-foot highrise apartment complex in the heart of New Gurgaon.”
“We are developing the International City, a part of Chintels Metropolis, on 153 acres in Sectors 106 and 109 of Gurgaon. We will construct 850 villas in this project; the first phase will have around 200 villas. The project will be of world-class design and quality and has the advantage of being in proximity to Delhi, especially to the IGI airport and Dwarka,” Solomon says.
Antriksh Group has come up with Antriksh Zeal in Sector 112 on the Dwarka-Gurgaon Expressway. “The main advantage of this site is that it is close to the NH-8, the Dwarka Expressway and the forthcoming KMP Expressway. The project will have fully-furnished apartments with round-the-clock security system,” Rakesh Yadav, the managing director of Antriksh Group, says.
Supertech Limited has launched, Araville, in Sector 79. Araville is spread over 10 acres and offers 2-, 3- and 4BHK apartments ranging between 1,295 sq ft and 3,620 sq ft. The price of these units ranges from Rs 63.45 lakh to Rs 1.7 crore. The project is expected to be completed by 2015 at a cost of Rs 400 crores.
R K Arora, the chairman and managing director of Supertech Limited, says: “The main advantage of this project is that it is located at the foothills of the lush green Aravalis. Residents will have a panoramic view of the Aravali hills, which will provide a relaxed living amidst beautifully landscaped surroundings.”
Assotech Limited has recently launched Assotech Blith on 12 acres in Sector 99 on the Gurgaon-Dwarka Expressway. The project offers 2-, 3- and 4BHK apartments.
Sanjiv Srivastava, the managing director of Assotech Ltd, says: “Our innovative projects are symbols of reliability; they come with a high standard in quality, as they are built with extensive researchled engineering, design and construction.”
The Ramprastha Group has been awarded a turnkey grouphousing project by Army Welfare Housing Organization (AWHO) at Ramprastha City. The project is over 24.53 acres in Sector 95, Gurgaon.
Nikhil Jain, the chief executive officer of Ramprastha Group, says: “The AWHO project will have small-family apartments like 2BHKs with of 900 sq ft, deluxe 2BHK with study of 1,440 sq ft, super-deluxe 3BHKs of 1,750 sq ft, and luxury 4BHKs of 2,150 sq ft.
Content and Image Source-TOI