Gurgaon continues to witness a growth in construction activities and emergence of new areas for investment. Golf Course Extension is one such corridor witnessing a surge in property values and demand. According to Kapil Sharma, property consultant at Property Mart, “localities such as Golf Course Extension has been rapidly picking up pace in the past 1 to 2 years. With booming property prices in the neighbourhood localities, Golf Course Extension Road is also witness to increase in the number of transactions and property prices.”
The area is strategically located and is well connected by Sohna road and NH8 which is one of the major attributes fuelling the realty growth in the locality. There has been a 20-30% rise in the number of transactions in Golf Course Extension during the past six months, says Sachin Sharma, another city-based realtor from Estate Management & Group. He further added that the property values too have noted a 10-12% rise during the same period and is still appreciating.
According to MagicBricks.com, the locality has seen a rise of 4% in the Jan-Mar quarter compared to Oct-Dec quarter last year. The ongoing capital values here are from Rs 6,500 to 6,800 per sq ft.
Most of the projects launched alongside this stretch in the year 2009 are expected to be completed by the end of this year or till the first quarter of year 2013. Some of the under-construction projects here are Pioneer Group’s Pioneer Park, Emaar MGF’s Emerald Hills, Palm Drive, Tata Raisina and M3M’s Golf Estate and IREO’s Grand Arch, Skylon etc.
Most of these budget luxury homes were launched at a price of Rs 3,000-4,000 per sq ft in the year 2009-2010. The property prices have already witnessed a significant increase of more than 50% in the values and the current values at Golf Course Extension road vary from Rs 5,500-12,000 per sq ft. Most of the upcoming projects here are ultra luxurious and are being built with international standards, says Sharma.
According to Raj Gandhi, property investor in Gurgaon, “the property values at Golf Course Extension will rise further once the under-construction projects will get completed and the possession will be given.” He further added that the increase in occupancy rate will have a direct impact on the property values and the area will become an upscale locality of Gurgaon.
The commercial and retail sector is also gaining momentum and is expected to push residential sector further in the next few years, added Sharma. Overall, Golf Course Extension Road is the emerging hotspot with well planned residential and commercial spaces. The area is seeing buyers and investors from niche segment of the society and it is poised to grow soon.
Source – MagicBricks