Will Gurgaon’s fortunes be linked to the draft Master Plan for Sohna 2031? If one goes by the buzz in Haryana’s realty market, several residential projects are expected to be launched in Sohna once the draft Master Plan for the area that proposes 25 new sectors is notified — in about three to four months.
Realty experts say a few developers have started acquiring land banks in the area and those with SEZs (special economic zones) are mulling land use change after the notification. Of the land acquired for SEZ, the Uppals Group has about 75 acres and Parsvnath Developers about 120 acres in the area.
Development will see a boom. Townships with group housing and plotted developments are likely to come up in the area in the price band of R3500 to R4000 sq ft.
A state-level committee meeting was held to discuss the Master Plan issue last week. “Once the draft Master Plan is approved, it will be notified in the official gazette. We will then invite objections from the public. On the whole, it will take three to four months for the final notification,” reveals T C Gupta, director general and special secretary, town and country planning and urban estates departments, Haryana.
Raheja is perhaps the first developer to have launched its project, Aranya, on a land bank it aggregated in 20082009 under the old Master Plan. It’s an integrated township that is in proximity to IMT Sohna where a 1,700-acre industrial estate is planned by the Haryana government.
On Sohna’s tremendous potential, Navin Raheja, managing director, Raheja Developers, says “IMT Sohna will definitely enhance the prospects of Aranya as a residential and retail destination for the thousands of people who will get jobs there. The value of investments would multiply at a tremendous pace once this industrial estate is up and running. Also, the Delhi-Mumbai dedicated freight corridor is located close by, and all the mega industrial estate and infrastructure coming up along with the KMP corridor will only add to the value of investments here.”
Raheja predicts Sohna will be an independent market, not affected by price movements and absorption of projects located along Dwarka Expressway or Golf Course Road. “Plots in Gurgaon are priced at over R1lakh per sq yard but in Sohna they are still around per sq yard, almost one third the price just 10 km ahead. The Sohna market will cater to the affordable segment,” he says.
According to Ajay Aggarwal, director, Avalon group, only townships and residential options are viable in Sohna. The group plans to launch a G+20 storey group housing project in the area in the next four to five months, subject to the approval of the Master Plan. “The starting price will be around 4000 per sq ft. The area has much better connectivity, a flyover has been approved at Badshahpur
The Vipul Group, which has launched Tatvam villas, priced at R3.45 crore to R9 crore, is also planning an integrated township here. Two other developers active in the Gurgaon area are planning to launch projects in over 100 acres of land holdings that they’ve already acquired
The valuation of the area has also gone up considerably. Land prices in Sohna area that were earlier in the range of R1.5 to R2.5 crore per acre are today going for R3 to R4 crore in anticipation of the Master Plan notification soon.
Interestingly, realty experts are of the view that the Sohna story will take a long time to develop — somewhat similar to what has been witnessed in Greater Noida.
“Many people are getting overconfident about the Sohna opportunity. The prevailing property prices along Sohna Road passing through the Gurgaon limits are anything between R5500 per sq ft to R6000 per sq ft, especially in sectors 67, 67 A and 68. Expecting too much from Sohna, however, could be irrational. The Gurgaon story is not yet over. Sohna may be an interesting option for those wanting to pick up properties in the sub R4000 per sq ft range. Having said that, developers too need to be careful about the only USP of the area, its affordability and should make sure that they do not out price themselves,” adds Anckur Srivasttava of GenReal Advisers.
FOR MORE
KAPIL KHATANA+91-8059292011
Realty experts say a few developers have started acquiring land banks in the area and those with SEZs (special economic zones) are mulling land use change after the notification. Of the land acquired for SEZ, the Uppals Group has about 75 acres and Parsvnath Developers about 120 acres in the area.
Development will see a boom. Townships with group housing and plotted developments are likely to come up in the area in the price band of R3500 to R4000 sq ft.
A state-level committee meeting was held to discuss the Master Plan issue last week. “Once the draft Master Plan is approved, it will be notified in the official gazette. We will then invite objections from the public. On the whole, it will take three to four months for the final notification,” reveals T C Gupta, director general and special secretary, town and country planning and urban estates departments, Haryana.
Raheja is perhaps the first developer to have launched its project, Aranya, on a land bank it aggregated in 20082009 under the old Master Plan. It’s an integrated township that is in proximity to IMT Sohna where a 1,700-acre industrial estate is planned by the Haryana government.
On Sohna’s tremendous potential, Navin Raheja, managing director, Raheja Developers, says “IMT Sohna will definitely enhance the prospects of Aranya as a residential and retail destination for the thousands of people who will get jobs there. The value of investments would multiply at a tremendous pace once this industrial estate is up and running. Also, the Delhi-Mumbai dedicated freight corridor is located close by, and all the mega industrial estate and infrastructure coming up along with the KMP corridor will only add to the value of investments here.”
Raheja predicts Sohna will be an independent market, not affected by price movements and absorption of projects located along Dwarka Expressway or Golf Course Road. “Plots in Gurgaon are priced at over R1lakh per sq yard but in Sohna they are still around per sq yard, almost one third the price just 10 km ahead. The Sohna market will cater to the affordable segment,” he says.
According to Ajay Aggarwal, director, Avalon group, only townships and residential options are viable in Sohna. The group plans to launch a G+20 storey group housing project in the area in the next four to five months, subject to the approval of the Master Plan. “The starting price will be around 4000 per sq ft. The area has much better connectivity, a flyover has been approved at Badshahpur
The Vipul Group, which has launched Tatvam villas, priced at R3.45 crore to R9 crore, is also planning an integrated township here. Two other developers active in the Gurgaon area are planning to launch projects in over 100 acres of land holdings that they’ve already acquired
The valuation of the area has also gone up considerably. Land prices in Sohna area that were earlier in the range of R1.5 to R2.5 crore per acre are today going for R3 to R4 crore in anticipation of the Master Plan notification soon.
Interestingly, realty experts are of the view that the Sohna story will take a long time to develop — somewhat similar to what has been witnessed in Greater Noida.
“Many people are getting overconfident about the Sohna opportunity. The prevailing property prices along Sohna Road passing through the Gurgaon limits are anything between R5500 per sq ft to R6000 per sq ft, especially in sectors 67, 67 A and 68. Expecting too much from Sohna, however, could be irrational. The Gurgaon story is not yet over. Sohna may be an interesting option for those wanting to pick up properties in the sub R4000 per sq ft range. Having said that, developers too need to be careful about the only USP of the area, its affordability and should make sure that they do not out price themselves,” adds Anckur Srivasttava of GenReal Advisers.
FOR MORE
KAPIL KHATANA
No comments:
Post a Comment