Industry experts say that although delay in the completion of Northern Peripheral Road has resulted in slow activities in this area, New Gurgaon, nevertheless, is becoming habitable with the completion of a number of projects.
“Sectors close to the national highway are registering good movement. People working in the offices located at National Highway Toll Plaza prefer this area due to the proximity to their office location. Affordability is also one factor that is driving demand in this area. Social amenities like local markets, schools, etc, are also developing fast with families living in this newly developed area,” says Surabhi Arora, senior associate director (research) at Colliers International India.
In the last two years, developers like DLF, Vatika, Bestech, Orris, and Emaar have given possession of housing projects which offer low to medium ticketsize residential options to end users.
Harinder Dhillon, VP (sales) at DLF, says: “New Gurgaon has emerged as a preferred choice in the Delhi NCR for buyers in the last few years. The area is strategically located between Manesar, Gurugram, and Delhi with direct connectivity to NH-8. The spate of recent infrastructural developments in the area like Southern Peripheral Road (SPR), Dwarka Expressway, and Kundli-Manesar-Palwal Expressway, once complete, will bolster connectivity. With significant habitation even today, the occupancy rates in the zone are expected to increase rapidly with the new infrastructural developments fully in place.”
Developers say that because of these advantages, the area is developing rapidly and is emerging as a vibrant residential and commercial hub in the NCR.
“A recent report by real estate consultancy Knight Frank has identified New Gurgaon as one of the Top 10 residential destinations in India, from an investment point of view, up to 2020. The region has many ready-to-move-in apartments and other social infrastructure, hence swelling its demand for the real estate sector,” Rahul Singla, director of Mapsko Group, says.
Availability of a plenty of options makes New Gurgaon a preferred choice among end users. “In terms of commercial real estate development, too, a number of projects have been planned here. However, in my opinion, it will take some time for this location to emerge as a top commercial destination,” Surabhi Arora says.