Gurgaon:Sohna Road sees high demand for smaller commercial units

Delhi NCR

The corporate houses in Gurgaon are moving from bigger commercial office spaces to smaller offices. Sohna Road is one such destination that has become their preferred choice. Industry experts say that such trends in the commercial real estate are due to the sluggishness in the economy. “The transition from bigger office spaces to smaller units in Gurgaon has certainly channelised the demand for commercial real estate in Sohna Road. Apart from this, the lower rental values are what corporate houses are looking at,” says Ajay Bajpai, proprietor, Homes2offices.

Where rental values of commercial space in DLF Cyber City ranges from Rs 75-100 per sq ft, and at MG Road from Rs 75-150 per sq ft depending upon the furnished and unfurnished state, Sohna Road offers the commercial space in the range of Rs 40-60 per sq ft.

Although there is not much difference in commercial rental values in the premium commercial areas such as DLF Cyber City, MG Road and Sohna Road, companies still opt for Sohna Road as it offers smaller units.

Gaurav H Luthra, director, Foots and Yards, a city based realty firm says, “In an unfavourable macro-economic environment companies are cutting costs and are thus, interested in taking up smaller units”.

The minimum space available in DLF Cyber City is 3000 sq ft and at MG Road it is 1000 sq ft. Sohna Road,on the other hand, offers a wide range of options from 800–30,000 sq ft.

Apart from this Sohna Road also boasts of good connectivity. It is well connected to NH-8 in the north and is intersected by Golf Course Extension Road towards the south. According to Gurgaon’s new Master Plan, Sohna Road will be developed into a state highway. Already, work on converting it into an eight-lane road is underway. The master plan also shows a Southern Peripheral Road which will intersect Sohna Road near Vatika City in Sector 49.

Stating another reason for corporate houses showing their interest in Sohna Road, Pankaj Bansal, proprietor of Oxford Realtors and Arbitrators, says, “The real estate opportunities with corporate houses are quite few. They are not capable of, or are not in a position to earn big money after bearing high cost in terms of rental values and maintenance charges”.

Source:http://content.magicbricks.com/gurgaonsohna-road-sees-high-demand-for-smaller-commercial-units/

Real estate investors go slow, home buyers in NCR to benefit

Delhi NCR

A lack of activity from the investor and underwriter segments is increasingly leading to a situation where real estate developers have no choice but to cater to the requirements of an end-user – as a result, a home buyer is in a better position to negotiate and take benefit of the softening prices.

It is due to the upcoming general elections and volatility in the national and global financial order, investors have adopted a cautious approach.

“Underwriters enter the market for short-term gains. Their presence may provide developers a sense of comfort, but at the same time, it results in escalated prices, of which an end-user has to bear the brunt,” says Abhay Kumar, chairman and managing director, Griha Pravesh Buildteck.

This is why, developers in the NCR cities such as New Delhi, Gurgaon, Noida, Faridabad and Ghaziabad, are seen fine-tuning prices to keep the ball rolling.

For instance, in sectors 76, 77, 119 and 120 in Noida, 1,000-sq ft multi-storey apartments that had touched the levels of Rs 50-52 lakh in the beginning of 2013, are now available in Rs 45-48 lakh.

“The recent price correction is a result of withdrawal of investors from various projects,” said Aman Agarwal, director, KV Developers.

Property prices in many parts of Gurgaon such as sectors 84 and 92 are down by 10-15 per cent as compared to the prices that prevailed until March 2013. A similar trend has been observed in Kaushambi and Vaishali areas of Ghaziabad as well.

The prime South Delhi areas such as Vasant Vihar and Defence Colony are reportedly witnessing a correction of 20-35 per cent, mainly because of cash-strapped investors who are now losing their patience and want to liquidate their holdings. Thus, a 1,000-sq ft apartment which was earlier priced at Rs 4.5-5 crore in these areas could now be purchased in Rs 3.5-4 crore.

Source :- http://content.magicbricks.com/real-estate-investors-go-slow-home-buyers-in-ncr-to-benefit/

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Demand spikes prices of luxury housing in Gurgaon

Delhi/NCR

The luxury housing market of Gurgaon is currently registering greater end-user demand, in contrast to the previous trend of the investment-driven purchases. The sale of luxury projects has gone up by nearly 30% in past few years-with end users and foreign nationals not averse to pay a steeper price for the world-class lifestyle features that most of these projects boast, demand has spiked, along with appreciation in their value.

Luxury and ultraluxury housing projects in the price range of Rs 1-15 crore in the residential market of Gurgaon like Dwarka-Gurgaon Expressway, NH-8, and Golf Course Extension Road are being snapped up eagerly, spurred by new product offerings, greater end-user demand, and an increasing upwardly-mobile segment. The capital value of these luxury apartments varies from Rs 6,000-15,000 per sq ft depending upon the services offered and their location.

With rising aspirations, better infrastructure, and proposed mega projects in the vicinity, Gurgaon is expected to keep on the growth track in this segment of the housing sector. Keeping this trend in mind, developers like DLF, Ansal API, Sobha Developers, Chintels Ltd, ATS, Godrej Properties, Raheja Developers, Homestead, Adani, Puri Constructions, Ireo, Vatika, Tata Housing, Oberoi Realty, Assotech Ltd, Supertech Ltd, etc, are partnering with international players to design exclusive apartments and condominium space here.

Ireo has roped in the international hospitality chain Hyatt Hotels to introduce its branded housing product, Grand Hyatt Residences, in Gurgaon, which will be managed by the hotel firm. To cost between Rs 11 crore and Rs 25 crore-or even higher-the owners of these exclusive apartments will enjoy hotellike facilities like valet service, concierge, laundry, in-residence dining, housekeeping, etc.

Residents would also be able to walk down to a nearby 7-star Grand Hyatt hotel, an office complex, and an opento-sky market in the 29-acre integrated complex set to come up on Golf Course Extension Road. South India-based Sobha Developers is building an ultraluxury project, International City, in Sector 109, 106, and 108 on Dwarka-Gurgaon Expressway.

International City is a 150-acre exclusive villa community in the vicinity of the IGI airport and is on a 25 minute drive from the posh south Delhi areas like Vasant Vihar, West End, Shanti Niketan, as well as the business hub of Gurgaon. With just six villas per acre and ample green and open spaces, International City offers low-density villa living right at the edge of Delhi. International City offers exclusive presidential and duplex villas along with large, landscaped open spaces, a secured community living, planned roads with broad, tree-lined walkways, a spokesman of the firm said. Launched in 2011, International City is being built by Sobha Developers in association with Chintels Group and QVC Realty Co.

Homestead Infrastructure, a Londonbased real estate player, has announced a new luxury residential project in Sector 73, Gurgaon, in association with sports icon and tennis superstar, Maria Sharapova. The developer

has also roped in UHA-London, Indian architect DFI, and Halvorson & Partners to execute the project. Homestead Infrastructure, which focuses on building niche and branded houses, recently launched its first project, Michael Schumacher World Tower in Sector 109 on Dwarka-Gurgaon Expressway.

Manoj Shrivastava, COO of Homestead Infrastructure, says: “This project is located in one of the prime sectors of Gurgaon and the current product is being designed for elegance, style, class, and perfectionhence we chose Maria Sharapova as the brand ambassador.”

Maria Sharapova Tower is in Sector 73, within a suburb called Golf Course Extension, an emerging residential and commercial hub; it offers 4- and 5BHK luxury apartments.

Top realty player DLF has plans to develop DLF Garden City over 450 acres in Sectors 86, 87, 90, 91, and 92. This zone will comprise group-housing, commercial, and plotted development. Garden City comprises projects like Primus, Regal Gardens, and New

Town Heights, plotted development, and a commercial complex, Galleria 91. Galleria will house multiplexes and anchor stores.

Alpha G:Corp is set to build a 12.5-acre residential project in Sector 84, Gurgaon, with 670 apartments; adjacent to the 210-meter-wide forthcoming expressway that connects Dwarka and the IGI airport, the project is around 2.5km from the Metro hub and the Inter State Bus Terminal planned in the Gurgaon Master Plan-2021.

Paras Buildtech is developing a luxury project, Paras Quartier, on Gurgaon-Faridabad Road. The project has a spiral Iconic Tower and two grand condominium towers. Iconic Tower offers lavish amenities in its 4BHK units like family lounge, modular kitchen, contemporary bedroom, separate service corridor and balconies with glass all around.

Harindra Nagar, MD of Paras Buildtech, says: “Paras Quartier’s unique private clubhouse delivers a stunning modern design. It has a sports center, squash courts, and facilities for table tennis, card-billiards, etc.” Puri Construction has two high-end luxurious projects, Diplomatic Greens and Emerald Bay, in Sector 104 and Sectors 110-111 respectively. Diplomatic Green is a 20-acre residential, gated property that’s part of an 82-acre master plan of mixed development inclusive of hotel, retail, and commercial spaces.

Encouraged by the launch of Supernova, one of the tallest mixed-use realty projects in Sector 94, Noida, Supertech Ltd has recently embarked on an integrated township project over 200 acres in Sectors 68 and 79, which will offer high-end luxurious residential housing.

R K Arora, CMD of Supertech Ltd, says: “With rising demand in residential, office, retail, and hospitality sectors, Gurgaon is a prime development corridor in the country. A large number of white-collar jobs have been created in Gurgaon after it emerged as a hub for MNCs, IT and IT-enabled services. Transportation facilities with other neighboring states, close proximity to the IGI airport, and Metro rail connectivity to Delhi, have all added to its position as a preferred residential as well as commercial destination.”

Harpreet Singh Batra, MD of Imperia Structures Ltd, says: “Gurgaon continues to rule the NCR realty market and is a favourite among end users and investors as it promises high returns, while providing a secure investment environment. The biggest strength of the city lies in the massive employment opportunity available, which translates into strong demand for housing in peripheral areas as well.”

Source: Times Property, The Times of India, Delhi/NCR