VATIKA "SOVEREIGN PARK" in Sec 99 JUST on Dwarka ExpressWay - Gurgaon

Dwarka Ex-way, Gurgaon witnesses maximum appreciation

By - Mr. Devesh Chandra Srivastava, MagicBricks.com Bureau

Oct 19, 2012, 06:14PM IST

Gurgaon leads the National Capital Region (NCR) with maximum rise in property values in areas such as Dwarka Expressway, National Highway 8  and Sohna Road, according to a recent study conducted by property consultants Jones Lang LaSalle. As the (NCR) continues to be an investment destination for maximum property buyers and investors some areas within the region has seen more than 30-40 percent appreciation in capital values over the last four years.

Capital values of properties launched in 2008 have increased the most in Gurgaon. While properties near the NH 8 appreciated up to 26 per cent, it went up to 35 per cent in Dwarka Expressway since 2008. For example, projects closer to the NH 8 were launched in the range of Rs 2,400-2,550 per sq ft. The same projects are now offering units at Rs 5,300-6,200 per sq ft.

Similarly, in 2008, properties launched on the Dwarka Expressway stretch were being sold in the range of Rs 2,700-3,100 per sq ft. In 2012, the same are now available in the range of Rs 6,500-8,700 per sq ft. Sohna Road too appreciated up to 25 per cent.

“Unlike other regions in the NCR, Gurgaon has seen good appreciation because of two reasons- one the region has a good mix of actual end users and investors. Investors here are long-term, who stick with the project for long. And second, the city offers better job scenario in comparison to Noida or Faridabad. So there is always a healthy housing demand,” said Amit Gupta, Managing Director, Orris Infrastructure.

Dwarka Expressway and new sectors on both sides of NH-8 up to Manesar are part of the Master Plan 2031. As a result, infrastructure development in these sectors is now being taken up actively to support the large residential projects expected to reach completion over the next 3-5 years. Citing reasons for Gurgaon’s appreciation, Santosh Kumar, CEO-operations, Jones Lang LaSalle India said, “Gurgaon offers the highest advantages in terms of connectivity, job generation and investment potential. The demand for residential units in the region remains buoyant, with property prices increasing by 35-40 per cent in Gurgaon’s residential sectors in 2012.”

Other than better job scenario and improved infrastructure of Gurgaon, Noida and other cities lack policies which favour quick development. “In Gurgaon the land owned is 100 per cent in control of the landowner. In comparison, land in Noida is leasehold. Thus land policy in Gurgaon favour quick sale and quick development of a project. In Noida the same is not possible due to the interference of the authorities,” adds Gupta, MD of Orris Infrastructure.

Due to the huge demand for large spaces, Gurgaon is witnessing a constant supply in new-developing (sectors such as sectors 92, 99, 102, 110 and 113) regions along the Dwarka Expressway (An 18 kms long and 150 mtrs wide with 16 lanes with over proposed metro) stretch. The maximum supply came in the price bracket of Rs 1-2 crore and Rs 60 lakh to 1 crore.