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begins
to escape from the housing and real estate bubbles? The
possibility seemed like a reality — any moment now!
Looking to somewhat
cushion themselves, investors in residential and
commercial properties started cutting down the risk
factors. Several bookings in new projects were
cancelled. On the brighter side, however, the dreaded
bubble-burst is yet to come.
And, notwithstanding the fear, Gurgaon is on a roll. It
seems brand Gurgaon is not only here to stay, but will
continue to outstrip other major property locations in
terms of interest and activity in property market. The
euphoria over Gurgaon market is due to the new master
plan notified recently by the Haryana government. The
plan has already generated intense interest in the
property market, which may further boost the real estate
price.
The new master plan covers an area of 33,726 hectares
for an estimated population of 37 lakh compared to 9,881
hectares in the old master plan. The increase in the
area is because of addition of 58 new sectors to the
existing 57 sectors. The additional sectors will be
developed by 2021. The total covered area has been
divided for different purposes.
Of the total area of 33,726 hectares, 14,380 hectares
have been earmarked for residential purposes, 1,199
hectares for commercial, 7,023 hectares for industries,
4,299 hectares for transport and communications, 469
hectares for public utilities, 2,462 hectares for open
space, 106 hectare for special zone and 1,460 hectares
of land for Special Economic Zones (SEZs).
The new plan has been made keeping in view the
degenerating basic amenities in Gurgaon. The planners
have taken proper care not to compromise on basic
amenities. For example, anticipating huge traffic
movement, the new roads would be 150 metrewide instead
of the present 100 metre. Even the width of roads in the
new sectors has been increased to 75 meters from 60
meters.
Three additional roads would be connecting Gurgaon with
Delhi. A 150 metre-wide road would connect DLF Phase 3,
Gurgaon with Delhi near Vasant Kunj. Another road of 75
metre width would connect Palam Vihar, Gurgaon with
Dawarka, Delhi. The third road would connect DLF City,
Phase 1, Gurgaon with Mehrauli, Delhi. Besides
additional road connectivity, the metro train will
connect Mehrauli, Delhi with IFFCO Crossing, Gurgaon.
On the pattern of Chandigarh, a buffer zone has been
planned. Buffer zone is between the industrial zone and
the other zones, which would remain green and later
developed as a leisure valley. Approximately half
kilometer wide and around 13 kilometre in length, the
buffer zone starts from the railway line near Dhanawas
village and ends near Sikhopur village crossing National
Highway No 8.
Green areas and open space have been given prominence in
the new plan. In the new plan the open space has been
increased from the existing 2.3% to 7%.
Impact on Land Availability.
Execution of the new master plan will provide more land
for development, housing projects and give more options
to buyers. Even as the master plan was being given a
final touch, developers purchased land in the new areas.
However, at time such speculative buying may also be
risky, because, that particular piece of land may not
fall under residential zone, according to the master
plan or there may be a chance that the land you have
purchased might be taken over by the government for a
highway, SEZ (say, in Gurgaon) or some other public
utility centre.
Through the master plan, not only buyers but developers
too will be benefited. As the real estate boom started
from Gurgaon, for some time now very few group housing
projects were launched in Gurgaon because all the land
earmarked in the previous master plan had been
exhausted.
So, developers had to move to Tier III cities like
Jaipur, Ludhiana, Chandigarh, Jaipur etc. With huge land
coming under the new master plan, developers and
builders will again be active in the area. For property
market like Gurgaon, 14,380 hectares for residential,
1,199 hectares for commercial, 7,023 hectares for
industrial development, and 1,460 hectares for Special
Economic Zones (SEZs) will ensure return of hectic
construction activity.
Location: A proper study of the master plan can give you
a fair idea of sectors which may emerge as the hottest
property. However, time tested factors — quality of
development, developers’ reputation, legal clarity,
connectivity, availability of basic facilities and price
— will always be the guiding yardsticks for a buyer
before he/she decides to purchase a particular property.
Price prevailing in developed sectors, adjoining new
sectors, will always give you a fair idea of the price
of these new sectors. In case of these news sectors, few
deciding factors may be: proximity to Delhi, distance
from the proposed SEZ and airport, distance from the
proposed road that will connect Sohna Road to Faridabad
etc.
Sectors like 111, 112, 113 and 114 are close to Delhi
border and will definitely command some premium. Several
residential sectors have been demarcated in the area
between Gurgaon and the industrial sectors of Manesar.
Some of these sectors are also close to the area
earmarked for Special Economic Zones (SEZ), and to Garhi
Harsuru, where Reliances SEZ will come up. These sectors
are: 76, 77, 78, 81, 82, 83, 84, 85, 86, 97A, 86P, 88,
92 and 93. Given Reliances plan to set up industry over
25,000 acres of land, and even an airport, these sectors
too hold a potential. If you are looking for affordable
housing, these are the areas to scout. A third lot of
residential sectors has been demarcated near Sohna Road.
These are: 58, 59, 60, 61, 62, 63, 65, 66, 67, 68, 69
and 70. These sectors are also close to a new road that
will connect Sohna Road to Faridabad.
Price: Proximity to the arterial road will be a major
factor to decide the price. In the master plan most of
the new sectors are along the outer ridges of the
Gurgaon boundary. It is expected that rates here would
be quite affordable.
At present, DLF I, DLF II, Sushant Lok, Sohna Road are
the costliest and price ranges between Rs 3,500/sq ft
and Rs 7,000/sq feet. But the newly-created sectors
would be a cheaper alternative to the costliest sectors.
Another impact of the master plan is that the
introduction of new sectors means more supply which will
keep the price under control, which is basically the
rudimentary economics of demand and supply.
Same is the case with infrastructure. The better the
infrastructure is, the better the supply would be. With
Haryana government approving the construction of two 150
meterwide roads — one from Dwarka and the other from
village Ghata on the Gurgaon-Faridabad road meeting
NH-8, the land prices are likely to go up further.
Sectors along NH-8, such as 76, 77, 78, 80, 81, 82 and
83 will command a good prices. The masterplan provides
for the construction of a new road from Delhi (Brijwasan)
to NH-8. Sectors such as 113, 112, 114, 111, 108, 107,
106, 105, 102, 99 84 and 83, which lie along this road,
will also command a good price. The impact of master
plan is also seen in Manesar. |
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