The Southern Peripheral Road (SPR), about 16-km lengthy freeway that’s a part of New Gurgaon, is at present drawing the eye of a number of end-users and traders. And not with out motive.
According to business specialists, SPR in Gurugram, when operational, may very well be a gamechanger for the actual property in Gurugram particularly since it should immediately join Golf Course Extension Road and NH-8 plus Sohna Road, thereby boosting connectivity.
“This will inevitably help in boosting the real estate prospects in New Gurgaon areas in the near future. Moreover, the areas along it have attracted multiple buyers and investors over the last few years. Various infrastructure projects along with residential and commercial developments, including IT parks, shopping malls etc., are nearing completion and once operational will make SPR a sought-after destination by homebuyers and investors alike,” says Santhosh Kumar, Vice Chairman, ANAROCK Group.
As per ANAROCK Research, SPR has seen the launch of greater than 10,550 residential items since 2013 until date. Maximum launches (approx. 3,600 items) right here occurred in 2013 however thereafter (in all probability resulting from delays in its development), the residential launches additionally lessened.
“As we see it, the average property prices here are relatively affordable in comparison to most prominent markets in Gurugram – they hover at about INR 6,573 per sq ft as on Q2 2022. Back in 2015, the prices stood at INR 6,050 per sq ft – thus seeing an appreciation of 9% during the period,” provides Kumar.
As on Q2 2022, the SPR has whole out there inventory of almost 3,500 items, out of which 2,900 items are nonetheless beneath development. In phrases of price range segmentation, the realm has seen most new launches within the inexpensive class priced inside INR 40 lakh, adopted by the mid section priced inside INR 40 lakh to INR 80 lakh.
Developers say SPR, one of many buzzing actual property corridors of Gurugram, will quickly be revamped by GMDA’s authorized redevelopment challenge, entailing an funding of Rs 845 crore, which is ready to go on flooring by subsequent yr. Haryana CM Manohar Lal Khatter has given the go-ahead to the challenge’s revamp, which will probably be accomplished by mid-2025, taking on two to two-and-a-half-years’ time for completion.
SPR’s face will probably be reworked by GMDA’s redevelopment proposal which is able to embrace the development of eight flyovers, footpaths and cycle tracks.
Commenting on the identical, Navdeep Sardana, CMD, Whiteland Corporation, mentioned, “I think that the pouring investments validate the Southern Peripheral Road’s strong footing as one of the buzzing real estate hotspots of Gurugram. The latest announcement of the revamped project by the Govt. of Haryana is already attracting increased investments and the infrastructural boom. The concept of channelizing improvements in road developments and also the construction of green tracts/tracks (pls check) is praiseworthy. It will also catapult commercial engagements and tie-ups in the sub-city, boosting the confidence of investors and end-users alike coupled with enhanced economic activity resulting in overall growth.”
Enhancement of street connectivity is likely one of the largest targets of the revamp challenge. The development of a six-lane principal carriageway with three lanes on both aspect and six-lane service roads (three lanes on both sides) on each side of the carriageway can also be a part of the proposal plan. Apart from it, for the comfort of cycle riders and pedestrians, 3-metre-wide footpaths and a pair of.5-metre-wide cycle tracks on both sides of the service street will even be deliberate to keep away from site visitors congestion and facilitate smoother motion of all sorts of automobiles.
Pradeep Aggarwal, Chairman and Whole-Time Director, Signature Global (India) Ltd, mentioned, “SPR presents an investment opportunity for both developers and end-users alike. Along with the promotion of the project, the development of SPR is certain, which is supposed to benefit the many home buyers in the region. Buyers are bound to move towards where they get the best infrastructure and living conditions, which is already present in the SPR. The projects here are set to take the possibilities of development to a whole new level, making multiple living zones of different categories available to the buyers.”
Rohit Mohan, Senior Vice-President, BPTP Group, mentioned, “It is an appreciative foresighted approach taken up by the Haryana Government as the investments made today in the SPR through the revamp project will result in double the growth and revenues in future. The flyover constructions outlined in the revamp project will also bolster road connectivity and foster far-reaching accessibility to other sub-cities like Dwarka Expressway among others. Talking from the point of view of real estate, it will definitely increase the investment fertility of SPR with more projects being announced in the region and rising sales. Bookings in the already existing ones will also see a massive increase.”
After the announcement of GMDA’s approval of the challenge’s revamp, the define of pooling monetary assets for beginning the challenge has additionally been strategized. Rs 296.2 crore will probably be collected from builders, whereas 549.3 crores will probably be drawn as External Development prices and tenders will probably be floated to boost the remaining quantity by GMDA.
Bharat Kumar, Director, Spaze Group, mentioned, “The Southern Peripheral Road has become an avenue of massive real estate growth opportunities. The revamp project will bring a while range of investments and new projects that will change the face of SPR. It will also push millions of homebuyers in the sub-city due to the presence of big commercial centres and township living offerings.”
Source: www.financialexpress.com”