New Gurgaon To Meet Increasing Housing Demand

Located between Old Gurgaon and Manesar, New Gurgaon that comprises of the newly carved sectors of the Haryana Urban Development Authority is one another growth corridor that is now offering a healthy supply of housing units. Several well known developers have announced their projects in the new sectors of 81, 82, 83, 84, 85, 86, 91, 92, 93 and 95.

In the last four months, Gurgaon has witnessed an increase in demand for housing. Most of this demand is now met by projects coming up in these new sectors. It is for this reason property rates in New Gurgaon have risen by almost 6% with maximum demand concentrated in sector 81 and sector 95.

However, majority of the buyers consist of long-term investors. “Investors are seeing an immense potential in the properties in New Gurgaon due to its neighboring areas and good connectivity,” says Rajar Baweja, Baweja Properties, a property brokerage firm in Gurgaon. In addition to this, industry estimates suggest that workforce in neighboring areas of Manesar and Gurgaon is also buying in these sectors.

New Gurgaon’s easy connectivity with three highways namely the National Highway 8, the proposed Dwarka and Kundli-Manesar-Palwal Expressways makes it lucrative for investors and buyers. Also, places of importance such as airport, railway station and the proposed ISBT are located very close to New Gurgaon.

New projects

Being one of the most promising areas, Sector – 81 in New Gurgaon is seeing a large number of projects by developers such as Bestech Group, Vipul Limited, Vatika Group, Lavanya and Godrej Properties. Besides these, there are DLF Homes Ltd., Orris, S.S. Group, SLS Developers, Ansal, Crescent Parc, etc. also building their 2, 3 and 4 BHK units in other sectors of Gurgaon. Most projects are expected to complete by end of 2015. Some others such as Vipul Limited, Vatika Group and Orris have declared the expected completion date by end of 2013.

Developers are building more numbers of 3 BHK units in comparison to 2 BHK units. The price of a 1,460-2,660 sq ft, 3 BHK unit in New Gurgaon may range between Rs. 50 lacs and Rs. 1.50 crore. A 1,800-4,200 sq ft, 4 BHK unit could be purchased for Rs. 70 lacs to Rs. 2.60 crore. While very few projects are including 2 BHK units, the same offering 1,200 to 1,600 sq ft is priced around Rs. 60 lacs to Rs. 78 lacs in the new projects.