As per the report released by property consultant, Cushman & Wakefield, by 2020, Sohna Road in Gurgaon will have about 13,000 housing units. This is the best investment opportunity for those who’re looking forward to invest in Gurgaon and its surrounding regions. According to reports commissioned by CREDAI, the consultant said in recent years Sohna showed promising improvement in different parameters and has come up as urban centre in last 3-5 years.
Commercially and residentially, Sohna Road has witnessed some great developments in recent times. ILD (International Land Developers) one of the leading real estate companies has come up with various projects in this region. ILD Trade Centre is a popular retail and corporate destination right at the start of the prominent Sohna Road in Gurgaon. The Mall located at the three lower levels of ILD Trade Centre is fast becoming a preferred food hub with its signature large format Bikanervala and a melange of casual and fine dining options namely Dunkin’ Donuts, KFC, Brewer Street Micro-Brewery, Dana Choga Kitchen, etc.
Similarly, the mix of retail, commercial and residential development has attracted investors. Real Estate Developers like Raheja, Unitech, ILD, Vatika, Eldeco, Central Park, Supertech etc. have been developing various projects in this region.
Let us check how Sohna Road has changed over the decade and its growth phase:
The Growth of Micro-Market:
Turning as the micro-market region, Sohna Road has changed into excellent mix of retail, Commercial and residential market. In terms of residential development, the area offers group housing apartments, theme-based villas, duplexes and plotted developments, which every property investor looks forward for.
ILD Arete and ILD GSR Drive are two under construction residential development and a few others are some of the projects that have developed recently namely Central Park Resorts, The Palm Drive etc. along Sohna Road giving opportunity to invest.
Similarly, the region has all the civic amenities such as hospitals, hotels and schools. To give more space and avoid congestion, the construction of 16-km elevated corridor on Sohna Road and 600 meter flyover at Subhash Chowk by Haryana Urban Development Authority will certainly give new face to the area. The road from Rajiv Chowk to Sohna, popularly known as Sohna Road, is now National Highway 248 and it extends till Alwar in Rajasthan.
A new area has come up in recent years along Sohna Road know as ‘South of Gurgaon’ – refers to the area allocated to Sohna sectors in the Sohna Master Plan 2031. It is in similar context of extensions to new areas such as South Delhi, South Mumbai, South Bangalore, etc. thus giving it an aspirational value. Residential price range here would be between 3600-5500 per sq. ft.
In the last few years, good ready-to-move residential construction with the price range of Rs 8,000-11,000 per sq. ft. Compared to Gold Course Road and MG Road, Sohna Road is quite affordable. Whereas, Office Space would cost around 7000-8000 per sq ft and Retail Space 12000-30000 per sq ft.
Some of the under construction projects are located on the Southern Peripheral Road, the 150-metre wide road that further connects to Gold Course Extension.
However, with the increasing development, presently the cost of housing ranges between Rs 50 lakhs-1 Cr for 2 bedroom and Rs 1-2 cr for 3-bedroom.
Economic Activities Picking up:
With the increasing health care infrastructure, rail & road connectivity, public utilities, the construction of residential properties is a boom. As per C&W, as economic activity is picking up and reaching its critical mass, this can be capital appreciation for existing housing and new launches.
According to C&W Managing Director (North) Manish Aggarwal, it is estimated that with Sohna: 2031 the total population in Sohna Road would be about 6.4 lakhs by 2031.
Over the years, Sohna Road has emerged as the livable region due to increasing civic development which is expected to increase in near future.