Sohna witnessed significant real estate activity between 2013 and 2022, thanks to its affordable property prices. And now with the opening of the Sohna-Dausa stretch of the Delhi-Mumbai Industrial Corridor (DMIC), the realtors are hoping for a significant increase in housing demand in the region.
Moreover, with the department of town and country planning (DTCP) and Haryana Shahari Vikas Pradhikaran (HSVP) having launched a hunt for land for the development of infrastructure in Sohna, the realtors believe that this would significantly drive up property prices and create new investment opportunities for them.
Around 10,000 families are currently living in the 36 sectors of Sohna, where around 34,500 units have been launched in the past few years with the average property price ranging between Rs 4,000 and Rs 4,500 per sq ft. The DTCP has issued a total of 80 licences for residential projects and commercial colonies in Sohna.
However, the area lacks proper water supply, power and drainage infrastructure. As a result, the owners prefer to sell their land directly to the developers then to the state government due to better prices and quick process. The departments are, therefore, facing challenges in acquiring the land for developing infrastructure.
District town planner (planning) Rajesh Kaushik told TOI, “The department and HSVP are aggressively hunting for land for the development of infrastructure in the newly carved sectors of Sohna as per the masterplan. We are also holding awareness drives in the area to encourage landowners to give their land to us under the TDR policy.”
As per the TDR policy, owners can offer their land to the government in exchange for development certificates that can be bought by developers to carry out extra construction in their projects as per norms.
The land taken over by the department under the policy will be utilised for the development of sector roads, green belts, open space zones, public and semi-public zones and other amenities. On the other hand, the certificate holders will be able to get better rates in the open markets.
Executive director of DLF, Akash Ohri, said, “Over the past two years, the residential market in Gurugram has become a desirable destination for real estate investment. DMIC will further boost housing demand with improved connectivity and mobility.”
Navdeep Sardana, chairman and MD of Whiteland Corporation, having projects on Southern Peripheral Road (SPR), said with the opening of Gurugram-Dausa stretch, the sector is hoping for a multiplier effect in the region.
“The expressway can potentially change the landscape of Sohna by not only reducing the commute time but will also give the required impetus to various economic drivers like industries, warehousing and logistics which in turn can up the demand for residential, commercial and retail sectors,” he added.
Source : TOI
