In the first quarter of 2024, the SPR corridor witnessed 3,614 unit launches, with the luxury segment commanding a 61% share.
In Gurugram’s real estate market, the Southern Peripheral Road (SPR) is rapidly emerging as a top choice for both investors and homebuyers. Spanning a length of 16 kilometers, SPR has emerged as the newest and most sought-after realty hub in the region, attracting both investors and homebuyers with its connectivity to Manesar and South Delhi, luxurious living spaces, and promising future prospects.
With several proposed infrastructure developments including metro and expressways connectivity giving a new impetus to the residential real estate demand, the Southern Peripheral Road is poised to redefine the urban living and business sphere in the region, say experts.
SPR’s luxury landscape: What’s new?
According to the latest Cushman & Wakefield Q1 2024 Report on SPR, the corridor witnessed 3,614 new unit launches during this period, with the luxury segment accounting for a 61 per cent share. This surge in new launches highlights the growing demand for premium living spaces in the region.
Moreover, SPR’s proximity to sectors like 68, 69, 70, 70A, 71, 72, 73, 74, 74A, 75, 75A & 76 has fuelled its appeal among homebuyers. The report highlighted the positive momentum in residential launches, with Gurugram dominating the entire Delhi NCR supply at 44 per cent, through focused demands primarily on SPR and NH8.
According to the India Real Estate Report published by Knight Frank, this 90-meter-wide road has been highlighted as one of the critical arteries linking key destinations in Gurugram and Manesar with South Delhi through MG Road, Faridabad Highway and the elevated road between Dwarka and Sohna expressways.
The road’s width ensures smooth traffic flow, linking important arteries like the Golf Course Road, Golf Course Extension Road, and NH-8. Moreover, SPR facilitates easy access to the Indira Gandhi International Airport, Jaipur, Agra, and the Delhi-Mumbai Industrial Corridor, making it an ideal choice for businesses seeking well-connected locations for their operations.
Ravi Aggarwal, Co-founder, and Managing Director, of Signature Global (India) Ltd., shared his insights on SPR’s impact, saying, “The Southern Peripheral Road has witnessed growth in recent years, thanks to its strategic location and connectivity. The SPR plays a crucial role in boosting the property prices in the region. SPR’s potential as a thriving realty hub is unmatched, and this is best exemplified by the growing demand from discerning homebuyers seeking quality and convenience in sectors like sector 71 near SPR.”
Robust residential and commercial developments
The allure of SPR lies not only in its connectivity but also in the residential and commercial projects. According to a Micro-Market Overview Report published by ANAROCK, the Southern Peripheral Road plays a role in boosting property prices in the region by providing uninterrupted connectivity across prime localities of Gurgaon.
SPR’s potential is further underscored by the presence of developers like DLF, Signature Global, Whiteland Corporation, Elan Group and Royal Green Realty have contributed to SPR’s transformation into a coveted real estate hub with their offerings in and around the region.
Similarly, Pankaj Pal, Managing Director, Whiteland Corporation stressed the positive influence of SPR on property appreciation, remarking, “The South Peripheral Road (SPR) in Gurgram is not just a thoroughfare but a thriving hub of residential and commercial excellence, where connectivity converges with luxury.
As an arterial transit corridor for Delhi NCR, the South Peripheral Road has notably contributed towards the appreciation of luxury properties in the region. In the near perceivable future, SPR’s trajectory as a coveted destination for real estate investment shines brighter than ever before.”
Is SPR becoming Gurugram’s premier commercial hub?
SPR’s future is looking bright, boosted by planned infrastructure like the upcoming metro line alongside the road. According to the Gurgaon-Manesar Masterplan, Sectors 71 and 73 are designated for commercial development, adding to SPR’s appeal for institutional and commercial growth.
The recent Cushman & Wakefield Q1 2024 Report highlighted Gurugram’s dominance in the launch of high-end and luxury segments, particularly along SPR, capturing a robust 61 per cent share in Q1.
Aman Sharma, Managing Director, Aarize Group, shared his optimism for SPR’s future, stating, “SPR is poised to unlock new possibilities and set new standards for urban living and business excellence in Gurugram and beyond.”
Realty hotspots beyond SPR
Sectors 77 and 76, positioned along the Southern Peripheral Road (SPR), have emerged as notable players in Gurugram’s realty market, drawing attention due to their meticulously planned infrastructure, verdant surroundings, and proximity to commercial hotspots.
Boasting close adjacency to prominent commercial centres such as DLF Corporate Greens, TCS, the forthcoming Amex Campus, and dedicated commercial sectors covering approximately 385 acres (Sectors 75 and 74A), this locale offers a myriad of conveniences.
Notably, DLF recently unveiled DLF Privana South, a luxury high-rise development in sectors 76 and 77, selling out all 1,113 upscale residential units for Rs 7,200 crore within a mere 72-hour timeframe preceding its official launch.
DLF Privana South forms an integral component of the expansive integrated township DLF Privana, sprawling across approximately 116 acres.
Source : Republic World
