New Gurgaon: The Most Promising Micro Market of the Millennium City

New Gurgaon The Most Promising Micro Market of the Millennium City

Situated between Gurgaon and Manesar in Haryana, New Gurgaon has emerged as an alternate real estate option for property seekers from Gurgaon and beyond.

New Gurgaon today exhibits most promising growth stories to reckon in the years to come on the basis of the progress made over the last 10 years, value proposition it offers and growth indicators. New Gurgaon refers to the Millennium City’s new sectors 82 to 115.

The micro-market combines affordability with high-end living, offering a wide range of options across diverse range of projects. The key driver for the emergence of this location has been its proximity to Manesar, seamless connectivity with key employment hubs of Sohna Road, Cyber City, Sector 30, and Udyog Vihar along with signal-free drive to the IGI Airport.

PHYSICAL INFRASTRUCTURE

New Gurgaon is being developed with strict adherence to the Gurgaon-Manesar Masterplan 2031. Infrastructure in New Gurgaon, with its road widths, storm water drainage systems, underground electric cable network etc is the best compared to the other micro-markets of Gurgaon. Most of sector roads in New Gurgaon are built with service roads and have an 84 meter wide right-of-way (compared with 48 meters in Gurgaon).

RAPID HABITATION

Most of the top developers of India have projects in New Gurgaon. Projects are being completed quickly, and home buyers are moving in numbers that are quite astonishing. Approximately 1 lakh dwelling units have already been delivered and nearly 5 lakh residents are living. Moreover, there are roughly 10,000-12,000 dwelling units under development.

Resale and rental rates in the New Gurgaon area exhibit growth and optimism. Even though difference in buying price and rental rates with other micro-markets is huge, however growth rate and rental yield make it an excellent investment option. This difference is also indicated in the percentage share of absorption, wherein New Gurgaon and Dwarka Expressway micro-markets together exhibit 60-70% absorption contribution in the whole of Gurgaon.

ROAD CONNECTIVITY

It enjoys easy access to the Dwarka Expressway, NH 48, Pataudi Road and Kundli-Manesar-Palwal (KMP) Expressway. The Southern Peripheral Road (SPR) also provides an uninterrupted connectivity across prime localities of Gurgaon. Connectivity will be made even better once Dwarka Expressway and Central Peripheral Road (CPR) are operational. The Gurgaon side of Dwarka Expressway and CPR will be ready in 2023. New Gurgaon is 20 minutes drive to industrial townships like Dharuhera and Bhiwadi and 5 min drive to IMT Manesar.

New Gurgaon is well connected with IGI Airport by NH-48 through signal-free drive. With construction of Dwarka Expressway nearing completion, the commute time to Delhi and Airport will further get reduced.

Accessibility to Delhi-Mumbai Industrial Corridor (DMIC) through Rewari which is one of the 4 industrial cities is being developed on this corridor. New Gurgaon is also well connected to the industrial townships like Manesar, Dharuhera and Bhiwari.

METRO & ISBT

New Gurgaon will be connected through various metro corridors, including DMRC and RRTS. Rapid Rail Transit System (Delhi – Gurugram – SNB – Alwar Corridor) will pass through New Gurgaon with proposed stations at Kherki Daula. This will provide direct and fast connectivity to commuters. ISBT is proposed in Sector 36 adjoining NH 48.

SOCIAL INFRASTRUCTURE

The best names in education, healthcare, retail have set up facilities in New Gurgaon. More than 15 prestigious schools are operational like MatriKiran School, DPS, St. Xavier’s, Suncity, and RPS, to name a few. More than 15 branches of various banks are functional (HDFC, ICICI, IDFC, SBI, PNB, Kotak Mahindra, Axis Bank). Hospitals such as Apollo Cradle, AIIMS Jhajjar are in close proximity. Moreover, there are numerous mixed-use and retail development that are ready and under different stages of construction.

GLOBAL CONGLOMERATES

Companies such as American Express, TCS, ISH have their offices/operations in close proximity, which makes New Gurgaon an attractive residential destination.

Gurgaon’s 5 micro-markets Average rate per sq ft (approx.)

M G Road – Rs 15,000 – Rs 20,000

Golf Course Road – Rs 15,000 – Rs 20,000

Golf Course Extension Road – Rs 9,000 – Rs 11,000

Sohna Road – Rs 10,000 – Rs 11,000

New Gurgaon (Sectors 81 to 115) – Rs 6,000 – Rs 10,000

Of all the important micro-markets of NCR, New Gurgaon is the only one that is well-connected, but still affordably priced. All the things that seem to be wrong with Gurgaon currently – traffic, drainage, roads, etc. – have been solved and turned into advantages in New Gurgaon.

Realty major Vatika Group claims to be the first developer that saw the potential of New Gurgaon. The Group has developed self-sufficient and self-sustaining township – Vatika India Next — spread over 550 acres and the second township — Vatika India Next 2 — spread over 184 acres is under development. Moreover, Vatika is also expanding its retail venture.

Commenting on the growth prospects of New Gurgaon, Gaurav Bhalla, Managing Director, Vatika Group, said, “New Gurgaon is booming! It has grown tremendously in terms of social Infrastructure, roads and real estate. In last few years, the habitation in New Gurgaon has increased considerably with the delivery of approx. 100000 dwelling units. Nearly 5 lakh residents are already living in and around 5-km radius. Vatika has planned retail to cater to different segments, i.e. from neighbourhood retail to high street retail, starting from 300 sq ft to large anchor stores.”

Abhishek Trehan, Executive Director, Trehan Iris, said, “New Gurgaon is developing rapidly in terms of social and retail infrastructure, making it a hotspot for retail development. The housing sales in the region spanning from Sector 77-95 were the highest in the Gurgaon market with a growth rate of 400 percent in 2021-22. While the region has emerged as a hub for high-end and luxury housing projects, this has contributed to a large catchment of people with high disposable income. The strategic location, seamless connectivity, robust infrastructure, and wide consumer base have emphasized the region’s prospects as one of the most sought-after micro markets in the Millennium City.”

With an already established and aspirational ecosystem of approximately 5 lakh people, New Gurugram is emerging as the Millennium City’s premier retail hotspot. “The phenomenal growth in the city’s retail space is drawing domestic and international brands, along with countless investors. Additionally, several luxury brands are also eyeing the region and establishing themselves here in response to the buoyant mood of aspirational consumers. Due to the region’s bright prospects, various retail brands are encouraged to mark their footprint or expand their presence here,” Trehan added.

Source : FE

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