Gurugram’s expansion as a commercial hub has resulted in the boom of its real estate, particularly the nearby Sohna town. Prices were seen hiking by 13% through the first three quarters of 2024; nonetheless, it is cheaper as compared to central Gurugram. Presently, the housing market comprises 2BHK and 3BHK, but the market gives a reflection of demand from mid-to-high-end buyers. More than 16,000 new units are expected to be completed in the next three years with booming real estate activity in Sohna.
Gurugram has become an economic powerhouse. Multiple factors contribute to this status including the city’s closeness to the international airport, ample land, and advantageous tax policies. This has also led to an upsurge in housing prices in the city.
A report by Square Yards has stated that Sohna is gaining maximum momentum in real estate activity. It lies in the south of Gurugram and is witnessing consistent price inflation in the residential segment. Enhanced connectivity to important economic centers has been greatly boosted by the upgraded infrastructure, particularly the six-lane Gurugram-Sohna Elevated Road and its inclusion in the Delhi-Mumbai Industrial Corridor (DMIC).
There has been almost a two-fold increase compared to what was recorded in 2019. Indeed, prices increased by 13 percent in the first three quarters of 2024 compared to the same periods last year, with current averages ranging from Rs 7,500 to Rs 8,500 per sq ft and some projects being sold at over Rs 10,000 per sq ft. Even with the surge in popularity, Sohna is still one of the more affordable micro-markets in Gurugram.
Post-pandemic, real estate prices have surged exponentially in commercially connected places like Gurugram which has led to a spillover demand of renters to look for affordable housing options in Sohna. Presently, the average monthly rent for a 1,000 sq ft apartment in a gated community is between Rs 25,000 and Rs 30,000, which is a notable rise from the previous range of Rs 15,000 to Rs.20,000 as observed in 2019. Sohna’s rental market is slowly developing, in line with the expansion of its residential market, with average rental yields ranging from 3% to 3.5%. The region has quickly emerged as the third biggest micro-market for real estate after Dwarka Expressway and New Gurgaon with relatively new properties, typically less than four years old on average.
Earlier, the housing sector in Sohna was marked by affordable home offerings, mainly because of schemes like the Deen Dayal Jan Awas Yojna. At present, the majority of the housing market is comprised of 2BHK units at 65%, with 3BHK units following closely behind at 26%.
The pandemic had led to a sharp shift in focus toward mid-to-high-end properties. Developers currently focus on quality offerings since homebuyers’ preferences keep changing. This is evident in the fact that the percentage of properties valued above Rs. 1 crore has multifold to 34% in 2024.
There are multiple key players involved in the evolving real estate landscape of Sohna. At the forefront are Signature Global, and Ganga Realty followed by MVN Infrastructures Pvt Ltd, Central Park Group, Silverglades, and Ashiana. There are high hopes for the residential real estate market in Sohna, as more than 16,000 new housing units are anticipated to be completed within the next three years.
Source : Times Now News
