Developers in the Sohna region are now embracing offerings that cater to high-income homebuyers who are not just desirous but also willing to pay for amenities, hospitality and convenience.
Homebuyers’ growing pursuit of nature-inspired living and increasing awareness of health and wellness have led to the emergence of new micro markets and suburbs that inherently possess a favorable external environment like forest areas, hills, and lakes, among others. Post-pandemic, the demand for luxury homes has also gained momentum, as is evident from a report by Anarock which shows that luxury units accounted for 17% of all housing launches in 2022, a five-year high. The growing number of HNIs, UHNWIs, NRIs and neo-rich in India has been driving the demand for luxury homes.
These factors have led to significant interest across several micro markets, one of which is Sohna, the 15-minute drive town south of Gurugram. The notified Master Plan 2031 of Sohna proposes a high percentage of open spaces and green belts. Besides, the town will maintain vast swathes of agricultural land, the eco-sensitive Aravalis, and a lake, among others, that surround the several real estate and infrastructure developments in Sohna.
As a result of this, the town has emerged as a low-density catchment with limited real estate supply, thereby escalating property prices. Its closeness to the economic, retail, entertainment, and tourism hubs in Gurugram and adjoining areas through the access-controlled Gurgaon-Sohna elevated road, Delhi-Mumbai Expressway, KMP, and other infrastructure developments has elevated a few projects in Sohna among the most premium real estate destinations in the NCR.
According to property brokers, between 2018 and 2023, property prices of a few projects in Sohna have gone up between 2.5 and 4 times; even surpassing the average property prices in Noida, the satellite town in Uttar Pradesh, abutting Delhi. In fact, property prices in a few projects in Sohna are higher than some of the prominent residential hubs of Gurugram.
Commenting on the same, Amarjit Bakshi, CMD, Central Park, says, “The premiumisation trend is fast catching up in the Sohna realty market. At Central Park Flower Valley, we have seamlessly blended the environmental richness of Sohna through varied elements of nature like abundant open and green spaces, water bodies, parks and gardens, flower and fruit orchards, among others, that instill a positive living experience. Besides, the high-end specifications, multi-tier security duly coupled with best-in-class hospitality and world-class amenities have drawn the neo-rich, who spend on tranquility, privacy and away from the noise and chaos of the city, to this quintessential global township.”
According to property brokers, Central Park Flower Valley has significantly contributed to the trend of premiumisation in Sohna, with prevailing property prices equivalent to or even higher than some of Gurugram’s prominent micro-markets. Developers in the region are now embracing offerings that cater to high-income homebuyers who are not just desirous but also willing to pay for amenities, hospitality and convenience.
Pradeep Aggarwal, Founder and Chairman, Signature Global (India) Ltd, says, “Homebuyers are increasingly interested in living in areas that provide a connection to nature and promote health and wellness. Living in an environment surrounded by nature has been shown to have numerous physical and mental health benefits, including stress reduction, improved mood, and increased physical activity. Access to green spaces has been linked to increased social cohesion and a sense of community, which can enhance overall well-being.”
“By creating new micro markets and suburbs that prioritize natural features and promote healthy living, developers and urban planners are responding to a growing demand for sustainable and health-focused living. This trend is likely to continue as more people seek out ways to prioritize their physical and mental health in their daily lives,” he adds.
The movement to suburbs has become an attractive option for people seeking to escape urban life. Rapid urbanisation and population growth have strained existing infrastructure leading to a rise in traffic congestion and pollution across major Indian cities. Hence, developers and homebuyers searching for self-contained living communities find suburban areas of significant cities more appealing.
Source : FE