The Southern Peripheral Road (SPR), about 16-km long highway that is part of New Gurgaon, is currently drawing the attention of a host of end-users and investors. And not without reason.
According to industry experts, SPR in Gurugram, when operational, could be a gamechanger for the real estate in Gurugram especially since it will directly connect Golf Course Extension Road and NH-8 plus Sohna Road, thereby boosting connectivity.
“This will inevitably help in boosting the real estate prospects in New Gurgaon areas in the near future. Moreover, the areas along it have attracted multiple buyers and investors over the last few years. Various infrastructure projects along with residential and commercial developments, including IT parks, shopping malls etc., are nearing completion and once operational will make SPR a sought-after destination by homebuyers and investors alike,” says Santhosh Kumar, Vice Chairman, ANAROCK Group.
As per ANAROCK Research, SPR has seen the launch of more than 10,550 residential units since 2013 till date. Maximum launches (approx. 3,600 units) here happened in 2013 but thereafter (probably due to delays in its construction), the residential launches also lessened.
“As we see it, the average property prices here are relatively affordable in comparison to most prominent markets in Gurugram – they hover at about INR 6,573 per sq ft as on Q2 2022. Back in 2015, the prices stood at INR 6,050 per sq ft – thus seeing an appreciation of 9% during the period,” adds Kumar.
As on Q2 2022, the SPR has total available stock of nearly 3,500 units, out of which 2,900 units are still under construction. In terms of budget segmentation, the area has seen maximum new launches in the affordable category priced within INR 40 lakh, followed by the mid segment priced within INR 40 lakh to INR 80 lakh.
Developers say SPR, one of the buzzing real estate corridors of Gurugram, will soon be revamped by GMDA’s approved redevelopment project, entailing an investment of Rs 845 crore, which is set to go on floors by next year. Haryana CM Manohar Lal Khatter has given the go-ahead to the project’s revamp, which will be completed by mid-2025, taking over two to two-and-a-half-years’ time for completion.
SPR’s face will be transformed by GMDA’s redevelopment proposal which will include the construction of eight flyovers, footpaths and cycle tracks.
Commenting on the same, Navdeep Sardana, CMD, Whiteland Corporation, said, “I think that the pouring investments validate the Southern Peripheral Road’s strong footing as one of the buzzing real estate hotspots of Gurugram. The latest announcement of the revamped project by the Govt. of Haryana is already attracting increased investments and the infrastructural boom. The concept of channelizing improvements in road developments and also the construction of green tracts is praiseworthy. It will also catapult commercial engagements and tie-ups in the sub-city, boosting the confidence of investors and end-users alike coupled with enhanced economic activity resulting in overall growth.”
Enhancement of road connectivity is one of the biggest targets of the revamp project. The construction of a six-lane main carriageway with three lanes on either side and six-lane service roads (three lanes on each side) on both sides of the carriageway is also part of the proposal plan. Apart from it, for the convenience of cycle riders and pedestrians, 3-metre-wide footpaths and 2.5-metre-wide cycle tracks on each side of the service road will also be planned to avoid traffic congestion and facilitate smoother movement of all types of vehicles.
Pradeep Aggarwal, Chairman and Whole-Time Director, Signature Global (India) Ltd, said, “SPR presents an investment opportunity for both developers and end-users alike. Along with the promotion of the project, the development of SPR is certain, which is supposed to benefit the many home buyers in the region. Buyers are bound to move towards where they get the best infrastructure and living conditions, which is already present in the SPR. The projects here are set to take the possibilities of development to a whole new level, making multiple living zones of different categories available to the buyers.”
Rohit Mohan, Senior Vice-President, BPTP Group, said, “It is an appreciative foresighted approach taken up by the Haryana Government as the investments made today in the SPR through the revamp project will result in double the growth and revenues in future. The flyover constructions outlined in the revamp project will also bolster road connectivity and foster far-reaching accessibility to other sub-cities like Dwarka Expressway among others. Talking from the point of view of real estate, it will definitely increase the investment fertility of SPR with more projects being announced in the region and rising sales. Bookings in the already existing ones will also see a massive increase.”
After the announcement of GMDA’s approval of the project’s revamp, the outline of pooling financial resources for starting the project has also been strategized. Rs 296.2 crore will be collected from developers, while 549.3 crores will be drawn as External Development charges and tenders will be floated to raise the remaining amount by GMDA.
Bharat Kumar, Director, Spaze Group, said, “The Southern Peripheral Road has become an avenue of massive real estate growth opportunities. The revamp project will bring a while range of investments and new projects that will change the face of SPR. It will also push millions of homebuyers in the sub-city due to the presence of big commercial centres and township living offerings.”
Source : FE