Gurgaon plans big for 2025 - CREDAI-NCR

Gurgaon plans big for 2025 - CREDAI-NCR:

10th February, 2012 Source:The Economic Times

Cyber city Gurgaon was developed as one of the prime locations for real estate and industrial activity in the NCR. While the residential and the commercial development are there for all to see, the industrial development is not far too behind. In the last ten years, the Cyber city has had a number of MNCs, real estate companies and factories opening their offices here. This has led to a rapid growth in real estate in the city. And today, it has emerged as a major residential, commercial and retail hub.

Gurgaon plans big for 2025

A K TIWARY

The Economic Times

The new Gurgaon-Manesar Master Plan 2025 is fuelling a boom in realty. It has brought in fresh areas under development and given a new lease of life to the city. ET Realty reports

Cyber city Gurgaon was developed as one of the prime locations for real estate and industrial activity in the NCR. While the residential and the commercial development are there for all to see, the industrial development is not far too behind. In the last ten years, the Cyber city has had a number of MNCs, real estate companies and factories opening their offices here. This has led to a rapid growth in real estate in the city. And today, it has emerged as a major residential, commercial and retail hub.

NEW DEVELOPMENTAL PLAN

To revise the Master Plan, 2021 of Gurgaon (which was released in 2007), and extend the target year from 2021 to 2025, a new developmental plan, Gurgaon-Manesar Urban Complex 2025, has been formulated taking into consideration the proposed growth of the city up to 2025. According to the new guidelines, the population density has been calculated at 120 people per acre, compared to the earlier population density of 100 people per acre. The new draft plan is being formulated for new sectors, Sectors 58 to 115, so that new provisions can be made accordingly, as the sectors are still in the planning process.

TRAFFIC-FREE GURGAON

To free Gurgaon from a rapidly expanding traffic, there is a plan to double the width of sector roads from the existing 30 metres to 60 metres, under the new Gurgaon-Manesar Urban Complex 2025 plan. Special attention has been given to security, health and education while preparing the layout plan of the new sectors. According to the new plan, Sectors 58 to 67 will be developed in the first phase. These sectors will have 60m-wide roads. All roads in the planned sectors will be interconnected, unlike the existing sector roads that end abruptly. Praveen Kumar, the administrator of HUDA, says: "Under the revised plan, the district town planner has been asked to ensure sufficient parking space for vehicles in the new sectors. Directions have also been issued to give special attention to security, health and education while preparing the layout plan of the new sectors. The Badshahpur Nallah, used for carrying excess water, will also be realigned along the 90m-wide southern peripheral road, under this new master plan."

"For interconnectivity, six controlled areas have to be added under the new master plan. With a view to avoiding encroachments beyond the connecting road, the HUDA (Haryana Urban Development Authority) has decided to develop a 50m-wide green belt along the road and earmark a 200m-wide strip as an institutional belt," Praveen Kumar said.

BRT IN GURGAON

Like in New Delhi, Gurgaon will also have a Bus Rapid Transit (BRT) corridor to decongest traffic on the Northern Peripheral Road. In several sections, the NPR will have provisions for a BRT corridor to ensure smooth flow of traffic. The road is likely to be developed by March 2012.

REAL ESTATE SCENE

Gurgaon has benefited hugely from its proximity to the Indira Gandhi International and the domestic airport. This has led to a rapid growth in real estate in the city. Improving infrastructure and commissioning of world-class projects like DMIC (Delhi-Mumbai Industrial Corridor) have further fuelled developments in Gurgaon. Major connectivity projects like the forthcoming Dwarka-Gurgaon Expressway, the Western and Eastern Peripheral Expressway, the Metro link (operational up to HUDA City Centre) have further strengthened Gurgaon's position in the NCR.

Bhim Yadav, the managing director of Falcon Group, says: "Gurgaon is all set to add a fresh residential supply of 97.60 million sq ft during 2009-2012, 80% of which has already been sold. The drop in prices during recession has lured developers to launches residential projects in the affordable price bracket. The commercial office market has seen corrections in terms of capital values and lease rentals."

A report says Gurgaon is one of the fastest developing cities in the NCR, with a supply of 7.3 million sq ft in three years, 63% of which has already been absorbed. The gap between demand and supply is still widening. The earlier expansion plans of retailers have been revised. With high vacancy levels, developers are evaluating revenue-sharing models to attract retailers. But, with the correction in prices, construction activities are picking up.

Amarjit Singh Bakshi, the managing director of Central Park, says: "The new Gurgaon-Manesar Master Plan, in fact, is fuelling a boom in development. It has brought in fresh areas under development and given a new lease of life to the city. Gurgaon is now growing along the southern peripheral area where Sohna Road and Golf Course Road extension are the major growth corridors."

DEVELOPING SECTORS

The Gurgaon-Manesar Master Plan 2025 has pushed up the availability of land for development and avenues for new growth corridors. Sectors 8, 11, 12, 12A and Palam Vihar comprise the old section of Gurgaon. Sectors 4, 5, 14, 15, 29, 56 and 57 are amongst the most developed HUDA sectors in Gurgaon. Areas like DLF Phase IV, Sushant Lok I-III and Golf Course Road are the prime residential areas commanding the highest real estate prices.

A CITY-LEVEL HOUSING SUPPLY

By 2011, Gurgaon has had a city-level supply of 107.56 million sq ft of residential real estate, including a completed stock of 9.95 million sq ft, all of which is spread across 111 projects comprising apartments and villas. According to the new master plan, 14,930 hectare of land has been allotted for residential use with the addition of over 58 new sectors. A majority of the new developments take place in these sectors.