Sohna: The real estate hub in Gurgaon Pradeep Aggarwal
Over the years, Sohna has emerged as a prime residential hub in Gurgaon. Having an excellent mix of retail, residential, and commercial projects, the area is known to be one of the most sought-after locales in the National Capital Region (NCR).
The real estate sector is flourishing, all thanks to the slew of measures taken by the government over a short period of time. The trust is back, and with it, the real estate markets that were lagging in certain segments, are witnessing increased activity. Gurgaon is one such market that has retained its leadership position in terms of real estate offerings. The place has been catering to all segments of real estate for more than a decade. Among many areas in Gurgaon, South Gurgaon has especially emerged as the favourite destination of realtors and buyers alike. It offers residential development in the form of group housing apartments, duplexes, plotted developments, and even theme-based villas. Moreover, it has several operational malls, such as Omaxe, Galleria, and Ninex. There is also no dearth of hospitals, hotels, and educational institutes.
Sohna, also known as South Gurgaon, came into existence after the unprecedented economic growth in Gurgaon that led to rapid urbanisation. The situation required a large number of housing projects to support migration and the living needs of people working in and around Gurgaon. Sohna enjoys proximity to business centres and industrial clusters. Moreover, it is developing as the real estate destination, which is riding high on accessibility, competitive prices and planned infrastructure. In the coming 3-4 years, the region will see a supply of around 20,000 housing units, having an average ticket size that is less than Rs 40 lakh. The area is developing faster than expected. Some of the government’s recent schemes and initiatives have further given an impetus to the development of affordable units in this area. The market here is at a nascent stage, and most of the projects are in the under-construction stage. However, the coming years will witness the delivery of several previously-launched units. To apprise, the majority of the projects in Sohna are group housing apartments.
The two sub-markets of Gurgaon have led to the development of other nearby markets. The initial stretch from Rajiv Chowk to Badshahpur (Gurgaon-Sohna connecting road) boasts of good infrastructures, such as hospitals, malls, hotels, offices and business centres. With massive demand from end-users in the low and mid-income groups, the real estate market in this area is led by affordable and mid-segment housing, constituting around 49 percent of the overall supply.
It can be counted among the few pockets in NCR that is becoming the hub of quality real estate. The next two years will be more exciting for buyers as builders are under pressure to complete projects before 2022, which is the ambition of PM Narendra Modi. As of now, South Gurgaon is leading when it comes to meeting the demands of a varied customer base. Very soon, it will take the lead in the residential segment as several projects are being launched in this segment.
Source 99 Acres