Bengaluru-based Sobha Ltd Partners with Gurgaon-Based Firm for New Residential Project
Bengaluru-based real estate developer Sobha Ltd has entered into a joint development agreement with a Gurgaon-based firm to develop a residential project in Sector 63A, covering a sprawling 12-acre site. This marks Sobha’s third project in Gurgaon, reflecting the company’s continued interest in the flourishing Gurgaon residential market.
Gurgaon, a Hotbed for Real Estate Development
According to Gaurav Kumar, the Managing Director of Capital Markets and Land at CBRE, the Gurgaon residential market attracts significant attention from developers due to robust demand from end-users. Kumar points out that the Golf Course Extension area in Gurgaon has become the center of luxury living, boasting a wide range of high-end residential condominiums, office spaces, schools, and retail malls. The rapid development taking place in this area is driven by the presence of renowned developers and substantial infrastructure improvements.
Joint Development Agreements: A Solution for Acquiring Land
In a region where obtaining land is becoming increasingly challenging, joint development agreements (JDAs) have evolved as an asset-light model for developers seeking to enter new markets and initiate projects. By partnering with local firms, developers can navigate the hurdles of land acquisition and tap into the potential of lucrative micro-markets, such as the Golf Course Extension in Gurgaon.
Expansive Plans and Growing Land Bank
Plans are underway at Sobha Ltd to launch around 9 million square feet of projects in FY25, displaying a 30% increase compared to the previous year’s launch of 7 million square feet. With an ambitious vision, the company aims to bring its remaining land bank of 25 to 30 million square feet into project stages. Future launches are expected as work continues throughout this year and the next.
Sector 99 and Sector 63: Upcoming Projects
Sobha Ltd has also introduced two additional projects in Gurgaon. One is located in Sector 99, while the other is in Sector 63. These awaited launches are expected to take place within the next 12 months, creating further opportunities for interested homebuyers.
As Sobha Ltd expands its presence in the Gurgaon market, it aims to deliver high-quality residential and commercial projects that cater to the evolving needs and aspirations of the discerning homebuyer.
