Southern Peripheral Road becomes realty hotspot in Gurgaon

Gurgaon is witnessing rapid development in infrastructure with projects like the SPR or Southern Peripheral Road boosting real estate markets considerably in the city. This road runs for around 16 kilometres and ensures a better commuting network for those going from the Sohna Road and Golf Course Road. This connects to the Gurgaon-Faridabad Road right up to the National Highway 8 near Kherki Daula Toll Plaza. Real estate prospects are high for the Sectors 68, 75A and between 69-75 which are witnessing mixed-use development with various residential, commercial and retail real estate projects being developed in these areas. Commercial office space stock should go up to an added 2.5 million sq. ft. which is now being built over the next couple of years, adding to the 3 million sq. ft. of ready office stock in this stretch. There are high levels of vacancies at present along the SPR and it competes with some stretches of the National Highway 8 and Sohna Road in terms of attracting corporates and other companies. However, availability of real estate supply, attractive deals and good connectivity should lead to an increase in overall leasing activity in this stretch. Some of the top developers in the area include Unitech, DLF, Vatika, Spaze Group and TRIL (Tata Realty). There are several mid-range and premium projects being developed here by top developers such as Paras, Tata Realty and the Tulip Group among others. Average capital values usually hover between Rs. 5, 500-8, 000 per sq. ft. according to reports in this micro-market. The Southern Peripheral Road (SPR) was created in order to relieve traffic congestion between Faridabad and Gurgaon and lower overall traffic levels at IFFCO Chowk. The SPR stretch is steadily drawing premium commercial and residential projects which is drawing the attention of prospective buyers and real estate developers alike. The sectors 70, 75, 74 and the front parts of Sectors 79, 71 and 73 have been kept for commercial development as per reports. Demand for real estate will increase in the future here since a metro railway link that connects Manesar to the HUDA City Centre has already been planned along the Southern Peripheral Road (SPR) in the second phase.