SPR to fuel commercial real estate of NCR
BY: Mr. Ravish Kapoor, Director, Elan Group
>>An amazing connectivity to the Golf Course Extension Road, Gurgaon-Sohna Road and NH-8 is also an advantage
The rapid urbanisation in National Capital region (NCR) is increasing day by day. This is amplifying the traffic crisis in the region. In order to overcome the scenario the Government has established new connectivity roads like SPR (Southern Peripheral Road), NPR (Northern Peripheral Road) and etc.
If we talk about SPR it was planned to ease the traffic between the two national capital cities Gurgaon and Faridabad, also to decongest the traffic situation at IFFCO Chowk, the 16-km long SPR is all set to become the next commercial real estate destination. An amazing connectivity to the Golf Course Extension Road, Gurgaon-Sohna Road and NH-8 is also an advantage. SPR is also linked to Dwarka Expressway through NPR. Further, through Hero Honda Chowk, Rajiv Chowk and NH-8 on SPR, one can easily reach Delhi, Faridabad and Gurgaon. The Haryana government’s commitment and reinforced motivation towards the completion of the SPR has also generated some positivity for the region. The area offers better social infrastructure and conveniences in comparison to the NPR. However, transaction volumes is improving day by day in SPR much, this will lead to an increase in residential sales in the coming time, particularly sector 70.
Developments of infrastructure, availability of projects nearing completion and good connectivity have SPR a good locality for investment. The area also has great potential to be touted as commercial sector in the near future. Sector 70, 74, 75 and front belt of sector 71, 73 and 79 are well designated for commercial development. The area offers shopping centres like Good Earth City Centre, Cosmopolitan, Urbana and multiplexes like SRS and Grand Cinemas and etc. An increase in the number of enquiries for residential properties has been seen across the city.
The micro- market includes sectors- 48, 49, 50, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 74A, 75, 75A and 79. The area will soon be home to multiple high-end residential and commercial centres.
The SPR is drawing an increased attention of the buyers and developers, so the future of this area is bright. Metro connectivity has been planned along SPR in Phase II which will connect Huda City Centre to Manesar. A green belt is being developed on the median of the road, making it eco-friendly. Many prominent developers have their projects here which will offer better options to its buyers.
Existing physical and social infrastructure along SPR coupled up with the ongoing and proposed infrastructure project will increase the buyer’s interest towards it. Thus, the demand for properties along the SPR is touted to increase manifold in future and the area is a boon to the commercial real estate sector