HUDA's Infra Boost To Drive Realty In New Gurgaon Sectors, Push Sales
The Haryana Urban Development Authority (HUDA) is planning to acquire 300 acres in six new sectors of Gurgaon -- sectors 75 to 80 -- to build infrastructure. The piece of news comes as a relief to both home buyers and developers, as lack of roads was causing much discomfort to residents of these upcoming areas, and making it difficult for developers to sell their projects.
The Haryana government seems to be leaving no stone unturned to revive the real estate in Gurgaon. Last month, the state reduced circle rates across segments by 15 per cent, making properties cheaper in a city where real estate had become rather expensive. However, overpriced properties were not the only reason why Gurgaon real estate had been going through a rough phase for a couple of years. While developers kept launching new projects along Gurgaon's new sectors, expecting high returns on investment, most of them were not able to sell their premium property in Gurgaon in the absence of infrastructure in these upcoming areas.
The HUDA plan
The HUDA will purchase 300 acres of land from Naurangpur, Kherki Daula, Sikohpur and Begampur Khatola villages at an estimated cost of Rs 2,546 crore. These land parcels will be used to develop infrastructure which will not only make lives easier for the present residents the new sectors of Gurgaon but will also make real estate in these areas of Gurgaon more attractive for prospective buyers. The civic infrastructure projects to be undertaken will be widening of roads, and streamlining of sewerage and water lines. These projects had been constrained in these new sectors due to delays in land acquisition.
The likely beneficiaries
At Sector 76, under-construction projects that are likely to see more buyers' interest include Ninex group's City, Corona' Gracieux and Verona Hills. At Sector 77, the value of units at the Palm Hills project, a ready-to-move-in residential establishment by Emaar MGF, will see a rise. The Winter Hills, an under-construction project by Umang Realtech, is expected to see more units being booked.
Gurgaon Sector 78 has premium projects like Monsoon Breeze, Monsoon Breeze Phase-2 (both by Umang Realtech) and Revanta (by Raheja), which would offer home buyers better returns on their investments.
Under-constructions projects at Sector 79, which include Araville, Basera, Defence Floors and Neeladri Floors (by Supertech), Aria and 101 (by Godrej), Ayana Residences (by Raheja) and Mount Ville by Mapsko could be buyers' choice for making fresh investments in Gurgaon.
At Sector 80, projects like Frontier, Karma Lakelands, Raaga and Mercado would also see price appreciation.
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