Project Watch: Godrej Icon, Gurgaon

Godrej Icon, a luxury project in Gurgaon by Godrej Properties Limited, is situated on Dwarka Expressway, Sector 88A. Having a density of less than 40 units an acre, this residential project in Gurgaon is one of the rare premium low density developments in the area.

The product

Godrej Icon offers 2BHK, 3BHK and 4BHK new apartments in Gurgaon in four towers and an iconic tower. Spread on 9.1 acres, there are a total of 356 units in this project. The size of apartment sizes range from 1,490 sq.ft. to 3,008 sq.ft. At 64-67%, the 'floor plan efficiency ratio' of Godrej Icon in Gurgaon is in same range as other projects in the locality. This is the only project in the area which offers 2BHK apartments in different sizes. On a scale of 10, the project has a safety score of 6.0 and a livability score of 7.9.

The project also offers:

• Gymnasium
• Swimming pool
• Outdoor sports
• Indoor games
• Club house
• Multipurpose activity room
• Shopping facilities
• 32 Storey Iconic Tower with helipad
• Brand tie-ups
• Skywalk @ 130 ft

The builder

Godrej Properties Limited, headquartered in Mumbai, is the first real estate company to have ISO certification. Godrej Properties Limited develops properties across 12 Indian cities and has built over 8 million sq. ft. in the past quarter of a century. Godrej recently announced that they will allocate more of their capital to real estate investments.

Locality

Godrej Icon, Gurgaon is located on Dwarka Expressway, close to NH8 and Golf Course Extension Road. Godrej Icon is in Sec-88A of micro-market 3, which is one of the most popular areas in Gurgaon as far as real estate investors are concerned. Dwarka Expressway, which connects Gurgaon with Delhi, is 150 m wide, which is twice the width of NH8, and is aligned with the upcoming metro line.

Infrastructure

The Dwarka Expressway reduces congestion, cuts traveling time to the international airport by half, and has facilitated homebuyers to own affordable flats near Delhi. The area has the right mix of residential, commercial and industrial properties. The locality is very “livable”, and the social infrastructure on the expressway is very good. As commercial, retail and office space is more affordable on the Dwarka Expressway than in Gurgaon, the yield from real estate investments is likely to be high. With Dwarka Expressway, AIIMS-2 will also be closer to Gurgaon. There are several well-known schools and hospitals like the Basant Valley Public School, Shri Sai Hospital and Shri Balaji Hospital and Trauma Center. 

Pricing and demand

The new apartments in Godrej Icon are priced at Rs. 5,999 per sq.ft., which is lower than that of other major projects in the locality. The prices of apartment units range from Rs. 89.4 lakh to Rs. 2 crore. The new apartments in other projects in the same neighborhood are priced at Rs. 6,500-Rs. 7,200 per sq. ft. But, charges like club membership fee, parking fee, power back-up charges, society charges and development charge at Godrej Icon are higher than that of other apartments in the area. In the past five quarters, the area has witnessed a slowdown in sales, which has fallen from 1,154 units in the first quarter of 2013 to 161 units in the first quarter of 2015.

PropTiger.com's ratings on Godrej Icon:

Overall review

We think Godrej Icon is worth your money. It is competitively priced, with excellent product specifications and amenities. Homebuyers would find the 20:20:60 payment option affordable and an easier one. Godrej Properties Limited has a great brand reputation, and this might make the prices of apartments appreciate in the near future.