Gurgaon Real Estate: Occupancy Pushes up Sohna Road

PRLog (Press Release) – Apr 09, 2008 – First it was the boom when everybody was buying residential apartments on Sohna Road in Gurgaon.  Then the bust when the slowdown in Gurgaon's property market reflected in a lack in sales. Practically all developers used this period of lull to complete projects that had been announced in the last few years.

Sohna Road is now again in the spotlight. This time the huge influx of new, completed, upscale apartments with the promise of all additional facilities such as club-houses, jogging tracks and swimming pools is drawing a large number of executives who are working in the Gurgaon commercial properties.  It already has a 25 per cent occupancy, even though most properties are yet to be completed and the road widening process is also yet to be completed.

Explains Arti Punj, who has been staying in the area for the last few months, "I work in Gurgaon and my son studies here too. For us it was important to pick up rental property here before the values start moving up to unaffordable levels." So though there has been the problem of dust and trucks in adjoining construction sites, Punj is happy with her decision of negotiating a long-term lease at affordable rates.  

For urban planner Malti Pradhan, moving to Sohna Road was a decision she and her husband had taken a couple of years ago. "We had first looked for property in Unitech's Nirvana, but unfortunately, those had all been sold out. So we ventured further and bought a property worth Rs 80 lakh on Sohna Road. Today she has moved in even though the on-site work is still going on, because the complex is complete and they wanted badly to move in as soon as possible.

Property consultants give Sohna Road the thumbs up as far as its residential profile is concerned. It has developed primarily as a residential zone with large townships and superior facilities. The current round of problems will only last till the property developers complete the projects. And many people saw this as an investment option. But because of the current market situation and its proximity and access to commercial hubs in Gurgaon, there is a substantial demand for rental property here.

When the property investments were being made, Sohna Road offered a relatively affordable investment option. Today, the adjoining areas of Nirvana and Ardee City are already occupied. Also with the Metro station a mere drive down the Road, connectivity to all parts of Delhi is also not a problem. Therefore its premium positioning as a residential zone.

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