Gurgaon’s southern location – Sohna rises steadily on the livability index says Cushman & Wakefield in their latest report commissioned by CREDAI.
The location and its vicinity, have been showing promising improvement on many of the key parameters of the livability index that can help the location come up as an urban centre in a 5- 7 years horizon, making it a potential location for future urbanization or satellite city to NCR. The report evaluates key parameters including current and potential connectivity to other locations, health and education facilities, location’s proximity to hubs of business growth and development, civic infrastructure etc. Road Connectivity, Education and Infrastructure Initiatives’ which is expected to give the location access from across major business destinations.
Housing Affordability has been rated high currently as the cost of majority residential houses range between INR 37- 58 Lakhs for 2 BHK and INR 61 – 89 Lakhs for 3 BHK , most of which is currently under various stage of construction. Possibly getting completed for possession in 3-4 years, these projects will provide significant potential for affordable housing in the Gurgaon region albeit the location will see visible habitation only in the next 5- 7 years. Approximately 12000 – 13000 housing units are expected to come up by 2020. As economic activity in services picks up and reaches its critical mass towards southern vectors within Gurgaon, it may see some capital appreciation for existing housing or new launches within approachable limits including Sohna. The relative affordability advantage shall stay but would gradually reduce.
Manish Aggarwal, Managing Director, North, Cushman & Wakefield said, “The final development plan of Sohna:2031 has estimated a total population of 6.4 Lakhs by 2031 living in this location. However, timely completion of the proposed infrastructure initiatives in tandem with completion of the housing infrastructure would be essential to make Sohna a habitable location. Further, the increased habitability would have a positive impact on the perceived safety and overall socio-economic environment.”
The report further states that it would be imperative for Sohna to come up as an independent self-sustaining city, with infrastructure and civic requirements robustly built and maintained by the civic authorities of the location and creating appropriate retail and recreational centres within the region to reduce the locations dependency on the nodal locations of Gurgaon and NCR. The signs of the location’s eventual potential can be gauged by the fact that it is covered under the Delhi – Mumbai Freight Corridor that would ensure that secondary and tertiary industries will set up (or already exist). Adding would be the service industry, which is marching southwards from Gurgaon in order to take advantage of the current office rentals.
Gitamber Anand, President, CREDAI stated “Sohna, South of Gurgaon is an upcoming location with great potential for the future, we are looking at it very keenly especially to see the support the government initiatives are providing to this location. We are seeing definite interest from end users and investors for the currently underway projects.”