Fueled by the commercial, residential and retail sector, SPR to become the next real estate destination
Gurugram is expanding its horizons by coming up with projects such as Southern Peripheral Road (SPR). SPR stretches along a distance of 16km and gives the people commuting from Sohna Road and Golf Course Road a good network as it links Gurgaon-Faridabad Road up to NH-8 close to Kherki Dhaula Toll Plaza.
Sectors 68, 69-75, 75A etc. are the major developments that have come up in this area. It has now emerged as an integrated development with a mix of projects from commercial, residential and retail sectors that are still at their budding stage.
Commercial office and occupier leasing: Covering up to 3 million sq ft of ready office stock, in the next two years commercial office category is expected to enclose another 2.5 million sq ft which are currently under construction.
As per the Colliers International India, SPR has high vacancy levels and faces stiff competition from adjoining micro markets of Sohna Road and parts of NH-8, which are more self-sustainable and established today and have the entire supporting infrastructure in place. Leasing activity in this region is expected to pick pin the future, given the quality of available real estate supply, the flexibility of landlords and developers to structure competitive deals, connectivity with various pockets of Gurugram.
With average monthly rentals of Rs. 45-60 per sq ft, this sector has DLF, Unitech, TRIL (Tata Realty), Vatika, and Spaze Group a few of its prominent developers.
Residential segment: The residential segment offers alternatives ranging from mid to high-level options with the premium also available. The top developers in this sector are Tata Realty, Paras, and Tulip Group amongst many others. In this market, average capital values range from Rs. 5,500-8,000 per sq ft in this market.
As per the developers, SPR was designed to relieve the traffic between Gurgaon and Faridabad and reduce the traffic at IFFCO Chowk.
Talking about SPR, Ravish Kapoor, director of Elan Group said, “The area is now home to multiple high-end residential and commercial centers, leading to increased attention from buyers and developers. The area is also has a great potential to become a commercial sector in the future. Sectors 70, 74, 75 and the front belt of Sectors 71, 73, and 79 are well designated for commercial development.”
This area will experience an increased demand as a metro link connecting Huda City Centre to Manesar has been planned along the SPR stretch in Phase II.