Gurugram was earlier known as Gurgaon but the current Chief Minister Manohar Lal Khattar proposed to change the city’s name which was then accepted by the cabinet and the change in name took place. This city is merely 32 Km away from Delhi and offers smart connectivity to Chandigarh the capital city of Haryana.
Being the home to industrial projects like Maruti Suzuki since 1970, various IT companies and the highrise buildings of reputed real estate developers make Gurugram a happening place from past some time. In fact, with the expansion of National Highways and various other expressways, the connectivity issue of this city has been resolved and this has impacted Gurugram’s real estate market at large. One of the expressways named SPR has been the newest realty hubspot in the city and the reason for the same are:
The Southern Peripheral Road [SPR] is a 16Km long stretch and offer smooth connectivity to the people travelling from Sohna Road and Golf Course Road via Gurgaon-Faridabad Road and NH-8 to the Kherki Dhaula Toll Plaza. The Sectors 68, 69-75 and 75A are witnessing huge development as these locales are planned to have integrated development with various mix-land projects like commercial, residential and retail sectors. Most of these projects are in early stages.
Job Opportunities & Available Workspace
The SPR area has currently covered up to 3 million sq. ft. of ready office space and is estimated to cover 2.5 Sq.ft. area more in the coming two years which is currently under construction. According to the Colliers International India, the SPR area has the maximum job opportunities and is offering tough competition in employment to its adjoining areas like Sohna road and NH-8 even when these are the established localities in various aspects like housing, employment, infrastructural development of the Gurugram city.
The SPR region is likely to have huge leasing activity as the investment by reputed real estate developers, connectivity within Gurugram and up to Delhi with modern and capacious structures paving way for better leasing activity in the SPR region.
SPR region is a perfect investment option as the location is currently making the investors earn a monthly rental income of Rs. 45-60 per sq ft. The area also has residential projects of reputed builders like DLF, Unitech, TRIL (Tata Realty), Vatika, and Spaze Group.
Talking about the residential segment, the average capital values ranges from Rs. 5,500-8,800 per Sq.ft. This suburban division offers earning between mid to high-level with projects launched by developers like Tata Realty, Paras, and Tulip Group amongst many others.
The SPR [Southern Peripheral Road] is likely to combat the congestion that is responsible for traffic snarls between Gurgaon-Faridabad and at IFFCO Chowk. According to a real estate expert, the SPR area is going to witness huge property demand in the coming future as the proposal to expand metro link connecting Huda City Centre to Manesar is planned along the SPR stretch in Phase II.
Sector 70, 74, 75 and the front belt of Sectors 71, 73, and 79 are mainly dedicated to the commercial development and the SPR region is a perfect place for various high-end residential and commercial centers which is grabbing the investors’ eyeballs.