Golf Course Extension Road - Current Scenario..
Much was expected of the Golf Course Extension Road in Gurgaon with a vast array of developers looking to deliver apartment projects in the locality since the last couple of years. The reality is that whilst a few of them are up and a rare few occupied – the majority of them are construction projects heavily delayed and stuck owing to illiquidity of developers operating in the region.
Developers had proposed the locality as a key locality between the Golf Course Road and Sohna Road (with the connecting Southern Peripheral Road). Whilst there's scope for good planning and connectivity with metro line expected in the future along the same stretch, the short to medium term scenario here doesn't look that promising in terms of capital appreciation as of now.
There are a couple of developers who own large land banks in the locality and they are keen to sell their apartments in the locality. With Haryana RERA to be effective soon, the good news for end-users and investors alike is that projects which haven't obtained part completion or occupation certificate in the next couple of months will come under the ambit of H-RERA and will need finishing or face severe action from the regulation authority.
From the positive angle, although the golf course extension road is less occupied as far as residential and office developments go in the locality compared to its CBD cousins, the cost advantage of office space compared to other CBD areas of Gurgaon should cause some migration at some point in the future. Tough to pinpoint when this will take place. It would in turn spur residential activity and the process works vice-versa.
Golf Course Extension road is more promising as compared to locations of sectors 80-100 along the highway, purely because the distances involved there are far larger. Those have a part to play in the market being cheaper and more affordable however they are a very long term story in our opinion in terms of growth and may even not take off. Most clients we come across prefer to take up older apartments closer to CBD and in SBD areas and renovate them given essential services are closer by.
From the rental perspective, those looking to rent residential apartments - prospective tenants are avoiding the golf course extension road currently and sticking to a 5-6 km radius of the CBD of Gurgaon.
How much of an effect H-RERA will play on the golf course extension road's development we will wait and see. The overall market seems to be showing some signs of improvement in terms of interest and activity – the fundamentals have to pick up in a matter of time is my view. But yes, it will happen gradually and over time I'd imagine..
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