Numerous homebuyers and investors are currently interested in the Southern Peripheral Road (SPR), a 16-km long highway that is an important factor in New Gurgaon.
When it becomes fully operational, the Gurugram SPR might revolutionize the city’s real estate market. This is because it will connect Sohna Road, Golf Course Extension Road, and NH-8 directly, and improves connectivity.
This will certainly contribute to improving the outlook for real estate in the New Gurgaon in the near future. Furthermore, over the past few years, the neighborhoods near it have drawn numerous buyers and investors.
Homebuyers and investors will find SPR to be a desirable location once a number of infrastructure projects, as well as residential and commercial complexes, including IT parks, and shopping malls, are nearing completion.
How SPR Changes Over The Time
From 2013 to the present, SPR has seen the introduction of more than 10,550 residential units. Here, the maximum launches of about 3,600 units occurred in 2013, although the number of residential launches also decreased as a result of delays in its development.
The typical property prices in this area are still quite reasonable when compared to the most well-known Gurugram markets; as of the second quarter of 2022. The prices were hovering around INR 6,573 per square foot. Prices had increased by 9% since 2015, when they were INR 6,050 per square foot.
As of the second quarter of 2022, the SPR has a total stock of close to 3,500 units, 2,900 of which are currently being built. The budget category is between 40 lakh to 80 lakh, has witnessed the newest releases in the region in terms of budget segmentation, followed by the mid-segment, priced between INR 40 lakh and INR 80 lakh.
Developers claim that SPR, one of Gurugram’s busiest real estate corridors, will soon undergo a makeover thanks to a GMDA-approved redevelopment project that will cost Rs. 845 crores and break ground by the end of the year.
How GMDA Planned To Renovate The SPR Region
Manohar Lal Khatter, the chief minister of Haryana, has approved the project’s renovation, which will take about two to two and half years to complete and be finished by mid-2025. The proposed renovation by GMDA, which calls for the building of eight flyovers, footpaths, and bike tracks, will change the appearance of SPR.
The influx of investments endorses the Southern Peripheral Road’s strong footing as one of Gurugram’s humming real estate hotspots. The government of Haryana announced that the project’s modified version has already resulted in an increase in investments and an infrastructure boom.
The idea of combining the creation of green areas with the enhancement of road infrastructure is commendable. Additionally, it will spur business partnerships and alliances in the sub-city, improving end-users and investors’ trust, along with an increasing economic activity that leads to overall growth.
One of the major objectives of the renovation project is to improve road connectivity. The proposed plan also includes building a six-lane main highway with three lanes on either side and six-lane service roads with three lanes each on both sides of the highway.
In addition to that, 3-meter-wide walkways and 2.5-meter-wide cycle tracks on either side of the service road will be planned for the comfort of cyclists and pedestrians in order to reduce traffic congestion and promote a smoother flow of all types of vehicles.
How Major Developers See The Opportunity In SPR
According to Signature Global India Ltd. Chairman and Whole-Time Director Pradeep Aggarwal, SPR gives an investment opportunity for both developers and end-users alike. In addition to the project’s promotion, the region’s numerous homebuyers should profit from the growth of SPR. Buyers will inevitably relocate to areas with the best infrastructure and living circumstances, both of which are found in the SPR.
The projects in this area aim to expand the potential for development by giving potential buyers access to a variety of living spaces in various categories. It is a commendable and foresighted approach taken up by the Haryana government as the investments made now in the SPR through the revamp project would result in double growth and income in the future.
The revamp project’s proposed flyover constructions would also improve road connectivity and create extensive accessibility to neighboring sub-cities, including Dwarka Expressway, among others. Speaking from the perspective of real estate, additional developments being launched in the area and increased sales will undoubtedly boost the investment potency of SPR.
The Role Of GMDA To Collect The Financial Resources
Following the declaration that the GMDA had approved the project’s revision, a plan for pooling financial resources to launch the project was also developed. Developers will be required to pay Rs 296.2 crore, while GMDA will draw Rs 549.3 crore as external development charges and issue bids to raise the remaining sum.
Spaze Group Director Bharat Kumar stated The Southern Peripheral Road has developed into a corridor with significant real estate expansion prospects. The revamp project will result in a variety of investments and new initiatives that will transform SPR. The existence of major commercial hubs and township living options, will also encourage millions of homebuyers in the suburbs.
Source- Financial Express