The completion of the Northern Peripheral Road (NPR) and Southern Peripheral Road (SPR) will open up the floodgates to the real estate sector in Gurgaon and its newly developing areas.
Residential options in Gurgaon vary from 1BHK to 5BHK units, which suit the requirement of families with varying size of members and budget.
Also, Gurgaon has become a destination for luxurious projects, both residential and commercial, which offer world-class infrastructure with matching ambience and specifications, in the correct price brackets too. The appreciation of prices here will yield handsome returns to investors and further pump up growth of the city’s various sectors.
Realty projects that have come up near highways or expressways have seen a tremendous response from investors. The enhancement and growth of a specific area depends on the speed of construction by the builders and developers. And presently, the construction of Northern Peripheral Road (Dwarka-Gurgaon Expressway), which connects to NH-8, is moving ahead at a rapid pace.
Prasoon Shrivastava, director of Arkiplan International, says: “Since 1991, the city of Gurgaon has gone through major transformation. The city is now the engine of growth for the NCR. The population has doubled in past 10 years, which is nothing less than a miracle. To meet this demand government is taking major steps to improve the infrastructure and, over the next five years, we should expect major improvements. As per the new Gurgaon-Manesar Master Plan-2025, more than 14,000 hectares of land has been designated for new residential developments. Dwarka Expressway, Golf Course Road, and NH-8 connecting Manesar and beyond are the three major corridors of development. The developments around the new international airport is redefined as the new Central Business District (CBD) and its close proximity to Dwarka Expressway and NH-8 is bound to generate huge demand for new office, commercial, and residential spaces in these areas.
Read more: The Times of India
Market Boom On Gurgaon-Faridabad Road
The scenic view of the Aravali hills and the valleys offered by the residential and hotel projects under construction in this area has ramped up the demand in this area. Already, this developing zone has a 9-hole golf course. The prevailing rate of housing projects here is in the range of Rs 7,500-10,500 per sq ft.
Gurgaon-Faridabad Road is shaping up as a prime location for real estate development with fast connectivity and improving infrastructure. Projects like Valley View by Ansal API, Ninaniya’s hotel project, IREO Group’s Gurgaon Hills, Krrish Group’s Province Estate, Paras’s Trade Centre, etc, have already been launched on this road.
Ansal API is the first developer which has delivered a realty project in Sector 1 along the stretch. With rise in demand, a numbers of group-housing units, hotels, malls, and entertainment projects have been announced here. Also, 200 acres has been earmarked for an SEZ (special economic zone) near
Gwal Pahadi along Gurgaon-Faridabad Road.
Real estate scenario
This developing realty region is proving to be a good residential location owing to its excellent connectivity with Noida, Ghaziabad, Gurgaon, and South Delhi. The master plan of the area envisages a future Metro line, provision for wider roads, parks, along with a good combination of commercial and residential mix of projects.
Read more: The Times of India
Cyber City Rules Realty Roost
Gurgaon and Manesar continue to be the hub of real estate activities in the NCR region. Despite the slowdown in the economy, demand for residential and commercial real estate in these sub-cities has not been affected appreciably.
Now, developments in these parts are extending all the way till Dharuhera along NH-8, Sohna along Sohna Road, and Pataudi along Pataudi Road.
However, the total distance from Delhi to these new developing zones is prohibitive, from the perspective of a daily commuter. But what is happening in these towns and cities is that these destinations are no more a residential cluster for those working in Delhi — with a number of large corporates opening offices in these areas because of the availability of qualified personnel and high-quality real estate space, these areas have turned into self-sustained urban agglomerations.
In fact, Gurgaon and Manesar, which are together known as Greater Gurgaon under the new master plan, have acquired the critical mass for self-sustainable development. These areas have world-class residential units, schools, hospitals, malls, and all the other lifestyle amenities for modern, urban life.
A number of large players like Godrej, Tata Housing, Mahindra Realtors, and Sobha Developers have entered the market here. Apart from them, a number of realty majors like DLF, Unitech, Emaar, Raheja, Ireo, Vipul, Vatika, M3M, Puri Construction, ATS, Supertech, Assotech, Orris, Ramprastha, etc, have already launched projects in the area.
Read more: The Times of India
Non-Resident Indians boom time
The slump in real estate business and mounting lending rates may be highly disappointing for property buyers in general but for non-resident Indians the negative trend is a boon. For, their investment in real estate business is getting them hefty returns, thanks to the depreciation of the rupee against the US dollar.
That means the NRIs are getting more value for their investments. This has been confirmed by a study by realty consultancy firm Cushman & Wakefield, which confirmed that depreciation in the Indian rupee provides a psychological boost to the Non-Resident Indians as well some developers.
“If the rupee’s depreciation against the US dollar continues, developers could expect more investment from NRI buyers provided the capital value level remains constant,” said Cushman & Wakefield director (residential) Shveta Jain.
City realtors mostly look to NRI buyers for their high-end properties. Acknowledging that, C. Saikumar Naidu, general manager, sales and marketing, Aditya Construction Company, said, “Rupee depreciation definitely attracts NRIs and this is a great boost for the city realtors.”
Read more: Deccan Chronicle
How to transfer your property
When it comes to transferring property, a sales deed may not always fit the bill, especially if you want to pass it on to relatives. In such cases, instruments like a gift deed or relinquishment deed can come to your rescue. However, blindly choosing either can lead to problems.
“You must understand the purpose of each document before getting it drafted. Know the benefits as well as drawbacks of each,” says Vaibhav Sankla, director, H&R Block. “These documents are designed to play a specific role in the transfer of property and, hence, it is important to consult a lawyer,” he adds.
This document allows you to gift your assets or transfer ownership without any exchange of money. To gift immovable property, you just have to draft the document on a stamp paper, have it attested by two witnesses and register it. Registering a gift deed with the sub-registrar of assurances is mandatory as per Section 17 of the Registration Act, 1908, failing which the transfer will be invalid. Besides, such a transfer is irrevocable. Once the property is gifted, it belongs to the beneficiary and you cannot reverse the transfer or even ask for monetary compensation.
However, if you want to gift movable property like jewellery, registration is not compulsory. At the same time, a mere entry in an account book is not sufficient to establish a transfer. Apart from physically handing over the property, you need to back it with a gift deed. The process is slightly different if you are gifting company shares. You will have to fill out the share transfer form and submit it to the company or registrar, and the transfer agent of the firm. Once again, get a gift deed drawn and executed to complete the transfer, but the document need not be registered.
Read more: The Economic Times