October 30, 2024 |
Sohna Emerges as the Third Largest Real Estate Micro-market in Gurgaon
Sohna micro-market in Gurugram has experienced a remarkable rise in residential supply post-pandemic, becoming the third-largest market in Gurugram after Dwarka Expressway and New Gurgaon, according to the data by Square Yards.
This growth is driven by improved infrastructure and increased developer activity. The total new supply in Sohna since 2020 has already surpassed the cumulative supply of the previous decade (2010–2020), signalling an inventory with an average age of less than four years.
The market is dominated by 2BHK units, accounting for 65% of supply, followed by 3BHK units at 26%.
Historically known for its affordable housing segment, supported by initiatives like the Deen Dayal Jan Awas Yojna, in recent years Sohna has seen a notable shift towards mid-to-high-end properties.
This mirrors broader trends in Gurugram, where developers have shifted focus to premium segments to cater to changing buyer preferences. Properties priced above Rs. 1 crore now constitute 34% of the new supply, more than double the 15% share in 2019.
“The strategic infrastructure and connectivity projects, such as the elevated corridor and the DMIC, have put the Sohna micro-market on the radar of both developers and homebuyers in Gurugram. Several leading developers have strategically positioned themselves, securing land parcels and actively rolling out new launches across on-going and new projects,” said Rajat Likhyani, Principal Partner, Square Yards.
Data suggest that while affordability continues to drive demand, investor interest is on the rise, with 23% of buyers targeting properties priced between Rs. 1-2 crore, and 6% focusing on properties above Rs. 2 crore.
“Sohna has emerged as one of the most sought-after real estate destinations for both homebuyers and investors. With the development of the Gurugram-Sohna Elevated Road, the area is now seamlessly connected to Gurugram’s established central business districts (CBDs) and other key locations, as well as to major national highway corridors like the Delhi-Mumbai route,” said Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd.
“We recently launched DAXIN, our mid-housing real estate project located in a prime position right next to the Sohna Toll Plaza. Spread across 125 acres, the project features Signature New Launch Lowrise Floors, thoughtfully designed for those seeking spacious and luxurious homes,” Aggarwal said.
Property price appreciation in the region has been steady, with values almost doubling since 2019. In 2024, prices saw a 13% increase compared to the previous year, with current rates ranging between Rs. 7,500 and Rs. 8,500 per sq. ft.
Sohna has attracted major developers, with Signature Global emerging as the leader in project launches since pandemic. Other key players include Ganga Realty, with their project ‘Ganga Tathastu’, as well as MVN Infrastructures Pvt Ltd, Central Park Group, Silverglades, and Ashiana. The developer pipeline remains robust, with over 16,000 units expected to be delivered over the next three years.
Source : ET
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