November 5, 2024 |
Sohna Emerging as Key Residential Market, 16k Homes Planned in Next 3 Years
Once known for affordable housing, Sohna is fast developing as a prominent residential market in Gurgaon. Homebuyers, among them techies and marketing professionals, are being drawn to Sohna as the area has made strides in improving infrastructure and competitive pricing.
Real estate roperty consultant said that the number of housing units built in Sohna since 2020 exceeds its total from the decade before (2010-20). The average inventory age in the area is less than four years, a report released by the firm said on Monday.
“As of 2024, 2BHK units make up 65% of the market’s new supply, while 3BHK units account for 26%. Notably, properties priced above Rs 1 crore now constitute 34% of new supply, more than doubling from 15% in 2019,” the report added.
Developers and homebuyers said that projects such as the Sohna highway and the Delhi-Mumbai Industrial Corridor (DMIC) have made it more accessible and attractive to investors.
Ravi Kapoor, a software engineer in his mid-thirties, was house-hunting in Gurgaon for over a year. After being priced out of prime locations like Golf Course Extension Road and Dwarka Expressway, he decided to explore Sohna, where he found a three-bedroom apartment in a recently launched project within his budget.
“Sohna’s connectivity has improved tremendously, and with new infrastructure like DMIC and the highway, it’s a good deal for a salaried person like me and also a promising investment,” Kapoor said.
Seema Rajput, a marketing professional, said she used to think of Sohna as an area with only affordable housing projects.
“But I visited the area and realised its potential. Connectivity improvements make it a viable option,” Rajput, who has booked a 2BHK in a Sohna project, said.
Developers are also pivoting towards Sohna.
Pradeep Aggarwal, founder and chairman of Signature Global, said, “Sohna has emerged as one of the most sought-after real estate destinations for both homebuyers and investors. The area is now seamlessly connected to Gurgaon’s established Central Business Districts (CBDs) and other key locations, as well as to major national highway corridors like the Delhi-Mumbai route.”
Signature Global, Ganga Realty, Central Park Group, Silverglades, Ashiana and other realtors plan to build 16,000 housing units over the next three years in Sohna.
Rajat Likhyani, principal partner at Square Yards Consulting, said demand for houses has surged in the area.
“Property prices increased 13% in 2024 from the previous year,” Likhyani said, adding that costs are between Rs 7,500 and Rs 8,500 per sqft.
Vikas Garg, joint managing director of Ganga Realty, said Sohna was poised to become one of Gurgaon’s most “sought-after addresses”.
“Enhanced connectivity to Delhi Airport, central Gurgaon and Delhi elevates its appeal, making daily commute and travel seamless. We anticipate prices to be in the range of Rs 13,000 to Rs 14,000 per sqft,” he said.
Source : TOI
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