The Southern Peripheral Road (SPR) in Gurgaon has emerged as the region’s most active micro-market with projects worth Rs 50,000 crore launched since 2022 and another Rs 50,000 crore in the pipeline over the next three years.
Property prices along SPR have recorded the sharpest increase in five years, rising from Rs 7,690 per sq ft in 2020 to Rs 18,000 per sq ft by mid-2024.
India’s largest developer, DLF, has launched two luxury residential projects that have seen price appreciation post launch, and the next phase is expected to be rolled out this quarter.
“Gurugram is growing fast, with many new infrastructure projects. One of the fastest-growing areas is SPR. When people think about buying a home, location plays the crucial role in the decision-making,” said Aakash Ohri, Joint MD and Chief Business Officer, DLF Homes.
The price surge is largely attributed to improved infrastructure, including road widening and the construction of flyovers, which have enhanced connectivity to key areas such as Golf Course Road, Sohna Road, and NH-48.
“Demand for properties has surged in and around SPR, particularly since the second half of 2021. The region has seen sustained sales momentum, with transaction values rising sharply, underscoring strong and consistent demand,” said Pradeep Aggarwal, founder and chairman, Signature Global.
Signature Global, which holds a 93-acre land parcel in the area, has already launched over 2.1 million sq ft of development and is planning an additional 14.9 million sq ft.
SPR, a 16-km corridor linking Gurgaon-Faridabad Road to NH-48, has significantly boosted both accessibility and real estate value.
At an estimated sales rate of Rs 18,000 per sq ft, Signature Global’s planned projects in the region are expected to generate total sales worth Rs 27,000 crore.
The recently announced Trump Residences is also located in the SPR belt.
“The Gurgaon market continues to attract strong investor interest, and good projects have delivered solid returns in the recent past,” said Pankaj Bansal, co-founder, Smartworld Developers.
A project launched in 2023 in Sector 76 along SPR at Rs 10,500 per sq ft saw a sharp appreciation of nearly 64%, with current prices hovering around Rs 17,250 per sq ft.
“The real estate market in NCR, particularly Gurugram, is set to reach new highs driven by infrastructure upgrades, rising housing demand, and a vibrant commercial ecosystem. Completion of key projects like the Dwarka Expressway, SPR, and the Rapid Transit System will enhance connectivity and fuel demand from both homebuyers and investors,” said Navdeep Sardana, founder, Whiteland Corporation.
Source : ET
