Gurgaon Sector 59 As The Luxury Locale
Golf Course Extension Road has emerged as one of the most sought-after residential corridors in Gurgaon, especially for luxury residences. It is a bustling corridor with quality social and physical infrastructure; robust supply of office space and unmatched connectivity are important add-ons. A popular end user destination, the locality is well connected to the National Highway 8 (also connecting Rajiv Chowk). The Indira Gandhi International Airport is just a 30-minute drive away and South Delhi is easily accessible via the Gurgaon-Faridabad Expressway. The six-lane Golf Course Extension Road also connects to Gurgaon through the Golf Course Road and Sohna Road. Moreover, the Rapid Metro that runs along the complete stretch of Golf Course Extension Road has reduced travel time and improved connectivity to nearby commercial and social hubs.
More than 70 percent of Gurgaon’s state and private SEZs are located in micro-market of Golf Course Extension Road. The area has multiple SEZ’s specific to sectors such as IT and ITeS, biotechnology, electronics and hardware, textiles, and engineering. SEZs have emerged as major export hubs in Gurgaon. Moreover, Golf Course Extension Road is barely six to seven kilometers away from Cyber City, Gurgaon’s biggest employment hub. This corridor includes new sectors 58, 59, 61, 62, 65, 66, 67, etc. and is being developed on the concept of walk-to-work with a 200-meter commercial belt.
Sector 58 is home to three operational commercial offices - Magnum Towers, Splendor and Good Earth business bay - Ascendas IT space is already operational in sector 59 and Companies like UHG (United Health Group), Admiral Technologies, Toluna and SoftwareONE have leased out space here. Commercial real estate supply is robust and augurs well for future office demand. Furthermore, the Gurgaon skyline is already home to several multi-national companies, foreign investors and large business houses, and thus an important employment hub in India known for its quality of life. Upcoming infrastructure projects include the Delhi-Mumbai Industrial Corridor (DMIC); the Dwarka-Gurgaon Expressway; the Western and Eastern Peripheral Expressways; the Metro link (up to HUDA City Centre); and the proposed high-speed Metro. Upon completion, these projects will strengthen the attractiveness of Golf Course Extension Road as a commercial center, resulting in even greater residential demand.
Furthermore, the location (sector 59) has the advantage of quickest & easy access to existing, well-developed social infrastructure such as schools, hospitals, cineplex, retail markets, convenience stores, shopping malls and recreational centers by virtue of being stone’s throw away from Golf Course Road. Hospitality attractions nearby include DoubleTree by Hilton and Lemon Tree hotel, which are already operational, in addition to an upcoming Grand Hyatt property. Overall, the biggest driver for robust home sales in the area is the presence of trustworthy real estate brands and projects at attractive price point and alternatives to Golf Course Road. To sum it up, well-established social amenities, under construction big-ticket infrastructure projects and upcoming office spaces all point to a surge in the demand for homes in the Golf Course Extension Road in the near future.
Property prices in Gurgaon Sector 59
Vis-à-vis the already established Golf Course Road where property prices are at a premium, the Extension Road has the real-time advantage of a range of apartments in multiple ticket size options to suit varying needs - from premium to luxury housing. Most of the realty projects on Golf Course Extension Road are poised to yield healthy returns, given that the area is on fast-track development mode. This residential hub boasts a healthy mix of end users and investors; and most realty projects in the area are poised for healthy capital appreciation for their investors. Golf Course Extension Road has both completed as well as close-to-completion projects being developed by developers with strong brand reputation. The current price range is Rs. 11000 – Rs. 15000 per sq. ft. for premium and high-end luxury projects.
Quality infrastructure in and around projects is a win-win for all stakeholders, especially end users. This could be with respect to amenities such as water/power or connectivity to arterial roads. However, timely closure is sometimes a challenge, in which case some developers might take it upon themselves to chip in with infrastructure development. Adequate social infrastructure is a key purchase determinant for all home buyers, both during the pre-purchase phase and most definitely in the use phase. A property with well-developed civic infrastructure can have a ripple effect on the micro market, while contributing to its demand and market value.
The author is Sunil Sharma, Chief Customer Officer at Mahindra Lifespace Developers Ltd.