Gurgaon Real Estate Updates: Infrastructure, RERA, and Builder Developments

We bring you six significant updates on the Gurgaon real estate market, covering crucial aspects such as infrastructure development, RERA regulations, builder projects, and political connections. These updates aim to provide clarity and valuable insights for anyone interested in the real estate sector in Gurgaon. Let’s dive into the details and explore how these developments may impact the market and its stakeholders

Update 1: Dwarka Expressway Link Road

One of the most exciting infrastructure developments in Gurgaon is the proposed link road connecting Dwarka Expressway to the Southern Peripheral Road (SPR). This elevated road will serve as an alternative route for those traveling from Delhi to Mumbai, bypassing the congested NH8 and connecting to the Mumbai Expressway through Shiv Murthy’s Siddharth Dwar Express and Link Road.

“Now, from Cloverleaf and Watikacho, 1 elevated road can be made. The elevated road that wants to go from Delhi to Mumbai and not through NH8 will connect to Mumbai through Shiv Murthy’s Siddharth Dwar Express and Link Road.”

The link road is expected to have a significant impact on the SPR, which is already known for its excellent connectivity. The SPR is home to several major sectors, including 72, 71, 76, 75, and 74. With the construction of the link road, these sectors are likely to witness increased demand and appreciation.

As a potential buyer or investor, it is essential to keep an eye on the development of this link road and explore upcoming launches and resale opportunities in the SPR sectors. The improved connectivity and infrastructure will undoubtedly boost the attractiveness of these areas.

Update 2: RERA Regulations and Transparency

The Real Estate Regulatory Authority (RERA) has been instrumental in bringing transparency and accountability to the real estate sector. In a recent development, the Maharashtra RERA has sought suggestions from stakeholders on implementing a three-account system for each project. If adopted by the Haryana Real Estate Regulatory Authority, this system could significantly enhance transparency in ongoing and upcoming projects in Gurgaon.

The proposed three-account system would consist of:

1. Collection Account: All booking amounts and taxes would be deposited into this primary account.
2. 70% Funding Account: 70% of the funds from the collection account would be transferred to this separate account, which the builder would use for project development and land procurement.
3. Transaction Account: The remaining 30% of the funds from the collection account would be allocated to this account, facilitating refunds and ensuring proper monitoring.

“So if there are 3 accounts, then 3 accounts will be for separate users and along with that, the more transparency you have, the more chances of transparency you will get in your transactions if it comes to Hrera”

The implementation of this three-account system would provide buyers with greater transparency and confidence in their transactions. It is crucial for buyers to stay informed about such regulatory changes and their potential impact on the real estate market.

Update 3: Builder Projects and Funding

The Gurgaon real estate market has witnessed several developments related to builder projects and funding. One notable example is the Vatika project, a 14-acre development called 7 Elements, which had been stuck for a considerable time. The project, comprising approximately 640 units, has now secured funding from the Swamih Nidhi fund, which will facilitate its completion.

“Vatiga’s 14 acres project has been stuck for many days. The name of the project is 7 Elements. There are approximately 640 units in it, which are being reconstructed by the builder. It is not being fully built So it sold about 150 units Now it has got the Swami Natan fund and swami fund will develop this project”

This development is particularly significant for buyers looking for ready-to-move projects within a budget range of 1-1.5 years. The Swami Nidhi fund has a track record of successfully completing projects, such as SS Leaf, which was also developed by SS builder.

However, it is essential to exercise caution when considering projects by builders who have faced challenges in the past. As a buyer, it is advisable to thoroughly research the builder’s history, delivery track record, and the status of their ongoing projects before making an investment decision.

Update 4: DLF’s Electoral Bond Contributions to BJP

The connection between politics and real estate is an important aspect to consider when evaluating the market. In a recent development, it has come to light that DLF, a prominent real estate developer in Gurgaon, has been contributing to the Bharatiya Janata Party (BJP) through electoral bonds.

“DLF started it through BJP Electrolyte Bonds. There are 3 companies of DLF. DLF Corporate, Commercial, Indore and another company. So, all 3 have given BJP 170 crores from 2019 to 2023 through the electronic bond. B.J.P. Has given 170 crore total from 2019 to 2023 to the Electoral Board.”

The transactions, amounting to a total of 170 crores, were made between October 9, 2019, and October 15, 2022. Interestingly, after the funding began in 2019, a hearing related to the Vadra and DLF case was held, in which the BJP stated that they did not find any issues with the matter.

While the implications of these contributions are subject to interpretation, it is essential for buyers and investors to be aware of the potential influence of political connections on the real estate market. It is crucial to conduct thorough due diligence and make informed decisions based on project merits, builder reputation, and market fundamentals.

Update 5: Successful Project Launches

Despite the challenges faced by some builders, the Gurgaon real estate market has witnessed successful project launches in recent times. Two notable examples are the Asiana Phase 3 by Asiana Housing and the Godrej Zunet Sector 89 project.

Asiana Phase 3, comprising 224 flats, was sold out in just 53 minutes. The builder conducted a 4-5 day gallery display, showcasing sample flats, followed by an expression of interest (EOI) process. The overwhelming response highlights the strong demand for well-planned projects by reputable builders in prime locations.

“Asiana Housing, the builder, this builder and the penny exists in India, Asiana Housing was the first building to be built in India. In September 1993, the first phase 3 of the building was launched. The total number of flats were 224. Out of 224 flats, all of these flats were sold out in just 53 minutes.”

Similarly, the Godrej Zunet Sector 89 project received a significant number of EOIs, particularly for its 2BHK and 3BHK units. The project’s attractive pricing, starting at 13,350 rupees per square foot for a 4BHK unit, has garnered substantial buyer interest.

These successful launches demonstrate that buyers are willing to invest in projects that offer a combination of good location, reputable builders, and competitive pricing. It is essential for buyers to closely monitor such launches and evaluate the project’s merits before making a decision.

Update 6: Dwarka Expressway Speed Limit and Surveillance

With the increasing traffic on Dwarka Expressway, the National Highways Authority of India (NHAI) has taken steps to ensure road safety and regulate vehicle speed. The NHAI plans to install 60 CCTV cameras along the expressway, including five cameras on the Cloverleaf intersection.

“In this, Dwarka Expressway will install 60 cameras on the Kloverleaf and 5 cameras will be installed on the Kloverleaf along with that from NH8 and Kedki Dola toll they have said that we will spend 25 crore on surveillance and cameras”

Additionally, speed limit barriers will be installed to prevent vehicles from exceeding the designated speed limits. The NHAI has allocated a budget of 25 crores for surveillance and camera installations, covering the stretch from NH8 to the Kherki Daula toll plaza.

These measures will not only enhance road safety but also address the concerns of local residents who have been affected by speeding vehicles. Buyers and investors should take note of these infrastructure improvements, as they contribute to the overall livability and accessibility of the area.

March 2024 Update

1. According to a recent report published by JLL India, the Delhi NCR region, which includes Noida, Gurgaon, Delhi, Faridabad, and Ghaziabad, witnessed the sale of residential apartments worth approximately 88,000 crore rupees in 2023.
2. The average ticket size of these apartments was an impressive 2.29 crore rupees, indicating a strong demand for premium and luxury housing.
3. The report also highlighted that a total of 38,400 units were sold in the region, with Gurgaon leading the way in terms of transactions, followed by Noida, Delhi, Faridabad, and Ghaziabad.

For more insights and updates on the Delhi NCR real estate market, visit our website at https://realestateblog.co.in.

Project Spotlight:

Asiana Group’s Amara Sector 93

1. Asiana Group’s Amara Sector 93 in New Gurgaon created a significant buzz in the market with the launch of its third phase.
2. The project offered 4 towers with nearly 250 units, and within just 1 hour of opening the window for expressions of interest (EOIs), the developer received almost 450 EOIs, effectively selling out the project.
3. Amara offered 3-bedroom apartments with 2 and 3 washrooms, with prices ranging from 1.6 crore to 2.5 crore rupees, catering to the growing demand for spacious and premium housing in Gurgaon.

Signature Global Deluxe DXP Sector 37D: A Super Hit Project

1. Signature Global, a renowned developer with a strong track record, launched its first luxury project, Deluxe DXP, in Sector 37D on the Dwarka Expressway.
2. Despite being located 300-400 meters away from the main expressway, the project received an overwhelming response, with a total of 950 apartments, including 15-16 additional penthouses.
3. The project was sold out at launch, with only 8-10 inventories available in the larger 4-bedroom category.
4. Signature Global Deluxe DXP offered apartments at a competitive price of around 13,000 rupees per square foot, along with additional charges for PLC, parking, and club membership.

Godrej Zenith Sector 89: A Premium Offering

1. Godrej Zenith, located in Sector 89 of New Gurgaon, emerged as another super hit project in March, offering 2, 3, and 4-bedroom apartments.
2. The project’s strategic location, close to the Dwarka Expressway and the Multi Utility Corridor, along with Godrej’s strong brand reputation, attracted significant interest from buyers, particularly NRIs.
3. With apartment sizes ranging from 1085 square feet for 2-bedroom units to 3200 square feet for 4-bedroom units, Godrej Zenith catered to a wide range of preferences and budgets.
4. The pre-launch prices for the project started at 13,350 rupees per square foot for 4-bedroom apartments and 13,750 rupees per square foot for 2- and 3-bedroom apartments, with additional PLCs of 15%.

M3M Mansions Sector 113: Ultra-Luxury on Dwarka Expressway

1. M3M Mansions, located in Sector 113 on the Dwarka Expressway, offered ultra-luxury 3 and 4-bedroom apartments and penthouses, with sizes starting from 2100 square feet.
2. The project received an impressive response, with approximately 500-600 units allotted out of the total 950 units available, excluding the penthouses.
3. The pricing for M3M Mansions ranged from 4 crore to 7 crore rupees, catering to the high-end luxury segment.
4. One of the key attractions of the project was its favorable payment plan, which required 20% payment initially, 20% after 1 year, and the remaining 60% at the time of possession, making it an attractive option for investors.

For more details on these projects and other upcoming developments in Gurgaon, visit our blog at https://realestateblog.co.in.

Investment Opportunities and Market Trends:

1. The Gurgaon real estate market continues to witness strong demand, particularly in the premium and luxury segments, driven by factors such as improved infrastructure, job opportunities, and a growing preference for spacious homes.
2. The Dwarka Expressway has emerged as a hot spot for real estate investment, with several high-profile projects lined up along this corridor, offering attractive appreciation potential.
3. Other micro-markets in Gurgaon, such as New Gurgaon and Golf Course Extension Road, are also witnessing significant development activity and investor interest.
4. The year 2024 is expected to be even better for the Delhi NCR real estate market, with several prominent developers planning launches in Noida, Gurgaon, and other parts of the region.

Comparing Pricing and Payment Plans:

1. When comparing prices across different projects, it is essential to consider factors such as the basic selling price, additional charges for parking, club membership, PLC, GST, and possession charges.
2. The payment plan also plays a crucial role in determining the effective price of a property, with construction-linked plans and more favorable payment terms often resulting in higher overall costs.
3. For example, if Signature Global Deluxe DXP, with an average price of 13,000 rupees per square foot, had offered a 30-40-20-60 payment plan instead of a construction-linked plan, the effective price would have increased by approximately 1,000 rupees per square foot.

Conclusion:
The Gurgaon real estate market continues to thrive, with several high-profile projects creating a buzz and attracting significant investor and buyer interest. The strong demand for premium and luxury housing, coupled with improving infrastructure and job opportunities, has positioned Gurgaon as a top destination for real estate investment in the Delhi NCR region.

As the market gears up for an exciting 2024, with several prominent developers planning launches across Noida, Gurgaon, and other parts of the region, investors and buyers have a wide range of options to choose from. However, it is crucial to carefully evaluate factors such as pricing, payment plans, location, and developer reputation before making an investment decision.

By staying informed about the latest market trends, upcoming projects, and investment opportunities, individuals can make well-informed decisions and capitalize on the growth potential of the Gurgaon real estate market. With the right strategy and guidance, investing in Gurgaon’s real estate sector can prove to be a lucrative and rewarding venture.

For more expert insights, market updates, and investment advice, visit our website at https://realestateblog.co.in. Our team of experienced professionals is dedicated to providing you with the knowledge and support you need to navigate the dynamic world of real estate investment in Gurgaon and beyond.