Gurgaon’s Golf Course Extension Road: Strong prospects for growth

[] Development of social and physical infrastructure, enhanced connectivity and robust supply of office spaces, could make NCR’s Golf Course Extension Road, a prime residential destination

In its Residential Investment Advisory Report 2016, real estate consultancy Knight Frank India has identified Golf Course Extension Road as one of the destinations that has the potential to offer the highest price appreciation in the National Capital Region (NCR), over the next five years.

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The six-lane Golf Course Extension Road, connects to Gurgaon through the Golf Course Road and Sohna Road and also offers connectivity to the Indira Gandhi International Airport. Soon, the Golf Course Extension Road will also be connected to the Gurgaon-Faridabad Road. Work on the metro rail line up to Sector 55, is underway and is expected to be completed by September 2016. The existing road, from the Delhi-Gurgaon border on NH-8 to Sector 55-56, is also being widened into a 16-lane expressway. This project is expected to be completed by the end of March 2016. This 8.3-km expressway will further reduce travel time from the Golf Course Extension Road to NH-8. Cyber City, the main employment hub of Gurgaon, is barely six to seven kilometres from the Golf Course Extension Road.

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Moreover, Golf Course Extension Road is close to well-established sectors of Gurgaon, such as 48, 49, 54, 55, 56 and 57. Social amenities, like malls, schools and hospitals, are available within a radius of two to three kilometres. Due to all these factors, the area is likely to attract a lot of end-users in the near future.

Potential for appreciation

The price of apartments on Golf Course Extension Road ranges from Rs 6,800 to 9,800 per sq ft. The average price is Rs 8,300 per sq ft. According to Knight Frank India, the minimum price is expected to touch Rs 9,700 per sq ft, while the maximum price could go up to Rs 13,900 per sq ft, by 2020. The average price may increase to Rs 11,800 per sq ft, which would amount to an appreciation of 42% over the next five years, yielding a compounded annual return of 7.3%. Mudassir Zaidi, Knight Frank India’s national director – residential agency, attributes this price rise to Golf Course Extension Road’s connectivity to the established commercial corridors of Golf Course Road and Sohna Road. “There will be an upsurge in demand, due to the completion of projects, establishment of social and physical infrastructure, and more office space getting constructed,” he explains.

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Besides end-users, investors may also be attracted to the area, even though prices are already quite high. According to Rajan Ahuja, director of Realty and Verticals, “Amid the ongoing slowdown in Gurgaon’s real estate market, investors can no longer afford to invest in areas that are in a nascent stage of development, where it will take another four to five years for infrastructure to be laid out and projects to be completed. Consequently, they should focus on areas that are expected to see a steady influx of end-users, where projects are ready or nearing completion and the infrastructure is in place.” From this perspective, an investor can earn good rental returns from projects in the Golf Course Extension Road, and also see the price of his property appreciate steadily over the next few years, he concludes.

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Category: Lifestyle

Debora Berti

Università degli Studi di Firenze, IT

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