Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants
The Golf Course Extension Road has emerged as one of the most sought-after residential corridors of Gurugram.
While not being priced as high as the neighbouring Golf Course Road, it offers multiple apartment options for the upper-mid segment moving up the value chain to luxury housing options as well.
This residential corridor has seen more than 8,500 residential apartment units launched overall, and many of them are in advanced stages of construction. Around 2,500 residential units have been delivered here with another 2,600 slated for completion by 2019-end.
This residential market has a good mix of end-user as well as the investor segment who have in the past achieved healthy capital appreciation across their investment/purchases. The healthy completions pipeline had also resulted in a robust secondary sales market in this corridor.
The consistent price appreciation on Golf Course Extension Road caused sales to dampen slightly, and the overall slow market for high-ticket sized apartments has also impacted the sales velocity in this corridor.
However, older launched projects have done reasonably well and unsold inventory in absolute unit terms is not very high. Also, good deals are available here in the secondary market, for both completed as well as close-to-completion projects. This corridor has multiple township projects being developed by reputed developers.
Currently, prices on Golf Course Extension Road are in the range of INR 9,000 to INR 11,500 per sq. ft. for premium and high-end luxury projects.
This corridor is now also being considered as one of the more important emerging office corridors in Gurgaon. While there are currently only a few commercial projects operational here, supply looking ahead is quite robust and augurs well for future non-IT, corporate office demand to slowly gravitate here.
It can prove to be a good replacement for the MG Road and Golf Course Road office markets, where vacancies in the commercial projects are quite low. A couple of quality office projects here have seen healthy absorption volumes, and others lined up for completion are seeing good occupier interest.
Infrastructure development in terms of the development of sector roads is on track and completed to a large extent and the region is well-connected to other parts of the city by the Metro rail. All-in-all, the region seems to have a good future, while there may be some teething troubles under the current changing market conditions.