The much awaited Gurgaon Master Plan 2021 is bringing high hopes for residents of the fast flourishing cyber city, Gurgaon. It paves the way for 14,930 hectares land for residential and 1,404 hectares of land for commercial development. This will undoubtedly be a step forward in the direction of real estate development in gurgaon. Moreover, the new supply could be good news for the middle class as the prices of apartments are expected to slip down to 2,000 – 2,500 per sq ft. whereas they were earlier available for no less than Rs 2,700 per sq ft, says sources. Property rates in some newly developed sectors of Gurgaon will be at least 30-40% lower than in existing sectors. Bright Forecasts of the New Gurgaon Master Plan 2021.
| Projected Population in 2021 | 37 lakh |
| Residential area | 14,930 hectares |
| Industrial Area | 5,441 hectares |
| Commercial Area | 1,404 hectares |
| Special Economic Zones (SEZs) | 4,570 hectares |
| Expected water Demand | 390 cusecs |
| More malls and corporate commercial complexes | Two mass Rapid Transit system corridors up to Manesar along Dwarka and Mehrauli Stretch |
So far, property developers were only concentrating their attention on high end housing. With availability of more land, they can focus on middle and lower segments as well. India’s shabby infrastructure is believed to be a major roadblock to woo potential foreign investors. Containing provisions for all, the New Gurgaon Master Plan will also help infrastructure to develop fast in most new sectors. It may take long time before the first project is on the track but demand is likely to shoot up. For that reason, it is difficult to estimate how prices will fall in sectors.
A number of locations have witnessed a correction in their secondary market prices. property rates on Gurgaon Sohna Road have undergone a marked price correction of about 10% in the last six months. General buyers are eyeing the rates to come down further as the supply graph is going up in the newly demarcated sectors and as investors exit closer to the date of delivery of projects.
Property developers who have “land banks” are considered to emerge as major key players, and could be expected to launch projects within the next two to three months. The list includes the big names like DLF, Unitech, Pioneer Urban Land & Infrastructure, Vatika, Raheja, Vipul, and Emaar-MGF.
Adding to the Gurgaon real estate boom comes the new Gurgaon-Manesar Urban complex Plan 2021. It is known to be unique master plan for the region as it envisages keeping population density in the newly covered areas lower than in the old. The aim is to add to the green belt area, increase the residential units and commercial spaces, and bringing improvements in connectivity with neighboring Delhi.
New Gurgaon Manesar Master Plan is known to have inspired by the Chandigarh town planning model. The upcoming areas will now be much more modeled as the Chandigarh’s self sustaining sectors, each constructed over an area of 200-300 acres.
The Gurgaon-Manesar Plan includes great scope for the residential areas which will now feature boarding houses, social, community, recreational and religious buildings, educational buildings, health institutions, cinemas, commercial and professional offices, retail shops and restaurants, local service industries, petrol/CNG stations, bus stops, nurseries and green houses, hotels, cyber and IT parks.