Sonepat – NEW GURUGRAM IN MAKING
Sonepat, is like a hot cake for real estate developers as well as the young homebuyers looking for affordable properties, easily accessible from their workplaces in Delhi-NCR
TEXT: LEANDRA MONTEIRO
Located next to the northern border of Delhi, Sonepat will soon establish itself as an extension of Delhi. Being referred as a good investment bet, the area is fast emerging as the real estate hub of the Delhi-NCR with a number of infrastructural developments pushing the demand for this area.
Apart from, proximity to Delhi, the USP of this area includes factors like, prominence of big realty groups and options of apartment complexes, townships, independent villas as well as plots at affordable prices.
The increasing land prices in Noida and Gurugram have led realty developers to Sonepat as the prices are still very much stable in this satellite area just 50 km from New Delhi on NH-1. It lies on the planned Delhi–Sonipat–Panipat Regional Rapid Transit System and under implementation Delhi Metro extension to be completed by March 2022.
GROWING AT A FRENZIED PACE
The development initiatives undertaken by the government of Haryana has put Sonepat on the real estate map. Sonepat has in the last few years been witness to the opening of a number of renowned educational institutions, both primary as well as advanced. Subsequently this has led to the location becoming an attractive opportunity to invest.
The Rajiv Gandhi Education City, a futuristic project by the Government of Haryana is host to 10 universities. The region boasts of an educational hub spread over 2,500 acres with an investment of nearly Rs 15,000 crore and job opportunities for about 50,000 people.”
Indian Institute of Technology, Delhi has already taken possession of 50 acres of land offered for the extension of its Delhi campus apart from already function expansive estates of Ashoka University and O. P. Jindal Global University to name a few.
As many universities have started their projects to establish their campuses here, it is driving the housing demand in leaps and bounds. Private developers with projects close to highways are at an advantage. Rahul Singla, Director, Mapsko Group added, “The government move to define sectors in Sonepat and thrust for Infrastructure made things easier for Private developers like us. We are comfortably placed in government defined sectors 26/26A/27 and these sectors are well placed close to the highway and main Sonepat market. Being a township, it allowed us to develop our own commercial spaces in the sectors and immediate proximity with the main town encouraged swamping of nearby residents to these markets.”
HUB OF ECONOMY
The Kundli-Manesar-Palwal (KMP) Expressway and the Eastern Peripheral Expressway have been a great boost to the connectivity in this region. Sonepat now is easily accessible to major cities of Haryana which has proved to be an excellent benefit for buyers and developers. The metro line that has been proposed will be another enhancement to the growth in this region.
Promoting the economic activity in this satellite zone are two HSIIDC industrial estates and the development of Sonepat Industrial area in the city which contains numerous small- and medium-scale industries. Leading brands like Atlas Cycles, Hilton Rubber, ECE, Hindustan Everest Tools and Satnam Overseas already have their units in the city and many more are planning to come here.
THE GREAT INVESTMENT BET
With realty prices soaring in Delhi, now the focus has been shifted to the suburb areas like Sonepat. Realty groups like TDI, Ansals, Parker, Omaxe, Jindal Realty, Mapsko Group are just few of the Indian developers that are developing huge acres of residential properties catering to varied segments. Even other nations are eyeing this region for large-scale realty development like a Chinese conglomerate and few Middle East Investors.
Given the growing residential segment and the young college crowd, retail malls are mushrooming in Sonepat as destinations for shopping and entertainment. With surplus opportunities of development and the prices still lower than Delhi, Gurugram or Noida, the appreciation on real estate is assured.