Delhi-NCR witnessed new supply of 3,614 residential units in the first quarter of 2024. Since 2023 proved to be an exceptional year, setting a high bar, Q1 2024 witnessed a 30 per cent decrease in launches from the preceding quarter and a 54 per cent drop on a y-o-y basis, according to a report by Cushman & Wakefield.
However, over the eight quarters of 2021-22, the region typically saw an average of 2,200 units per quarter, which makes Q1 2024’s figure 62 per cent higher than the average.
Gurugram dominated supply with 44 per cent share primarily concentrated along the Southern Periphery Road (SPR), Golf Course Extension road, and NH8.
Emergence of SPR as Gurgaon’s Coveted Realty Hub
In the bustling cityscape of Gurgaon, the Southern Peripheral Road (SPR) stands out as the epitome of real estate excellence. More than just a transit oriented corridor, the Southern Peripheral Road (SPR) is a symbol of progress, a testament of prosperity, and a promise of limitless potential.
Spanning a length of 16 kilometers, SPR has emerged as the newest and most sought-after realty hub in the region, attracting both investors and homebuyers with its unparalleled connectivity, luxurious living spaces, and promising future prospects.
With several proposed infrastructure development including metro and expressways connectivity giving a new impetus to the residential real estate demand, the Southern Peripheral Road is poised to redefine urban living and business landscapes in the region.
According to the latest Cushman & Wakefield Q1 2024 Report on SPR, the corridor witnessed 3,614 new unit launches during this period, with the luxury segment accounting for a remarkable 61 per cent share. This surge in new launches underscores the growing demand for premium living spaces in the region.
Moreover, SPR’s proximity to sectors like 68, 69, 70, 70A, 71, 72, 73, 74, 74A, 75, 75A & 76 has further fuelled its appeal among homebuyers and investors. The report highlighted the positive momentum in residential launches, with Gurugram dominating entire Delhi-NCR supply at 44 per cent, through focused demands primarily on SPR and NH8.
Unmatched Connectivity
SPR’s strategic location serves as its strongest asset, seamlessly connecting key destinations such as Gurugram, Manesar, and South Delhi. According to the India Real Estate Report published by Knight Frank, this 90-meter-wide road has been highlighted as one of the critical arteries linking key destinations in Gurugram and Manesar with South Delhi through MG Road, Faridabad Highway and the elevated road between Dwarka and Sohna expressways.
The road’s width of 90 meters ensures smooth traffic flow, linking important arteries like the Golf Course Road, Golf Course Extension Road, and NH-8. Moreover, SPR facilitates easy access to the Indira Gandhi International Airport, Jaipur, Agra, and the Delhi-Mumbai Industrial Corridor, making it an ideal choice for businesses seeking well-connected locations for their operations.
Ravi Aggarwal, co-founder and managing director of Signature Global (India) Ltd, said, “The Southern Peripheral Road has witnessed remarkable growth in recent years, thanks to its strategic location and connectivity. The SPR plays a crucial role in bolstering the property prices in the region by providing uninterrupted connectivity across prime localities of Gurgaon. SPR’s potential as a thriving realty hub is unmatched, and this is best exemplified by the growing demand from discerning homebuyers seeking quality and convenience in sectors like Sector 71 near SPR.”
Robust Residential and Commercial Developments
The allure of SPR lies not only in its connectivity but also in the prestigious residential and commercial projects that adorn its landscape. According to a Micro-Market Overview Report published by ANAROCK, the Southern Peripheral Road plays a crucial role in bolstering the property prices in the region by providing an uninterrupted connectivity across prime localities of Gurgaon.
SPR’s potential is further underscored by the presence of renowned developers committed to crafting exceptional residential and commercial spaces. Leading developers like DLF, Signature Global, Whiteland Corporation, Elan Group and Royal Green Realty have contributed to SPR’s transformation into a coveted real estate hub with their state-of-art quality offerings in and around the region.
Pankaj Pal, managing director of Whiteland Corporation, said emphasised the positive influence of SPR on property appreciation, remarking, “The South Peripheral Road (SPR) in Gurgaon is not just a thoroughfare but a thriving hub of residential and commercial excellence, where connectivity converges with luxury, and potential meets promise. As an arterial transit corridor for Delhi NCR, the South Peripheral Road has significantly contributed towards the appreciation of luxury properties in the region. In the near perceivable future, SPR’s trajectory as a coveted destination for real estate investment shines brighter than ever before.”
Future Outlook
The future prospects for SPR look exceedingly promising, with infrastructural developments such as the planned metro line running parallel to the road. As per the Gurgaon-Manesar Masterplan, the front belt of Sectors 71 and 73 is earmarked for commercial developments, further enhancing SPR’s potential for institutional and commercial growth. The Cushman & Wakefield Q1 2024 Report also reflected on Gurgaon dominating the YoY change in the launch of high-end and luxury segment, especially across SPR, with a robust 61% share in Q1. This not only underscored SPR as the most coveted real estate destination in Delhi NCR, but also signalled resilience and stability in the real estate market amidst external challenges.
Aman Sharma, managing director of Aarize Group, said, “The comprehensive development plan for SPR, coupled with its strategic location and connectivity, positions it as a lucrative investment destination. With its strategic advantages and commitment to excellence, SPR is poised to unlock new possibilities and set new standards for urban living and business excellence in Gurgaon and beyond. As the region continues to evolve, SPR will play a pivotal role in shaping the future of Gurgaon’s real estate landscape.”
Sectors 77 and 76, positioned along the Southern Peripheral Road (SPR), have emerged as pivotal players in Gurgaon’s real estate arena, drawing attention due to their meticulously planned infrastructure, verdant surroundings, and proximity to commercial hotspots. Boasting close adjacency to prominent commercial centers such as DLF Corporate Greens, TCS, the forthcoming Amex Campus, and dedicated commercial sectors covering approximately 385 acres (Sectors 75 and 74A), this locale offers a myriad of conveniences.
Notably, DLF recently unveiled DLF Privana South, a luxury high-rise development in sectors 76 and 77, achieving a remarkable feat by selling out all 1,113 upscale residential units for Rs 7,200 crore within a mere 72-hour timeframe preceding its official launch. DLF Privana South forms an integral component of the expansive integrated township DLF Privana, sprawling across approximately 116 acres. This resounding success has propelled this area back into the limelight, prompting other developers to introduce projects in this thriving region.
Conclusion
A modern marvel of interconnectivity and logistical ingenuity, the Southern Peripheral Road is a testament to the visionaries who conceived it, the builders who shaped it, and the residents who will thrive because of it. This connectivity has bolstered real estate demand making the region a magnet for investments and a cornerstone for future infrastructure projects.
With its unmatched connectivity, prestigious developments, and promising future outlook, SPR has firmly established itself as the newest and most sought-after realty hub in Gurgaon. As the region continues to evolve, SPR stands as a testament to the transformative power of pioneering development and unwavering commitment to excellence in real estate. For all developers and investors, the Southern Peripheral Road stands poised to unlock new opportunities and set new benchmarks for urban living and commercial excellence in the years to come.