Southern Peripheral Road, which is commonly known as SPR, is a 16km long and 150 m wide road. This stretch is drawing the attention of many real estate investors and home buyers due to its excellent connectivity to existing major commercial hubs.
The road also connects Golf Course Extension Road and National Highway 8. Connectivity has made this area an upcoming residential and commercial location in the National Capital Region. It serves as a crucial link between Faridabad-Gurgaon Road and is positioned as an up-market.
The location is primarily set to become an affordable housing micro-market with most of the reputed builders planning affordable residential units focused towards “Housing for all by 2022” mission. SPR is an evolving micro-market that foretells better days as the area expects high capital appreciation and yields high returns on investment.
A recent report released by The Times of India states that the affordable housing sector in Gurgaon is expected to witness a significant boost as 74 new licence approvals are pending with the DTCP. Department of Town and Country Planning is a nodal department that encourages healthy competition among various private real estate developers for urban development.
As per the report, it has invited fresh applications to build over three lacs affordable housing units.
Haryana revised its Affordable Housing Policy 2013 in October 2017, to extend a prevailing cap of 300 acres in Gurgaon district to 1,935 acres. This gave real estate developers who cater specifically to the affordable housing segment the much-needed boost. Because they claim that, there is a huge demand for affordable housing and an increase in the supply of the same will definitely attract buyers.
Even the government is helping the developers by approving the projects on time, as it will help the developers in the timely delivery of the projects.
Real estate developers who have their focus on the affordable housing market are coming up with new developments in the area. One such developer is OSB Group (Ocean Seven Buildtech Pvt. Ltd.). OSB Golf Heights in sector 69 is the upcoming project of the group, which offers one and two bedroom apartments.
This sudden boost in the demand for affordable housing is helping the revival of the real estate market. After the introduction of regulatory terms and acts such as RERA and GST, the real estate market of the National Capital Region had slowed down a bit.
However, affordable housing has acted as a catalyst and proved to be a major growth driver in the area, particularly, Sohna Road, Dwarka Expressway, Southern Peripheral Road, and Northern Peripheral Road.
SPR offers a host of commercial establishments, residential projects, entertainment areas, educational institutes, and has location advantages. All these factors will help Southern Peripheral Road micro-market to witness growth in terms of capital appreciation in the next few years.
The market is set to see a phenomenal rise in transactional volumes, which would fuel the sales volume too. Southern Peripheral Road is a major part of New Gurugram that is fuelling the affordable housing segment of Delhi NCR as well.