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For well-to-do end users

Posted online: Saturday, April 07, 2007 at 1355 hours IST

Prime location and high-end developments make Golf Course Road one of Gurgaon’s most sought after residential addresses. If you have the money, buying here for the long-term is a good idea.


If you are travelling from Delhi to Gurgaon via MG Road, take a left turn at Sikanderpur, cross the Bristol Hotel roundabout, and you find yourself on Golf Course Road. In recent times, this 100 m wide, 3 km long stretch has emerged as one of Gurgaon’s most sought after residential cum commercial hubs, second only to MG Road.


If Golf Course Road enjoys an upmarket reputation, the most important reason is its central location. If you live on this road and work in one of Gurgaon’s prime office complexes, you won’t have to travel more than 5 km each day to reach your workplace.


Besides, Golf Course Road itself is one of Gurgaon’s leading commercial hubs. Several IT-ITeS companies like Genpact, Hewitt, and Vertex have their offices here in complexes developed by DLF. Other prominent commercial developments include Augusta Point, South Point and Paras Downtown.


Says Punit Beriwala, MD, Vipul: “Most of the demand on this road comes from high-ranked corporate executives working in Gurgaon.”


What has also helped Golf Course Road acquire a premium tag is the 7,070-yard, 18-hole DLF golf course designed by golfer Arnold Palmer.


Yet another factor is the quality of developments. Says Asim Gandhi, chief operating officer, Parsvnath Developers, which is developing a residential complex, Parsvnath Exotica, on this road: “The projects being developed here all have premium specifications.”


Golf Course Road is also well connected to roads such as MG Road, NH-8, and Gurgaon-Faridabad Road. Travel time to the airport (10-11 km) and to Delhi have shrunk after the completion of the Delhi-Jaipur expressway.


For inveterate shoppers, two malls are operational on Golf Course Road itself — DLF Mega Mall and Central Plaza by Senior Builders - while six more are operational on nearby MG Road.


High prices


Given all the above-mentioned factors, it’s not surprising that property rates on Golf Course Road are high. The cost of a builder apartment ranges anywhere between Rs 4,000-7,000 per sq ft. In a few apartment complexes, such as Aralia and Magnolia by DLF, rates go as high as Rs 8,500-9,000 per sq ft. Over the last two-three years, apartment prices on Golf Course Road have been rising by 28-39 per cent annually.


Correction: Prices are stable at present. They had peaked around six-eight months earlier after which they saw a correction of about 12-13 per cent. Says Ahuja of Realty & Verticals: “The price correction has not been uniform in all projects. Projects that are ready have not been affected. Most of the correction occurred in under-construction projects whose date of possession is far off.”


Plot prices: Plot prices have increased by 12-15 per cent in one year. Says Pradeep Mishra of Zion Global, a Gurgaon-based real estate consultancy: “Within Suncity plots were available for Rs 20,000-25,000 per sq yd one year earlier; the current rate is about Rs 23,000-28,000 per sq yd.


What was available for Rs 52,000 per sq yd in Sector 27 is now available for Rs 60,000 per sq yd.” After touching peak values 6-8 months earlier, plot prices too saw a correction of about 15 per cent.


What’s available


At present, the supply of ready-to-move in properties on Golf Course Road is limited. Most of the premium complexes launched in recent years are still under construction. What’s available is Central Park I by Mahindra-Gesco, and Princeton, Carlton, Wellington, and Trinity Towers by DLF.


For less expensive options, try Suncity township. Here floors are available: a two-bedroom builder floor of 1,100-1,200 sq ft floor sells for Rs 32 lakh. However, you can’t register these floors. Says Ahuja of Realty & Verticals: “People buy these floors on power of attorney basis. Demand for them exists because nothing else in the vicinity of the golf course is available at such an affordable price.”


Beyond Suncity there are societies where you can buy an apartment for Rs 2,500-3,000 per sq ft.


Strong rental demand


Demand for rented apartments comes from high-ranking executives working in corporates within Gurgaon. Says Mishra of Zion Global: “On account of strong demand, rentals have increased by Rs 1,000-2,000 over the last one year.”


In premium complexes such as Central Park I, the rental goes as high as Rs 30 per sq ft per month. Says Ahuja of Realty & Verticals: “In future, the high-end air-conditioned apartments in complexes such as Exotica, Pinnacle, and Summit will command a rental as high as Rs 50 per sq ft per month.”


Looking ahead


The real estate industry expects prices on Golf Course Road to remain stable for the next six months. “Prices will begin to rise once deliveries begin. A year from now, I expect the average price on Golf Course Road to stabilise at Rs 6,500 per sq ft,” says Punit Beriwala, MD, Vipul, which has two residential complexes, Belmonte and Orchid Garden, on this road.


The long-term prospects of this area are bright. Strong demand from the IT-ITeS sector and corporates (according to Trammell Crow, 1.6 million sq ft of office space was absorbed in Gurgaon in 2006) is expected to keep prices here buoyant.


“People who want premium properties but cannot afford south Delhi will head for Golf Course Road,” says Ahuja of Realty & Verticals.


What will also keep prices rising in the long run is limited supply. “While a number of empty commercial plots are still available, there isn’t too much scope for residential developments,” says Ahuja.


Infrastructure developments: The biggest boost to real estate on Golf Course Road, or for that matter the whole of Gurgaon, will come from the Metro. “By shrinking travel time to Delhi, the Metro will boost prices on Golf Course Road and bring them closer to those prevailing in South Delhi,” says Rajiv Malhotra of Sunshine Properties, a Noida-based broker.


A road linking Golf Course Road to Sohna Road is under construction. At their junction, premium projects are expected to be launched in the sectors demarcated in the new masterplan. “If they are close to Golf Course Road, and the developer has a good reputation, the price of these projects could be as high as Rs 4,500-5,000 per sq ft,” says Ahuja of Realty & Verticals.


Should you buy?


If you wish to live in a premium apartment in Gurgaon, Golf Course Road is your best bet. If you’re an investor, however, you must have a long investment horizon — say, five years. “The exponential growth of 30-40 per cent of the past two years won’t happen now, but rates will keep rising at a sedate pace,” says Beriwala of Vipul.



By vayaM CS