Gurgaon real estate benefitted by monorail
The new monorail project will not only benefit the commuters, but the real estate of Gurgaon and Faridabad will also be impacted. The monorail, connecting Gurgaon to Faridabad, is expected to start in April or May 2013 as the trials are over.
This monorail will connect areas like DLF 1, 2, 3, 4 and 5 and it will pass through residential sectors like 24-28. The impact of the monorail will affect the sale and rental values of multi-storey apartments on Golf Course and MG Road, which are expected to increase by almost 20 percent.
As per the market research, the announcement of the monorail in Gurgaon increased the value of the properties by 15-20 percent. The maximum demand in this area is for ready-to-move-in property. The region will witness around 40 to 50 percent growth in terms of selling.
At present the rental values of the multistorey apartments in this area is Rs 35,000-40,000 per month. Sushant Lok’s property price is likely to increase by 30 percent. Currently, the 2 BHK costs around Rs 1.10 crore per sq ft. Whereas 3 BHK apartment on rent is available for Rs 29,000 per month with a sale price at approximately Rs 1.25 crore.
In DLF sectors, the property rate will rise by almost 50 percent when the monorail starts. The average upward trend in this area is approximately 30 percent.
Not only the residential properties in Gurgaon, but commercial properties also expect growth in values. The recent rental price value for Time Towers is Rs 1,30,000 per month and at Golf Course it is Rs 2,00,000 per month.
Soon after monorail starts, the rates will grow by at least 20 percent. Presently, the rental values of the multi-storey apartments in this particular areas varies from Rs 35,000-40,000 per month. Similarly, the rent of houses in Sushant Lok is expected to increase by nearly 30 percent.
A recent survey says that rent of a 2 BHK apartment currently is nearly Rs 25,000 per month and the sale price is around Rs 1.10 crore. Currently, a 3 BHK apartment on rent is available for Rs 29,000 per month with the sale price at approximately Rs 1.25 crore.
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