June 24, 2024


Mad about real estate

Property Market Of Sonipat: The New Residential Destination

Sonepat is an ancient town in Haryana that is widely popular for its Mughal buildings and Yamuna River. It is one of the important education hubs with plenty of reputed schools and colleges all around the city.

Real estate in Sonipat is witnessing large scale developments in all sectors-residential, commercial and retail. Residential property in Sonipat has especially become a favorite with many as compared to its commercial and retail segment. It is interesting to take a quick look at the property trends in India that led to emergence of Sonepat, a small town as a residential realty destination.

1. As India started developing its infrastructure, it began with expansion of real estate by developing houses and offices on vacant land to meet the industry needs. These realty developments were initially concentrated only on metro cities of the country. This is how Delhi, the country capital; Mumbai, the financial capital; Kolkata, the City of Joy and Chennai became realty hubs.

2. Soon, the rapid paced developments in Delhi real estate and other metro cities reached a saturation point. With no more scope left for further developments there, property builders shifted their focus to other upcoming metros like Hyderabad, Pune, Ahmedabad and Bangalore, the Silicon Valley of India. This resulted in real estate expansion of major cities of the country.

3. But later, these cities also reached the same saturation levels as other major metros. This is when the real estate potential of tier-II and tier-III cities like, Nasik, Indore, Surat, Nagpur, etc. was realized. The suburbs of metros also came into picture at the same time to cater to the growing property demands. Some of them include

– (a) Delhi NCR like booming real estate in Gurgaon, Noida, Faridabad and Ghaziabad;

– (b) Mumbai like Navi Mumbai, etc

This pattern has been followed by property developers to meet the commercial and housing demands of both corporates and individuals. Now, as these suburbs, tier-II and tier-III cities are also welcoming fast realty developments, towns and districts are next in the line. The towns nearing metros like Delhi like Sonipat, Rohtak, Panipat, etc. are grabbing eyeballs of property investors and property developers.

Sonipat real estate is the upcoming residential market near Delhi, the country capital. Barely 50 kilometres from Delhi, is Sonipat seen as one of the largest industrial zones of Haryana. It is fast emerging as an excellent residential and investment destination due to large availability of land and low property prices. A spurt in Sonipat real estate is evident with various developers and builders launching large residential as well as commercial projects in the city.

As Delhi real estate became unaffordable due to sky rocketing prices, NCR like Gurgaon and Noida caught everyone’s attention. Now, real estate in Gurgaon as well as Noida is following the same path as Delhi, developers are looking beyond at other cities. And the next in league is Sonipat that seems to be all set to become the new Gurgaon.

Sonepat is strategically located as it falls in the National Capital Region and has well developed industrial base and supportive infrastructure. Leading brands like Atlas Cycles, Hilton Rubber, ECE, Hindustan Everest Tools and Satnam Overseas already have their units in the town. Besides industries, it also boasts of a rich agricultural base with quality rice, mushrooms and cash crops being cultivated in plenty.

The increasing cost and the rising demand for housing in Delhi coerced builders to look for fresh avenues for developing satellite townships. Therefore, on account of strategic advantage of proximity to Delhi, Sonepat holds a bright future for entrepreneurs, investors and developers.