After Corona, property rates in Delhi-NCR have skyrocketed. Especially if we talk about Noida and Gurgaon, the prices of both residential and commercial places have increased so rapidly that they have left behind all the metro cities of the country. However, after this boom in Gurugram and Noida, now another city of Delhi-NCR is emerging rapidly. In the coming few years, it is going to prove to be the growth engine of Delhi-NCR.
Let us tell you that the prices of residential, industrial and commercial properties in Sonipat city, located about 44 km from Delhi, are witnessing a tremendous jump. Not only this, with the help of Sonipat Master Plan 2031, Sonipat is connected with seamless connectivity with the national capital and other major cities through an extensive network of roads and highways. The investments being made in Sonipat show that it is becoming an attractive destination for businesses looking to expand in North India.
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Urbanization and infrastructure development in this planned city has made Sonipat an attractive investment hotspot. The growing demand for real estate and other services in Sonipat due to the growth of residential and commercial projects including shopping malls, hospitals, educational institutions and entertainment hubs is giving ample opportunities for investors to invest.
Recently Maruti-Suzuki set up a plant
Maruti-Suzuki’s recent commitment to invest Rs 18,000 crore for a new manufacturing plant in Sonipat is expected to act as a major catalyst for the city’s economic outlook. It is projected to produce 100,000 vehicles per annum, an effort that is expected to boost job creation and attract a skilled workforce to the region. Hence, property is also set to boom.
Residential demand is rising
Rahul Singla, Director, Mapsco Group, Sonipat, says that due to limited places and rising prices in cities adjoining Delhi like Gurugram, Noida, people are moving towards cities with lower prices and better infrastructure and connectivity for investment. And Sonipat, which is directly connected to Delhi-Noida, has taken the lead in this. With favorable factors like development of supporting infrastructure, lower living cost and better connectivity, Sonipat is emerging as a major destination for both home buyers and investors looking for attractive and safe investment options. Not only this, employment opportunities are also increasing here due to industrial corridor, low cost of land, high return potential.
Educational institutions are increasing footfall
The growing industrial and commercial sector in Sonipat, as well as the coming of educational institutions here, are further boosting the city’s economic prospects. This creates fertile ground for growth and innovation. Sonipat has a simple and diversified economy, which includes strong agricultural production, a growing manufacturing sector, and a thriving service industry.
Low population and development
Like Delhi and Gurgaon, Sonipat also does not have a very large population. However, urban development is happening at a rapid pace. Mohit Malhotra, founder and CEO of residential real estate platform NeoLiv, says that there are excellent opportunities for the middle class in residential areas as well as industrial possibilities for the upper class. The harmonious blend of attraction affordability, accessibility and lifestyle amenities is increasing people’s interest here. With the emergence of large global-scale industries like the upcoming Maruti Suzuki plant in the vicinity of the Sonipat region, these places are set to increase the demand for mid-income housing projects and plotted developments, which will make the area vibrant and turn it into a good neighborhood.
Shashank Vashisht, Executive Director, EXP Realty India, says that Sonipat’s real estate market reflects the city’s transformational journey, offering an attractive mix of opportunity and prosperity. Due to its strategic location, seamless connectivity and rapidly growing economy, Sonipat’s real estate market offers fertile ground for investors who not only want returns but also want to share in the city’s bright future. From luxurious residential areas to state-of-the-art commercial spaces, Sonipat’s real estate canvas is bringing new opportunities. With its strategic location, economic strength and continuous development efforts, Sonipat is set to emerge as NCR’s next growth center.
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FIRST PUBLISHED : June 27, 2024, 19:47 IST