Interior Magnolia

Interior Magnolia

Golf Course road is currently the most prestigious address in Gurgaon to work at, and to stay in

Long and wide roads, slick building facades, and upscale properties hovering all around the DLF golf course (that occupies pride of the stretch bang in the middle of the road) — this is the profile of the Golf Course road. This road is clearly the place to be at, a status symbol in Gurgaon, and is for those who value address, or those who either belong to or wish to join the league of movers and shakers! Even though property brokers' statements are generally high on hyperbole, nearly everyone, from residents to office goers and from developers to brokers in Gurgaon say that Gurgaon's Golf Course road is poised to be the Golf Links of Delhi, in premium score chart, albeit in vertical expansion instead of horizontal given the sheer dearth of land for horizontal expansion.

It started with the coming of golf course developed by DLF, which changed the tenor and complexion of this road distinguishing it from all others. Typically, any location's value and desirability increases with the presence of a golf course. Many of the reasons why people buy properties near golf courses transcend the game and have nothing to do with whether the buyer plans to play golf. The prestige of living in a place near the golf community often translates into greater social and business opportunities. Being in the neighborhood a premium Golf and Country Club is a status symbol and the other advantage is that it is in the vicinity of Indira Gandhi International Airport.

After the golf course, came premium offices. Today, the Golf Course road abounds in commercial properties, like Genpact office, American Express, Ernst & Young, Dell, Vertex, Hewitt, Global Business Foyer, Paras Twin Towers, Suncity Business Park, Ninex Time Tower and Varitas. Apart from the offices it also has some shopping malls like Central Plaza, Mega Mall and hotels like IBIS. The current office capital value is in the range of Rs 90-120/sq ft/month.
Nearly all prominent national-level developers have a foothold on this road — DLF, Emaar MGF, Parsvnath, for instance — though the road is essentially backed by the DLF. The initial set of projects included Central Park 1, DLF's Icon, Pinnacle, Aralia, Magnolia.

Central Park I located adjacent to Vertex and Hewitt buildings, close to DLF Golf Club is spread over 14 acres and has water bodies, lily ponds and Garden gazebo along with a jogging path. The complex consists mostly of 3-, 4-bedroom apartments with a few 5-bedroom flats with penthouses in all of them. Aralias is a high-end residential apartment at a walking distance from the Golf Club. This complex consists of 4-, 5-bedrooms apartments, penthouses and duplexes. DLF Pinnacle and Icon are selling for Rs 22,000/sq ft in the re-sale market or about Rs 12 crore to Rs 13 crore. The Palm Springs and Vipul Belmonte are the other projects.

The Palm Springs is a 15.8-acre luxury residential development adjacent to the Golf Course. The development consists of 79 luxurious independent villas and 230 exclusive apartments, available in 3-, 4- and 5BHK options and available in the range of 2,650 sq ft to 4,600 sq ft. Palm Spring starts with a price tag of Rs 1.7 crore.

The newly launched properties on the Golf Course road include DLF Belaire and Park Place, Salcon Verandas, La Lagune by Suncity & ABW and Parsvnath Exotica. Golf Course residential properties are primarily luxury units available in nothing less than 2,500 sq ft apartments, at a minimum unit capital value of Rs 7,000/sq ft. Most of the apartments are centrally airconditioned with VRV — an energy-efficient technology. These apartments generally have a fully loaded modular kitchen with refrigerator, microwave, dishwasher, washing machine, chimney; modular cupboards in all bedrooms, and geysers in bathrooms. Besides, there is Italian-marble flooring, laminated wooden flooring in the bedrooms, smart security systems and high-speed elevators. Lifestyle amenities like clubhouse and swimming pool are there in all projects on Golf Course road.

Park Place, which was launched in November 2006 and will be ready by August 2011, has units of 2,329 sq ft for 3BHK + utility room apartment going up to 2,704 sq ft for 4BHK apartments plus utility room at the unit capital value of Rs 7,250/sq ft. The Belaire was launched in August 2006 and will be ready for possession by August 2011 — the size of these apartments range from 3,000 sq ft to 4,000 sq ft for 4BHK apartments with one and two utility rooms. The unit capital value here is Rs 7,750/sq ft.

Parsvnath Exotica was launched in April 2005 and has in its product mix 3-, 4-, 5- and 6BHK apartments, penthouses and villas in its 18 towers. The company has already started giving out possessions to buyers in five towers. The built-up area for a 3BHK is 2,645 sq ft, 3,400 sq ft for 4BHK, 4,665 sq ft for 5BHK and 8,580 sq ft for 6BHK — and the unit capital value is Rs 7,500 per sq ft. According to company spokesperson: "The unit capital value has registered appreciation by 56% till July, 2010. The appreciation has happened because of the continuous improvement in valuation of property and the premium location. The Golf Course road is one of the prime locations in Gurgaon and thus is appreciating on a regular basis. Apart from this, the recent revision in circle rates has also guided the appreciation in valuation of property."

On being asked if they were pegging it as premium project owing to the sheer size of the project (the bigger the better), or cost or presence of big branded players/partners or lifestyle amenities, the Parsvnath spokesperson confirms that Exotica is a premium project and says: "There are many things to be considered before fixing the price of a property. The prime factor is the location. Parsvnath Exotica is located in one of the most prime areas of Gurgaon. Even a small land parcel costs a huge amount.

The second factor is the amenities provided. At Parsvnath Exotica, a resident need not to go out for any kind of recreational activity. Right from gym to sports to swimming pool, every thing has been properly taken care of. Also, the size of a project also plays a major role. There are altogether 18 residential towers with 84% of open and green area. All these projects come with a pool of lifestyle amenities for its customers like swimming pool, billiards and snooker, gym, squash court, badminton courts, lawn tennis, card room, play park."

La Lagune is yet another residential project on Golf Course road built by ABW Group in collaboration with Suncity. This project at Sector 54 has condominiums and is spread over 11.3 acres - it was launched in end- 2006 and is due for possession in early 2011. There are 4BHK apartments and penthouses with a minimum built up area of 3,160 sq ft. The amenities include exclusive clubs, cultural centers, swimming pools, wi-fi for each apartment. Accordingto Aditya Bansal, MD of ABW Group: "In the last few years, the rising corporate culture has spawned the demand for commercial space in Gurgaon and as a result, both residential and commercial real estate sectors have got a tremendous boost. Gurgaon has been the hub of activity in the recent times resulting in a significant rise in unit capital value across all segments of housing." ABW group is planning to launch another high-end, luxury residential project on Golf Course extension road in Gurgaon.

Residents of Golf Course road are a satisfied lot, to a great extent. According to Shonali Bedi, an interior designer living in Central Park 1: "I am very happy living here. This place is strategically located and is accessible from all points. The bypass between MG road and Golf Course road has eased commute between the two roads substantially and one does not have to negotiate the Sikandarpur traffic jam any longer. The positioning is upscale as is the profile of residents. This road is also much wider than other roads in Gurgaon." However, on condition of anonymity, some insiders say that for some residents it has been a bit of a let down as developers charge a premium from them, promising the golf view but with new construction coming up, the view is that of an apartment, a concrete jungle staring into their faces instead of the serene golf view. For example Magnolias has blocked the golf view for Central Park 1 blocks.

To cater to shopping needs of residents there is Galleria next-door. Hospitals like Paras and Artemis are 5km away. There are two hotels coming up, one school as well as a hospital. Although there are regular power cuts, the problem has been taken care of by the private developers, as most of these apartments have 24x7 water and power backup. On the flipside, water clogging is still a problem. Also, the prices have already touched the roof. Traffic too is a bother. One reason for high prices is that most apartments here are ready-to-move-in.
According to realty consultant Sunny Ganjoo of Hamptons International India Pvt Ltd: "Golf course road is the best location in Gurgaon It has excellent connectivity to the city and highway, Faridabad as well as the Gurgaon malls and offices. The entire stretch of the Golf Course road is well connected with arterial roads like MG Road and NH 8. "

Courtesy by : Times Property Dtd : August 21, 2010
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