Gurugram, Nov 14 (PTI) Real estate sector of the district is poised for another phase of growth as the Haryana government moves forward with the land acquisition process for the proposed Greater Southern Peripheral Road (Greater SPR).
The announcement of compensation rates for six villages, involving a total payout of approximately Rs 986 crore, marks an important step towards advancing the infrastructure project, which is expected to significantly improve connectivity across Gurugram and surrounding areas, said an official.
According to an official statement, the land acquisition department has finalised compensation rates ranging from Rs 4.92 crore to Rs 8.25 crore per acre for six villages.
Badshahpur has received the highest compensation at Rs 8.25 crore per acre, followed by Maidawas at Rs 6.17 crore, Behrampur at Rs 5.26 crore, Dhumaspur at Rs 5.19 crore, Ullawas at Rs 4.96 crore and Kadarpur at Rs 4.92 crore per acre.
Approximately 160 acres are being acquired by the department on behalf of the Haryana Shahari Vikas Pradhikaran (HSVP), involving a total compensation of around '¹986 crore. Another 116 acres required for the road have already been transferred to the government in exchange for transferable development rights (TDRs).
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Aman Sarin, Director & CEO, Anant Raj Limited, said, "The progress on the Greater Southern Peripheral Road (Greater SPR) is a significant development for Gurugram's real estate landscape."
Manik Malik, President &CEO, BPTP says, "Infrastructure development plays a fundamental role in shaping the long-term growth of urban centres, and the Greater SPR is an important step towards strengthening Gurugram's connectivity."
"Improved road networks and better access to key residential and commercial hubs can enhance the overall urban experience while supporting the development of emerging residential corridors. As Gurugram continues to evolve as a key residential destination, such infrastructure initiatives will contribute to sustained end-user demand, greater liveability and long-term value creation."
Rishabh Periwal, Sr. Vice President, Pioneer Urban Land and Infrastructure Ltd., said, "The Greater SPR initiative has the potential to be a significant growth catalyst for Gurugram's real estate market, particularly for emerging residential and commercial micro-markets along Golf Course Extension Road (GCER), Southern Peripheral Road (SPR) and adjoining sectors."
Sudhanshu Dutt, CEO, Elevate Homes, said, "The progress on Greater SPR is very encouraging, particularly for emerging locations such as Sector 63A and adjoining areas of Golf Course Extension Road, where improved road networks will further enhance accessibility and strengthen residential appeal."
Sudeep Bhatt, Director-Strategy, Whiteland Corporation says, "The Southern Peripheral Road corridor has emerged as one of Gurugram's important real estate growth destinations, with significant potential across both residential and commercial developments. Such infrastructure investments will play an important role in enhancing the long-term attractiveness of the corridor for homebuyers, businesses and investors."
(This story has not been edited by THE WEEK and is auto-generated from PTI)