Golf Course Road a prestigious commercial and residential location
It started with the coming of golf course, a DLF project, 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 top reasons why people buy properties near golf courses transcend the game and have nothing to do with whether the buyer plans to play on the golf course themselves. The prestige of living in a place near the golf community often translates into greater social and business opportunities. Being in the neighborhood of a premium golf and country club is a status symbol and the other advantage is that it is also in close vicinity to the Indira Gandhi International Airport.
Premium offices and premium commercial properties abound on Golf Course Road. Some of the significant office buildings include Genpact, 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, there are 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 per sq ft per month.
The rental value at Central Park 1 ranges from Rs 50,000 to Rs 1.50 lakh depending on unit size and at Vipul Belmonte, it is Rs 40,000-60,000, again depending on unit size.
The entire stretch of Golf Course Road is well connected with arterial roads like MG Road and National Highway 8 (NH-8). Although there are regular power cuts, the problem has been resolved by the private developers, as most of these apartments have 24-hour water and power backup.
The current rate for a low budget TDI Orania is Rs 8,000/sq ft while semiluxury project like Abw La lagune and Sun City is Rs 9,000/sq ft. Luxury apartments are touching Rs 12,000-14,000/sq ft for DLF properties like Belaire and Magnolias. Here, residential plot land costs Rs 1-1.2 lakh/sq yd. From 2009, the Haryana government has also allowed separate registration for independent floors.
Golf Course Road has registered, at the minimum, an appreciation of 20% in residential properties in the last six months, ever since developers increased rates in the range of Rs 500-2,000/sq ft.
No new residential project has been added on this road. But DLF has launched a new commercial project at Golf Course Road in Gurgaon, DLF Horizon Centre, which is a large 25-storey tower with ample parking space. Spread over 14 acres, Horizon Center has high-end retail shops, multiplexes, and has been selling at Rs 18,000/sq ft.