The Haryana State Industrial and Infrastructure (HSIIDC) has finalized and held a meeting in regard to explain their future visions for the development of IMT Sohna as the future IT hub and one stop destination for the electronics and IT industry. In the meeting, officials of HSIIDC have developed and presented their plans to transform IMT Sohna into the hub of boosting industrial and commercial activities in the township. Many suggestions and feedback were taken from the industry experts and leaders. Positive response was elicited from the meeting and the plan already has interest of many investors and businessman. Many businesses and brands have expressed their keen interest in setting up their office under this plan.

HSIIDC chief coordinator, Sunil Sharma said that “Meeting was held to explain the plan of transformation of IMT Sohna into the IT hub to the government and other officials and take approval from them. Officials were happy from the proposal and gave a good response. There are some good suggestions that will further improve the plan. An enthusiasm and loads of interest is observed as a response from the industry giants and representatives. After the revision of proposal and few more additions, another round of consultation will be held with the officials and industry representatives soon.

Initial plan for IMT Sohna was proposed in 2018 that 1500 acres of land will be used for IMT Sohna that is on KMP Expressway. Due to tepid response, the project was put on a halt. Last year when the plan of transforming IMT Sohna into Electronics Manufacturing Cluster (EMC) with the land spread of 500 acres. Many investors and businessmen got interested in the project when the government announced total budget of Rs. 334 crores for this project.

The independent floors launched from October 2020 in different phases at DLF City, Gurugram started with Rs 11,000 per square feet in October and have gone up to Rs 15,000 per square feet in subsequent launches to date, he said.

Real estate developers have launched 4,500 independent floors during the January-September 2021 period in Gurugram and Faridabad, about 40 per cent of the new housing supply in these two cities, to meet rise in demand of such properties during the COVID-19 pandemic, according to property consultant Anarock.

Over 20,000 independent floor flats are expected to be launched in both the cities in the next one year, it estimated.

“Approximately, 10,970 units across different property types have been launched in Gurugram and Faridabad between January to September 2021, of which 4,500 units are independent floor units,” said Santhosh Kumar, Vice Chairman, Anarock.

Between 2006 and 2010, nearly 21,300 independent floor units were launched in these two cities. However, supply dropped to about 10,000 units between 2011-2015 and just 2,990 units during 2016-2020.

Kumar attributed increase in supply to the changing buyer preferences due to the pandemic and the Haryana government’s Deen Dayal Jan Awas Yojna scheme, under which developers can build independent flats up to four floors and sell them individually.

“Many developers with land banks in these cities are now lining up for licenses to construct independent floor homes,” he added.

“…today, branded players like DLF Ltd, M3M, Trehan, Signature Global, BPTP and Raheja are in the fray,” the consultant said.

The development turnaround time for independent flats is faster than high-rises, and money generated from builder floors starts flowing within one year, Anarock said, while highlighting the reason for growth in this particular category.