Gurgoan – The Hotspot of Real Estate
From the realms of anonymity, Gurgaon has become a popular business destination today. Growth of this city started in early 80s and has not seen a slump since then. Years back, nobody could have imagined the attention of MNCs that Gurgaon receives today. But what exactly are the factors lying behind the steady growth in the region, with halls, commercial and residential high activity?
Once Gurgaon was known for the manufacturing plant of Maruti, then GE and DLF buildings and today for Malls. The movement has been fast and drastic. Supply of land, infrastructure developments and connectivity to Delhi were some of the key reasons for the drastic growth. In Delhi / NCR too the trends continue to prove that this will be the decision of the IT / ITES industry. In the last one year, more than 75% of the commercial Grade A space in the NCR was leased by IT / ITES corporations, of which approximately 70% was leased in Gurgaon. However there have been various issues that the city has over come for to emerge as the realty hotspot.
Gurgaon, the hotspot of real estate, is plagued by transport inequities. While buses run the route, Delhi to Gurgaon is cumbersome journey if one does not own a vehicle. To some extent this has been addressed by infrastructure developments in the city. The 8 lane, 28km highway is a boon to the commuters and shortens a 1 hour distance to 20 minutes. Further transport problems will be solved by Metro Services starting in July 2010.
Beside, the city promises to keep the supply up for both residential and commercial development with the emerging neighborhood regions that are proving to be high – yield investment opportunities. Cities like Manesar, Bhiwadi, Dhaurhera, Rudrapur and Neemrana are hot destinations for industrial as well as real estate developers and have witnessed extensive development through both public and private participation.
For example take Bhiwadi, 5 kms from NH8 and 30 kms from Gurgaon, it is appealing a large number of industrialists to the city. Bhiwadi has acquitted the status of priority town / Regional center of NCR. It is surrounded by a number of towns like Chaupanki, Kushkhera, Dharuhera, Bawal and Manesar. Some of the major industries are Gillette, Kajaria, Bosch & Lomb, Tata BlueScope Steel Limited and Hero Honda. DLF, Sahara, Parasvnath already have their presence in the region Bhiwadi has an interesting future. Bothe commercially and mainly this area is bound to see additional development in the next few years.
Manesar, is also an upcoming destination. This region is inspired by the Chandigarh town planning, and is large focusing being a green cover, residential and commercial destination. Prices in the region have shot up from Rs. 20-25 lakh per acre to Rs 1.10-3.50 crore per acre. The story is the same in enhancing commercial space, and improving connectivity. The plan will include all important amenities like boarding houses, health institutions, social, community, recreational and religious buildings, educational buildings, cinemas, commercial and professional offices, retail shops and restaurants, local service industries, petrol / CNG stations, bus stops, tongas, taxis, scooter and rickshaw stands, nurseries and green houses, hotels, cyber and IT parks.
Palwal, one another destination has also seen extensive real estate activity, where land rates have risen from Rs 14 lakh per acre to Rs 45-80 lakh per acre. Along all this, the Haryana Urban Development Authority has also laid out a master plan that will release 33,726 hectares around Gurgaon, three times Gurgaons size. Half of the total amount that is 14,380 hectares will be devoted to residential development.
So Gurgaon has successfully gelled into the rhythm of Delhi and is a most sought after destination today. Be in Retail, Commercial or Residential. Infact Retail activity has been expanded in Gurgaon. Therefore developers may also need to balance the needs of real estate.
Recently there have been indicators of slow demand across Delhi – NCR including Gurgaon, but Government interest and focus on realty in the state is the harbinger of good investment fortunes for the investor.
So, Go ahead an invest money in the future of real estate. There are various ways in which you can approach and get the latest information on the real estate in Gurgaon. The easiest method is to search on real estate portals. With lakhs of properties listed, the sites give a fair idea on the prices, budget, property types and availability of properties. Some intelligent sites have their own mechanisms to list the popular investment zones in a particular city. This feature is helpful as these are mapped on supply and demand in an area. Beside, most property portals also have Loan help and EMI calculators on the site.
The Gurgaon realty scenario is upbeat and if you are interested in getting a house in the region, get going. It is definitely the best bet!