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Gurgaon Property: Gurgaon Real Estate

 

Testimonials

Recent Properties Posted in Gurgaon

Gurgaon Overview

  • Gurgaon, popularly known as Millennium City, lies at around 35 km from Delhi. It is located in Gurgaon district in the Indian state of Haryana and is also included under the National Capital Region (NCR).
  • Earlier, Gurgaon was known as 'Guru Gram' which means "Village of the Guru". From ancient history, it is learnt that the land was first owned by the legendary rulers Pandavas and Kauravas, who later presented it to Guru Dronacharya.
  • Leading Indian automobile manufacturer Maruti Suzuki India Limited had set up a manufacturing plant in Gurgaon in 1970s. Following this, the city started witnessing tremendous growth.
  • Though Gurgaon has been witnessing rapid urbanization, it has still been facing some issues like lack of proper infrastructure and utilities, frequent power cuts and rising crime.
  • There are over 25 shopping malls in Gurgaon, of which DLF's 'Mall of India' is the biggest. The city has been witnessing growth in all the sectors including residential, commercial, retail, office, institutional, hospital and industrial.
  • Gurgaon has several architecturally significant buildings in a wide range of styles and from distinct time period. There are more than 1000 residential skyscrapers in Gurgaon.

Demographics:

  • The population estimates for Gurgaon, as per 2011 India census, stands at 876,824, of which 54.24% are males and 45.76% females.
  • The population under the age of six is 108,623, with 58,842 males and 49,781 females, making child sex ratio 846.
  • Gurgaon has a good literacy rate. The number of literates is 662,696 with 373,164 males and 289,805 females. The effective literacy rate of population aged 7+ is 86.30 of which the male rate is 89.54 and the female rate 82.46.
  • New job opportunities and cosmopolitan culture of the city attracts younger generation. The current child population shows that in the next 10-15 years, there will be a huge rise in the number of working population.

Economic growth factors

  • Gurgaon is currently a leading financial and industrial center of India. It is a prime hub of multinational companies, software companies, telecom companies, call centers, shopping malls, multiplexes and skyscrapers. It is a home to nearly 250 Fortune 500 companies.
  • Gurgaon has emerged as the city with third highest per capita income in India.
  • The city is among the most important offshoring centers in the world. It houses Indian corporate headquarters of many leading international companies like American Express, Microsoft, IBM, Coca-Cola, etc.
  • IMT Manesar is a fast growing industrial town which is in vicinity of Gurgaon. It is being called as 'New Gurgaon' by some of the developers since the area is witnessing huge growth. It has provided employment to over 100,000 people.
  • The city offers a large number of employment opportunities. With Gurgaon emerging as a hub for IT and IT-enabled services, several high-income jobs were created.
  • Gurgaon is also notable for its real estate growth, which brought in a spur in the entire economy. Many renowned real estate developers have set up their companies here.
  • Reliance Venture and Haryana government are set to establish a multi-product special economic zone (SEZ) in Gurgaon. Japanese companies like Mitsubishi and Panasonic are given large contracts to set up manufacturing and logistics facilities for the special hundred square kilometers economic zone. This ambitious project is likely to create another 1.5 million new jobs in Gurgaon.

Connectivity

  • Gurgaon has excellent connectivity to Delhi through the Delhi-Gurgaon Expressway, which forms a part of the National Highway 8. One can also reach Delhi through the Expressway and Mahatma Gandhi Road (Ring Road) or through the Mehrauli-Gurgaon Road.
  • Through the NH-8, which is also a part of the Golden Quadrilateral project Gurgaon is well-connected to other cities including Jaipur, Udaipur, Ahmedabad, Vadodara, Surat, Mumbai and other parts of the country.
  • The city is connected to various parts of the NCR through roads including NH-8, Sohna Road, Pataudi Road, Mehrauli-Gurgaon Road, Golf Course Extension Road, Faridabad Link road and Jhajjar Road.
  • Dwarka Expressway, also known as Northern Peripheral Road (NPR), will connect Dwarka with NH-8 at Kherki Dhaula and will pass Pataudi Road.
  • The connecting roads to New Delhi have been broadened to clear the traffic bottlenecks. The eight-lane toll expressway is also being extended to smoothen the traffic from and towards Delhi.
  • The city is located at less than 20 km from Indira Gandhi International Airport and has easy connectivity too.
  • Gurgaon is also connected to Delhi and other suburbs via Delhi Metro. But metro is not much preferred by commuters as the areas connected by the network are limited with only five metro stations in the city.
  • Rapid Metro Rail Gurgaon has also become functional from November 14 boosting the transport system of the city.

Gurgaon civic administration

  • Haryana Urban Development Authority (HUDA) is the urban planning agency of Haryana. It was established in 1977 and its headquarters is located in Panchkula. HUDA is responsible for the development and maintenance of residential, commercial, industrial and institutional areas in the state.
  • Dakshin Haryana Bijli Vitran Nigam (DHBVN) is responsible for supply of electricity in Gurgaon. The authority distributes power in around nine districts of Haryana while the Uttar Haryana Bijli Vitran Nigam (UHBVN) distributes power in North Haryana. Gurgaon has a power consumer base of 360,000 with average power load of 700-800 MW. There are frequent power outages in the city, and the problem gets worse during summers.
  • 7 Gurgaon district is divided into four zones  North, South, East and West. It is further divided into 35 wards. The Municipal Corporation of Gurgaon (MCG) is responsible for the municipal works related to the district.
  • The major concerns of the residents are increasing power cut issues and crime rates in the city. Policing has been provided by Gurgaon Police and a separate traffic police department is also functioning in the city. Fire protection within the city limits is provided by MCG through four fire stations.

Infrastructure projects:

Project

Impact areas

Expected Completion Date

Remarks

Dwarka Expressway or Northern Peripheral Road (NPR)

150 m-wide road connects Dwarka in New Delhi to Kherki Dhaula in Gurgaon.

By March 2014

(Ongoing project)

A new residential belt has emerged along this road.

Provides easy access to Delhi airport and Dwarka sub-city.

Kundli-Manesar-Palwal Expressway (KMP Expressway) or Western Peripheral Expressway

Along its route, the 135 km long KMP e-way passes through Manesar and intersects national highways 1, 10, 8 and 2.

By 2014 (Ongoing project)

Delayed for long, around 70% complete.

Significant increase in demand in Manesar

Delhi-Mumbai Industrial Corridor (DMIC)

A 1,483 km-long mega infrastructure project between Delhi and Mumbai

Not available

The project aims to develop industrial zones spanning across six states

Three new underpasses

IFFCO Chowk, Signature Tower crossing and Rajiv Chowk

Not set

Decongest traffic at these junctions.

Extension of Metro line up to Manesar town

Significant infrastructure development is happening in Manesar.

Not set

Reduces travel time from Delhi to Manesar.

Residential real estate market in Gurgaon

  • Gurgaon is primarily an investor-driven market. Factors like proximity to Delhi and international airport, availability of land parcels, employment opportunities, industrial development, favourable tax policies, etc. have paved way to real estate boom in the city.
  • The prime micro-markets of Gurgaon include NH-8, MG Road, Golf Course Road, Golf Course Extension Road, Manesar, Dwarka Expressway and Sohna Road (now being referred to as Gurgaon Extension).
  • Gurgaon is the second largest contributor to NCR's residential market. The micro-market holds 24 percent of the under-construction units. The Millennium City is expected to house around 2,500 multi-storey towers by 2018.
  • Gurgaon's residential market caters to all segments of the target audience as it offers properties ranging from one bedroom flats to luxury villas and penthouses.
  • The city provides different highrise living in apartments and flats. Rental housing is also available with ample options of various housing typology. Following are some of the key localities in Gurgaon with popular real estate.

Key localities in Gurgaon

Gurgaon

Price per sq.ft. in Q3-2013

Rent per sq.ft. in Q3 2013

Locality

high

low

DLF-II

12760

34

16

DLF-III

11630

35

14

Dwarka Expressway

6020

   

Golf Course Road

14740

42

18

Sector-102

5920

58

 

Sector-37 D

4480

30

14

Sohna Road

8690

24

14

Sector-104

5720

-

-

Golf Course Extension Road

12,900

22

45

Charges levied by Government Bodies in Gurgaon

  • Property Registration
    • Stamp Duty: 6 percent of the property value
    • Registration Charge: Rs 15,000 if the property value is above Rs 20 lakh
    • VAT: 4 percent. The government of Haryana levies different VAT rates on construction material. In this regard, the Government has proposed a two-way payment of VAT: 1. Developers can either pay VAT at the rate of 4% on project cost, which will include material, land and labour or they can pay VAT against the bills generated on the purchase of cement, sand, steel and other construction materials used in the project.
    • Service Tax: 3.3 percent (on agreement value only for under construction properties)
  • Gurgaon electricity tariff rate slab:
    • Dakshin Haryana Bijli Vitran Nigam (DHBVN) takes care of the power supply for Gurgaon region.
    • Rs 2.98 per unit for consuming upto 40 units
    • Rs 4.75 per unit for consumption between 41 to 100 units
    • Rs 5.98 per unit for consuming more than 800 units
    • There is a different tariff plan for a power consumption of more than 100 units and up to 800 units. They are billed differently in three different sub-categories, as follows-
    • Rs 4.85 per unit for consumption of 101 to 200 units
    • Rs 5.85 per unit for 200 to 800 units
  • Gurgaon Property Tax:
  • For residential properties:
    • Up to 300 sq yard, property tax applicable would be Re 1 per sq yard
    • 301-500 sq yd Rs 4 per sq yd
    • 501-1,000 sq yd Rs 6 per sq yd
    • 1,001 sq yards-2 acres Rs 7 per sq yd
    • Above 2 acres Rs 10 per sq yd
  • For commercial properties:
    • Up to 1,000 sq yd  Property tax levied at Rs 12 per sq yd
    • Above 1,000 sq yard  Property tax levied at Rs 15 per sq yard
  • Institutions (commercial)
    • Up to 2,500 sq yd Rs 12 per sq yd
    • 2,501-5,000 sq yd Rs 18 per sq yd
    • More than 5,000 sq yd Rs 24 per sq yd
  • For Institutions (non-commercial)
    • Up to 2,500 sq yd Rs 10 per sq yd
    • 2,501-5,000 sq yd Rs 12 per sq yd
    • More than 5,000 sq yd Rs 15 per sq yd

Religious places, orphanages, government hospitals, central and state government office buildings, and basements which are used exclusively for parking are exempted from payment of property tax. However, there are some more exceptional cases for the payment of property tax.

Gurgaon Real Estate Growth

The rapid influence of commercialization and urbanization from last decade has paved way for successful growth of real estate sector in Gurgaon. Few favorable factors are as below: * IT and BPO capital of India. *Excellent role play of realty developers and investors. *Growth of of land development for residential, retail and commercial purposes. *Huge investments from corporate firms and organizations *Home for India's top business schools.