Gurgaon and New Gurgaon: Real Estate Growth Centers

Gurgaon and New Gurgaon: Real Estate Growth Centers

In last decade, Gurgaon has shown tremendous growth in infrastructural, commercial and residential sectors and it is known as the Millennium City. Due to rapid urbanization, it has the third highest per capita income in India. Shopping area of top fashion brand and the market for super luxury housing projects are booming in the Cyber City. DLF Cyber City has become India Largest Integrated Business District with world class infrastructure and connectivity, attracting many multi-national companies to open their offices. There are bunch of residential projects for the elite class like International City, Garden City, etc, which caters the luxurious needs. Approximately, 30% increase has been registered in the sale of luxurious apartments in 5 years.

Gurgaon Realty Snapshot

According to real estate analysts, Gurgaon is going to experience a greater influx of end-user demand in contrast to the previous trend of the investment. The development of real estate sector is supported by Public Private Partnership (PPP) model to boost the infrastructural activities in Gurgaon. Faridabad-Noida-Gurgaon Expressway and Kundli-Manesar-Palwal Expressway are the major corridors that are catering prominent residential development.

At present, the property market is witnessing a slowdown (slumped down to below 5 per cent in 2013) and it is expected to regain its lost momentum in 2014. According to builders, Gurgaon’s real estate market is expected to grow at around 8% till the general elections, this growth will depend on the new government’s policies. Under the governance of state government, the implementation of affordable housing will be closely examined by a section of developer community, people and investors. Although, the government needs to work rapidly to provide basic amenities for the some localities such as Dwarka Expressway, so that, people could move into ready to occupy projects. Now removal of Gurgaon toll booth will also boost the real estate of Gurgaon and will boost expansion of it due to better seamless connectivity.

New Gurgaon

The upcoming sectors in new Gurgaon (which is proposed to be developed fully according to Master Plan of Gurgaon 2031) enclose the region surrounding the Delhi-Gurgaon Expressway has become the new development hub. Sectors like 102 to 113 and sectors 76 to 95 are predominantly marked as affordable and mid income housing catchments. In most of these sectors, new group housing projects with a hand full of commercial projects has been approved for development in most of these sectors.  Land pooling policy by the government affects the land value, this benefits the investors who has already invested in these localities.

Evolution of Gurgaon’s Development

The trend of land value of Gurgaon city (Dec 2012-Dec 2013):