Gurgaon Property Market Is A Good Destination For Home Buyers
Gurgaon property market is an important realty market of the country, and especially in the NCR. Investments in both the residential and commercial property of Gurgaon have accrued remarkable returns. Office space absorption in Gurgaon is among the highest in India.
Gurgaon, popularly known as Millennium City, situated towards south-west of Delhi. It is located in Haryana and is also included in the National Capital Region (NCR). The city is one of the fastest growing urban areas in India.
Haryana Government has decided to rename Gurgaon as Gurugram. Guru Gram means “Village of the Guru”. Ancient history tells that the land was first owned by the legendary rulers Pandavas and Kauravas, who later presented it to Guru Dronacharya.
Gurgaon is the centre of leading financial, industrial, information technology and service industry of India. It is a major offshoring centre in the world. It is a prime hub for multinational companies, software companies, telecom companies, call centres, shopping malls and skyscrapers. Moreover, nearly 250 Fortune 500 companies have offices in Gurgaon. The city houses Indian corporate headquarters of many leading international companies like American Express, Microsoft, IBM, Coca-Cola etc. Maruti Suzuki India Limited had set up a manufacturing plant in Gurgaon in the 1970s.
Gurgaon also has many five-star hotels, golf courses and outlets of leading fashion brands. Besides, there are many shopping malls in Gurgaon. DLF’s ‘Mall of India‘, Ambience mall, MGF Megacity Mall, Sahara Mall, Metropolitan Mall, MGF Mall, Raheja Mall, Plaza Mall, Omaxe Mall and Ansal Plaza Mall are the popular malls in the city.
Gurgaon has many parks like Leisure Valley Park and Netaji Subash Chandra Bose Park. Appu Ghar is another major entertainment avenue in Gurgaon.
Gurgaon is located at less than 20 km from Indira Gandhi International Airport. Besides, It has easy connectivity too with 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 connects Dwarka in New Delhi to Kherki Dhaula in Gurgaon. Hence, It provides easy access to Delhi airport and Dwarka sub-city.
Kundli-Manesar-Palwal Expressway (KMP Expressway) along its route passes through Manesar and intersects national highways 1, 10, 8 and 2.
Delhi-Mumbai Industrial Corridor (DMIC) is a 1,483 km-long mega infrastructure project between Delhi and Mumbai. The project aims to develop industrial zones spanning across six states. Moreover, NH-8, which is also a part of the Golden Quadrilateral project, connects Gurgaon to other cities including Jaipur, Udaipur, Ahmedabad, Vadodara, Surat, Mumbai and other parts of the country.
Besides, Gurgaon has excellent connectivity to Delhi through the Delhi-Gurgaon Expressway or through the Mehrauli-Gurgaon Road. It is also connected to Delhi and other suburbs via Delhi Metro. Even though Gurgaon has a metro connectivity, most parts of Gurgaon are not covered by metro lines.
Gurgaon property market
Gurgaon is an important realty market of the country, and especially in the NCR. Investments in both the residential and commercial property of Gurgaon have accrued remarkable returns. Office space absorption in Gurgaon is among the highest in India.
Residential projects of Gurgaon cater mostly to the luxury housing segment. However, there are projects which are designed to suit all budget ranges. The city’s residential real estate market caters to all segments and offers properties ranging from one bedroom flats to luxury villas and penthouses. It provides different high-rise living in apartments and flats.
Furthermore, Gurgaon’s property market offers huge penthouses, villas and lavish apartments in luxury living and thus gives a tough competition to the global trends in luxury housing.
The top ranking builders and key projects in Gurgaon are: DLF’s Privana, Vatika’s Xpressions, Godrej’s 101, Eldeco’s Accolade, Ireo’s Uptown and The Grand Arch, ILD’s Arete, Central Park III Independent Floors, Supertech’s Hill Town, Emaar MGF’s Palm Terraces Select, Vipul’s Aarohan, M3M’s Sierra, Tata’s Raisina Residency, Raheja’s Revanta Surya Tower, Orris’s Carnation Residency and Aster Court Premier.
Following are some of the key localities popular with respect to Real estate in Gurgaon:
The prime micro-markets of Gurgaon include NH-8, MG Road, Golf Course Road, Golf Course Extension Road, Dwarka Expressway, Sohna Road and Pataudi.
Sohna road is an emerging real estate destination which is now known as south Gurgaon. When the ongoing infrastructure projects in Gurgaon are completed, Dwarka Expressway is likely to be one real estate destination. Golf Course road and Golf Course Extension road are emerging as potential destinations for real estate investment in NCR. In addition, New Gurgaon is an area which is linked to the NH-8 and is well connected to regions like Manesar. Reputed developers are building projects in New Gurgaon.
Prices of apartments in Gurgaon range between INR 4000 to INR 7000 per square feet. The luxury properties are priced between INR 7000 to INR 18000 per square feet. The luxury property is quite costlier and the price range is somewhat between INR 1 to 3 crores. Moreover, the market price of the flats in Gurgaon is estimated to appreciate by 8% to 15% every year.
Builders of Gurgaon, launched fewer apartments to focus on execution and inventory clearance. Although, the absorption rate here is slow but is still better than other tiers I cities. While Gurgaon’s realty market favoured developers in the period 2010-12, it is now clearly a buyers’ market.
However, Gurgaon has seen some new launches in the affordable housing category under the Haryana government’s Affordable Housing Policy 2013. These dwellings are priced at under Rs 25 lakh.
According to a recent report published in The Times Of India, the Haryana government has announced a measure to create more space for housing in its cities by allowing plot owners to increase ground coverage as well as purchase additional floor area ratio (FAR). This means the state’s urban spaces, particularly NCR cities like Gurgaon and Faridabad, will get both taller and more congested. The increase in FAR approved by the government ranges between 0.35 to 0.80, depending on the size of the plot.
Though Gurgaon has been witnessing rapid urbanisation, the major issues of the residents are the frequent power cut, lack of proper infrastructure and crime rates in the city.
The past couple of years has been also tough for Gurgaon’s property market due to the slump. Due to the decrease in sales and new launches, prices came down and the overall sentiment declined in the last couple of years.
However, the future of Gurgaon’s real estate market is positive and hopeful. Therefore, the real estate market of Gurgaon is expected to rise due to the rate cuts by RBI, higher economic growth, easing of FDI norms on real estate and other government initiatives. Moreover, the recent rate cuts by the RBI is likely to see further rate cuts on home loans, resulting in greater demand for new homes.
The city creates a large number of high-income jobs and opportunities and its cosmopolitan culture also attracts the younger generation. In conclusion, factors like connectivity to Delhi, proximity to Indira Gandhi International Airport, availability of land parcels, employment opportunities, industrial development, favourable tax policies, etc. are the prime reasons behind the growth of Gurgaon and its real estate market.
Gurgaon Property Market Is A Good Destination For Home Buyers
Ajay Verma, founder, and writer of The Housing World, a real estate and mortgage news website. He has over fifteen years of rich experience in the above-mentioned industries.