By Dr. Sanjay Chaturvedi, LLB, PhD.Gurgaon is one of the fastest developing cities in northern India and its proximity to New Delhi helps. Gurgaon is a massive economic engine for Haryana and over 50 per cent of the state’s income tax revenue comes from Gurgaon and Faridabad. The city is also a great example of world-class infrastructure, work and living environments which makes it a magnet for global investors and business communities.
Though, Gurgaon is best known for India’s most prominent IT hubs, some of the real estate players like DLF, Unitech and Omaxe have played major role in putting Gurgaon on global landscape.
The role of the private sectors is very important in effecting changes. DLF, Unitech, Omaxe and Ansals groups bagged land banks in the region helped by pro-active policy of the government allowing the private sector to consolidate land for township development. As a city developed by private enterprise, Gurgaon topped the chart on real estate. Global IT companies like Genpact, Dell, Accenture, Hewitt Associates and other sectors representatives- Ciena Corporation, Aicatel, IBM, Hero Honda and Maruti are situated in the city and expect world-class amenities and facilities. The demand for IT-ITES space is growing day by day, as a result Gurgaon rentals rose 20 per cent and by 2010, per cent arrow will reach at its zenith. At present, Gurgaon has a total space of about 11 million square feet (msf) with about 2 msf of area under construction, with vacancy level below 3 per cent. Many corporate offices and MNC’s are shifting from crowding and expensive Connaught place or other commercial complexes to Gurgaon and developers have succeeded in meeting their expectations and providing them world-class facilities.
Gurgaon , the city, where real estate developers have a tremendous scopes. Plans to extend Delhi Metro to Gurgaon have been approved. And with one of the best city , support infrastructure being developed to cater for Commonwealth Games. The developer community is gearing to grab to this bringing in space to the tune 20 msf by year 2010.
30 SEZ’s have been approved and around INR 200 billion investments is expected. Haryana has bagged the largest SEZ of the country. The SEZ is projected to serve as an aggregated hub of the world- class infrastructure in northern India and plans to attract 500 companies. Another big achievement of the city’s development is a Japanese city, to be built by Mistui, over an area of 2,000 acres. A large township named Chaudhary Devi Lal Industry Model Township is being developed on over 5,000 acres. The state government also estimates to complete Golden Triangle City Centre (GTCC) in sector 29 with as many as four skyscraper higher than Taipei 101.
Gurgaon is soon to become a home of exclusive skyscraper buildings. Gurgaon is already sutured as far as real estate development is concerned and property prices are rising constantly. Due to IT boom, rental returns have already shoot up.
Quality of life in the privately managed residential estate in Gurgaon remains high due to high standards of security, private parking, common area maintenance and sanitation being the norm. Considering water problem, HUDA has constructed a 70 km water channel from Sonepat to Gurgaon to supply 100 MGD treated water capable of serving up to 16 lacs of people.
The mushrooming shopping malls in Gurgaon are indicative of the recognition by retailers. Mall culture has been dissolved in Gurgaon. Highly paid IT/ Service sector’s employees are keen to enjoy lavish lifestyle and developers are constructing lavish malls.
Much awaited Gurgaon Master Plan 2021 is brining hopes to small residential investors. It will bring 14,930 hectares of land for residential and 1,404 hectares of land for commercial purposes. Gurgaon Master Plan 2021 and and Gurgaon-Manesar 2021 plan will fasten the growth of real estate. At this rate of growth, to own a house in the city will just be a dream for lower and middle class sections simply because the rates are out of reach for them. With the onset of multi national companies in Gurgaon, the standard of living has considerably improved and as a steady outcome, now more people prefer to buy a property rather than leasing a rented accommodation. This is also one of the reasons behind the burgeoning demand of Gurgaon properties. Gurgaon has ultimate potential for business and residential purpose. The city’s improving infrastructure, business environment, coupled with income and changing lifestyle of the residents are the factors that are encouraging developers to bring international standards in construction.
