Both residential and commercial segments of Gurgaon have successfully fetched buyers. With some more projects in the pipeline, Gurgaon proves to the real estate investment hub of the national capital region.
In the national capital region, there is a total demand of more than 10.2 lakh residential units and around 320 lakh sq. ft. space for commercial purposes, which include both retail and office spaces. Gurgaon tops the chart of the most sought after real estate destinations in the national capital region with an increased demands for residential and commercial segments in the year 2013. With a number of world-class projects on the way and excellent connectivity to Delhi, Gurgaon has registered fastest growth in the Indian real estate sector.
The most renowned developers like DLF Limited, Emaar MGF, Unitech, Vatika, Vipul Developers and many others are all set to come up with their new projects. The prices of the residential properties particularly have increased by no less than 25-30% across localities in just one year. Recently, some well-established real estate players from other cities like Mumbai and Bangalore have started benefitting from the realty segment of Gurgaon by launching new projects. Such a situation has led to an increased competition among the developers to attract more and more buyers.
With the establishment of the corporate giants in the city, Gurgaon has offered employment to hundreds of professionals, thus creating demand for residential spaces.
Current residential trends
The residential segment of Gurgaon will witness population explosion in the coming 2-3 years. There are already 60,000 ready flats by end of the year 2012, and the number is expected to reach 130,000 by end of 2014. In the year 2015, another 20,000 flats will be added to the list, making it final tally to almost 150,000. The locations, which offer excellent connectivity to other parts of Gurgaon, closeness to metro stations and better infrastructural facilities, will have better absorption. Areas like sector 47, 49, 50 and adjoining regions are the latest investment hubs. Investing in a property in sector 49, Gurgaon or sector 50 can offer good returns on investments owing to their location advantage.
The new Gurgaon-Manesar Master Plan 2025 has opened up new corridors for real estate developments and further growth. According to the latest plan, around 15,000 hectares of land has been allocated for developing residential spaces, which will lead to development of 58 new sectors in the region. The main growth corridors have been localities like Golf Course Road, Sohna Road, Manesar, and New Gurgaon.
The development of the upcoming 150 meter wide Dwarka Expressway has added to the real estate boom of Gurgaon. This will certainly help to cater the increased traffic in the nearby areas for the next 30-40 years and will offer new growth corridors for the real estate. This location has been approached by most of the biggies of real estate to introduce their projects. The most preferred locations beside expressway are sectors 37, 89, 92, 93 and 95. These areas are the part of New Gurgaon, which is being developed to solve the population boom in Gurgaon and offer affordable housing while ensuring better infrastructure.
Gurgaon remains hotspot for the commercial real estate space, and offers excellent prospects for the companies who are looking forward to establish their set ups there in coming future. Overall, this augurs well for residential property segment as well, with some more new projects on the way. The infrastructural development initiatives taken by the government has further added to the growth of residential and commercial property segments of Gurgaon.