Delhi’s geographical contours are expanding. After galloping real estate prices in Gurgaon; the latest hot destinations are Indirapuram, Faridabad and Greater Noida which are wooing the property bulls in scores. Magnificent apartments envy even the Delhi’s residents.
Lying in the outskirts of Delhi, Gurgaon is the preferred destination for realty giants. Rai Umraopati Ray on what lies in store for the city.
A few years ago, the estate industry, having exhausted its potential in the capital, started investing in the National Capital Region {NCR} in the hope of minting some profit. Faridabad, Ghaziabad and Gurgaon-all enjoyed their fair share of investment which saw the opening up of malls, multiplexes, residential projects, and townships. While the other two merely grunted and gulped the investment that poured in, Gurgaon showed overwhelming promise that realty giants were shaken out of their reverie and both national and international real estate companies began to take this area seriously.
The results are there for all of us to see. The last five years have not only changed the look and feel of Gurgaon but have also redefined the property development graph of the nation. Who would have thought that the concept of ‘malls,’ which acted as major crowd pullers abroad, would become big ticket items here?
Would anyone have ever imagined that Indians would start living in apartments and townships which could put their international counterparts to shame? And who could have anticipated that land prices in Gurgaon would go acrosss the roof?
According to a recent report, the real estate market in Gurgaon is ideal for end users and not for investors. Overall the residential real estate scenario is slow as not many new projects are being launched.
There is no denying the fact that property prices in Gurgaon are galloping at a maddening pace. The Gurgaon residential segment constitutes around 30-40 per cent of premium end apartments and the rest, i.e. 70-60 per cent of middle and lower end apartments. In Gurgaon alone, around 5,000 to 10.000 flats would be ready to move into in the coming year.
With major infrastructure development {even Delhi’s metro rail is slated to reach Gurgaon in coming future} in and around the city, not only Gurgaon but also suburds like Manesar,
Kundli, Bhiwadi and the Sohna Road are proving to be excellent investment opportunities.
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