Gurgaon is a city in the State of Haryana of Northern India - Gurgaon is one of Delhi's four major satellite cities and is therefore considered to be a part of the National Capital Region.
Gurgaon is best known as one of India's most prominent outsourcing and off shoring hubs, though the distribution of companies seems heavily skewed towards the non-IT services. A plethora of BPO and KPO firms such as Genpact, Dell, Accenture, Vertex, Hewitt Associates and Convergys dot the city scape. A few IT and pharmaceutical firms also exist in the city. Several auto-manufacturing facilities also exist, though they do not dominate the city's economy in the manner they did a decade ago.
The outsourcing boom has led to a rapid growth in employment prospects and local wages, leading to a mushrooming of shopping malls, swank restaurants and entertainment facilities. Demand for such lifestyle options is driven by the demographic shift to a younger, more cosmopolitan, more affluent and better educated population.
Gurgaon bustles in the present day and has become one of the most preferred choices for upcoming companies
Settling up in Delhi - GE, Coca Cola, Pepsi, New York Life, Baxter, Wipro, Nestle are there and more are coming in. Situated on the highway from Delhi to Jaipur, which is on the verge to become the busiest with the government of both the states putting in efforts for economic growth and infrastructure expansion.
The international airport is shared by Gurgaon to the same level as Delhi the new highway.
Now, Gurgaon is on its verge to become a hi-tech city, accounting for a substantial portion of the nation's investments and profits, both in the public and private sector. The new Gurgaon Master Plan 2021 has given a boost to bits makeover from a developing city to a fully developed one.
The eight lane toll expressway between Gurgaon and the Capital city operational in April 2007 will provide Gurgaon with the fast connectivity to all major places including Delhi International airport and Dhaula Kuan in Delhi over a distance of 28 kilometers, and include 7 flyovers and 5 underpasses along the stretch.
Quality of life in the privately owned estates in Gurgaon is something that attracts high middle class people to look towards to have a permanent home in the city. Offering an enticing array of facilities, Gurgaonites enjoy an exclusive lifestyle with no hassles at all.
Water supply, electricity supply, guarded security, common area maintenance and sanitation are the factors being a de-facto norm than an exception. Road layout in Gurgaon has apparently improved; it is of much better quality as compared to the other big and influential cities of the country.
With initiatives of the Haryana Government, Gurgaon is likely to become a major hub of special economic zones (SEZs). A big-size SEZ spread over an area of 3000 acres, with a whopping cost of Rs 2060 crore, near Garhi Harsaru in Gurgaon district, has been sanctioned in principle by the government. About 2,400 units are slated to come up in the zone, generating the employment prospects for over 60,000 workers and boosting exports of around Rs. 42,000 crore.
The Haryana Urban Development Authority (HUDA) and Gurgaon administration have fastened their seat belts to take Gurgaon social infrastructure to new heights. From food parks to housing complexes and SEZ to express highways, this cyber city of Haryana is the true reflection of modern India.
Real Estate Development
Property market in Gurgaon is once again reaching sky-high levels. Earlier, real estate in Gurgaon was thought to be an unorganized market dominated by regional players. But, the things have changed now. The sector is increasingly being looked upon as to be peopled by renowned developers and managed by professionals. Gurgaon real estate is believed to have spearheaded the development process in other parts of the country as well. What was once a highly fragmented business dominated by region based private entrepreneurs has now become a national and global business.
The real estate in Gurgaon is surging strongly. Its improving infrastructure, business environment, coupled with the growing income and changing lifestyle of the residents are the factors encouraging real estate developers to bring more and more frenetic developments in this fast flourishing cyber city.
With Gurgaon being recognized as a major hub of numerous MNC's setting up bases here, there is no scarcity of funds. Surprisingly, Gurgaon is standing as a city offering high returns on property investments on hand. Roll eyes in either direction or whether talk about commercial or residential real estate, you will see development taking place at their fullest. With the demand for housing spiraling up as never before, it is the right time for making investments in the residential segment. Gurgaon real estate offers buyers' market right now, both for domestic and international property enthusiasts, especially Non Resident Indians (NRIs) who are keen on making investments here.
Foreign investments in Gurgaon promises high return on investments, as FDI policies in India are among the most liberal and attractive in emerging economies. So, invest in Gurgaon properties, and add a progressive city into your overall investment profile.
As a private enterprise developed city, Gurgaon has always been topped the chart on real estate values. Land rates in Gurgaon are already going through the rooftop and they are to increase further as the city continues to expand. However, land still remains an attractive investment option that could come by for investors. Property in central areas of Gurgaon is seeing fair appreciation. It has seldom chances to multiply over the next several years.
As such, Gurgaon is offering excellent prospects to set up business establishments and residing in a well designed and developed city. And needless to say, the real estate investment is certain to offer high returns. DLF, Unitech, Ansal, Eros Group, Parsvnath, Omaxe, and other prominent builders have however lived up to the commitments they have made to transform Gurgaon into a cyber city.
Commercial spaces in Gurgaon are also available in a number of A class buildings featuring an array of top notch infrastructure facilities such as broadband internet, ample parking space, 24x 7 power supply, water, tight security, etc. To avail all the mentioned features, scout the commercial space in buildings like Signature Tower, Business Global Park, JMD Tower, DLF Cyber Park, Unitech Cyber Park, Unitech Business Park, Pacific Square, Paras Downtown, Augusta Point, Master Piece, MPD Tower, Millennium Plaza, Galaxy Towers, Senior Plaza, Vatika Triangle, First India Place and many more.
Development of several SEZs will give a further impetus to Gurgaon real estate thereby turning the city into a competitive IT centre. Subsequently, property rates at Gurgaon are high and at par with some of the high priced metros in India.
Another round of escalation of prices cannot be ruled out seeing the establishment of world class industries and software giants to set up substantial presence. With a multitude of skyscrapers set to dot the skyline, the time is not far way when Gurgaon will be known as a 'city of skyscrapers'.
NRI Trends in Gurgaon
Gurgaon is soon to become a home to exclusive skyscraper buildings. The aim of such a venture is to work out concept of self-sufficient neighborhoods, complete with work-live-play environment, incorporating the latest state of the art technology in terms of technical know-how, convenience and comfort on the housing front especially for high middle class and the NRIs retiring back to the country. More and more real estate projects taking concrete shape, land values in Gurgaon have seen a sharp rise in prices.
Moreover, Haryana government plans to add the Gurgaon into skyscraper map of the world, indeed, right on top of the heap. The state government hastened its seat belt to complete the construction of a world class Golden Triangle City Centre (GTCC) in sector 29, Gurgaon with four tallest buildings in the world. Each of the proposed skyscrapers would have140 floors, taller than Taipei 101 which is known to be the highest manmade structure on the planet.
This would-be maximum city has exclusive infrastructure facilities as far as road and rail connectivity, well developed industrial estates, good banking facilities, steady communication network, technical institutes and developed commercial markets are concerned. Special attention is given on planned infrastructure development and providing eco-friendly surroundings for a better and healthy living.
Gurgaon is already saturated as far as real estate development is concerned and property prices are rising constantly. With increasing IT base in the city, the personnel are exacting in their demand for residential segments, which certainly give a nice prospects for investments. Due to IT boom, rental returns have also shoot up. It is only a matter of time before the quality of construction, facilities, and infrastructure matches and surpasses that available in the metros.
Also, with a resurgence of production units in Gurgaon, people who have migrated out of the city are coming back and this has triggered a rise in the demand for residential sector. However, if you are planning about to make investments in Gurgaon residential -properties, the repatriation of sale proceeds is restricted to not more than two such properties as per the norms for NRIs/PIOs.
Gurgaon as a progressive city is no far behind in the retail sector. With more and more retail players entering the arena, the demand for retail space has also grown thereby boosting the Gurgaon's known mall culture. Therefore, the growth in Gurgaon real estate sector is likely to accelerate in time to come.
With Reserve Bank of India relaxing the rules and regulations for NRIs, it has been made easy for them to rent out their immovable property in India without seeking any prior permission from the central bank.
NRIs have been granted a blanket of permission to buy property in India for their residential and commercial purposes. Also, there is no cap on the number of quality investments can be made in real estate. The immovable property can be purchased by the route of inward remittances from any place outside India or through funds maintained in NRI accounts in the banks within the country.
Today well known builders like Vatika, Omaxe, Unitech, DLF, and Ambience to name a few are taking on giant projects of their own that primarily focus on the high middle population of Gurgaon. With heightened demand of Gurgaon real estate, the market is on a roll. So, reap the benefits soon without missing a single opportunity from your hands.
Real Estate Projects
Thousands of professionals have recently made their home in Gurgaon, living in apartments in newly constructed colonies and condominiums with world-class facilities. The mushrooming shopping malls of Gurgaon, like DLF City Centre, DLF Grand Mall, DLF Mega Mall, DLF Star Mall, Galaxy Mall, MGF Mega City Mall, MGF Metropolitan Mall, Sahara Mall, The Plaza, Gold Souk, OMAXE Plaza, 5 star Hotels like The Galaxy Hotel by Clarion, Trident Hilton, The Bristol, The Park Plaza, 4 Star Hotel like Fortune Select Global, 3 Star Hotel Lemon Tree Hotel Sector 29 / Udyog Vihar.
The Vatika Group has started the construction of "The Westin" of Starwood Hotels. Also the Crowne Plaza Hotels has joined hand with Todays Group for the Development of Hotel in Sector 29, Residential projects like Palam Vihar, Raheja Atlantis (Sector 31-32a) Gurgaon One, Ansal's Valley View Estate, AWHO, Sujjan Vihar, Vipul Orchid Greens, Orchid Petals, OMAXE Nile, Park View 2, Orchid Belmonte, Parvsnath Greenville, Eldeco Mansionz, Central Park, Vatika City, Wembley Estate, Malibu Towne, Sahara Grace, Heritage City, Palm Groove Heights, Mayfield Gardens, Uppals Southend
Latest Real Estate Projects in Gurgaon
Vatika City: Spread over a large area of 53 acres with 35 acres of greens and 18 acres of homes, Vatika City is going to grab the title of being the largest ever group housing in Gurgaon. Situated at the intersection of Sector Road, passing through the Golf course and the Gurgaon-Sohna Road, its construction work is already in progress. This mini-city has been designed by a firm of British architects which designed London's ambitious Canary Wharf.
Parsvnath Exotica Gurgaon: The project is about lifestyle apartments that are to be developed by the famous Parsvnath Developers Ltd. They are to come up on main sector road, sector 53, Gurgaon. This residential segment boasts of a club with 5 star facilities like swimming pool, steam, sauna, Jacuzzi, tennis court, cabana etc.
Parsvnath Greenville: Again, to be constructed by Parsvnath Developers Ltd., they are another residential segment slated for Gurgaon. It will have flats, pent houses, and villas that will be designed on the lines of Swiss architecture and have wooden flooring in master bedroom, Italian marble in DD, broadband connectivity, and 24 hour security with intercom facility.
Raheja Square: It would be first of its kind only commercial complex catering to the ultramodern 5000 acre industrial zone at Manesar, Gurgaon. It will have a food court, central AC in public areas, high speed elevators, LAN, CCTV. The project aims at BPOs and hospitality sector.
Residential, Commercial Projects are indicative of the recognition by retailers of the far-reaching aspirations, and deep pockets, of the residents of the city. By 2010, the state government also hopes to complete a world class Golden Triangle City Centre (GTCC) in Sector 29 with as many as four skyscrapers higher than Tapei 101. Some experts are worried about the project because Gurgaon lies in an earthquake prone area. The fast growing population, with increasing purchasing power, has created a huge demand for housing, resulting in escalating property prices in recent years.