| Gurgaon has emerged as one of the most modern | | | | terms of capital values and lease rentals. According to |
| cities of India, with state-ofthe-art commercial buildings, | | | | a report of PropEquity, the city saw a supply of 7.3 |
| posh residential condominiums and large malls. It has | | | | million sq ft in 2008, of which only 63% was absorbed. |
| emerged as the first choice for a large number of | | | | The gap between demand and supply is expected to |
| multinational companies opening their offices in the | | | | widen in the current year as a lot of projects that |
| country. The township has benefited hugely from its | | | | were scheduled to be operational by 2008, have been |
| proximity to India’s capital and power centre at | | | | delayed and are now likely to get completed in 2009, |
| Delhi. In the last ten years, Gurgaon has had a number | | | | resulting in an increased supply at 20.9 million sq ft of |
| of MNCs opening their offices here. This has led to a | | | | commercial space in 2009. |
| rapid growth in real estate in the city, and today, it has | | | | The retail market has been affected due to a |
| emerged as a major residential, commercial and retail | | | | decrease in consumer spending, as a result of the |
| hub. Favorable government policies, good connectivity | | | | ongoing slowdown. The earlier expansion plans of |
| with Delhi, and its upcoming infrastructure has enabled | | | | retailers are likely to be revised. In fact, retailers are |
| Gurgaon to position itself as an industrial & IT/ITeS | | | | using the slowdown as an opportunity to renegotiate |
| hub. A number of IT/ITeS companies, auto and auto | | | | existing leases at lower rentals. With high vacancy |
| ancillaries and garment export industries are operating | | | | levels, developers are evaluating revenue sharing |
| out of this place. The city’s proximity to the | | | | models to attract retailers. But, with the correction in |
| domestic and international airports, quality of real | | | | prices, construction activities are picking up. The new |
| estate developments coupled with proactive | | | | Gurgaon-Manesar Master Plan, in fact, is fuelling a |
| government policies have helped it to grow faster than | | | | boom in developments. It has brought in fresh areas |
| any other competing suburbs of Delhi, says Samir | | | | under development and given a lease of life to the city. |
| Jasuja of PropEquity, a real estate research firm. The | | | | The Gurgaon Property, is expected to grow along the |
| commissioning of NH-8 (Delhi-Gurgaon Expressway) | | | | southern peripheral area where Sohna Road and Golf |
| has further fuelled developments in Gurgaon. The | | | | Course Road extension are the major growth |
| Metro link, currently under construction, will further | | | | corridors. With the local civic body - Haryana Urban |
| strengthen Gurgaon’s position in the NCR by | | | | Development Authority (HUDA) introducing the |
| providing muchneeded quality public transport | | | | Gurgaon- Manesar Master Plan 2021, the availability of |
| connectivity. | | | | land for development and avenues for new growth |
| The Gurgaon City has also benefited from the | | | | corridors has opened up. Sector 8, 11, 12, 12A and |
| government’s enhanced focus on a | | | | Palam Vihar comprise the old section of Gurgaon. |
| comprehensive infrastructure development plan for the | | | | Sector 4, 5, 14, 15, 29, 56 and 57 are amongst the |
| 2010 Commonwealth Games in the NCR. However, | | | | most developed HUDA sectors in Gurgaon. Areas like |
| Gurgaon has still a long way to go in terms of social | | | | DLF Phase I-V, Sushant Lok I-III and Golf Course road |
| and physical infrastructure as it faces severe power | | | | are the prime residential areas commanding the |
| shortages and traffic bottlenecks.The city is all set to | | | | highest real estate prices. Concentration of new |
| witness a fresh residential supply of 97.60 million sq ft | | | | development is mainly in the new sectors, Jasuja |
| during 2009-2011, 80% of which has already been sold. | | | | points out. Dharuhera, Sohna Road, Pataudi Road, DLF |
| However, the slowdown in economy for the last one | | | | Phase V are the emerging growth corridors. |
| year has affected its rate of absorption. This has also | | | | Total city-level supply by 2011, a report by PropEquity |
| lowered the rate of new residential launches. The | | | | says, is 107.56 million sq ft, including a completed stock |
| slowdown in absorption or sale of residential units has | | | | of 9.95 million sq ft spread across 111 projects, |
| led to a significant price drop, in the range of 30% to | | | | comprising apartments and villas. As per the new |
| 45%, for projects getting completed in 2010-2011, and | | | | master plan, 14,930 hectare of land has been allotted |
| 20% to 30% for projects nearing completion in 2009. | | | | for residential use with an addition of 58 new sectors. |
| The completed projects are also witnessing a price | | | | Majority of the new development is expected to be |
| drop of 10% to 15%. On the other hand, drop in prices | | | | concentrated in these sectors. Twenty-seven per cent |
| have led to an increase in real estate activities as | | | | of the proposed residential land is under the process |
| residential sales have picked up due to this significant | | | | of licensing. The major upcoming growth corridors in |
| price correction since the first quarter of 2009. It has | | | | Gurgaon include extended Golf Course Road, Sohna |
| also lured developers to launches residential projects in | | | | Road, Pataudi Road, Jaipur Highway and a |
| the affordable price bracket. The slowdown has also | | | | concentrated growth in Dharuhera and Manesar. |
| affected commercial office market, which witnessed a | | | | If you want more information about gurgaon property, |
| drop in demand with corporates deferring expansion | | | | india property or Delhi NCR Property log on to Dwarka |
| plans owing to changed business environment. | | | | Property. |
| Commercial office market witnessed corrections in | | | | |