Once a small farming village south of Delhi,Gurgaon has gained a pole position in the development of Haryana in the last two decades.Today,real estate is at a premium and the trend shows no signs of abating.A K TIWARY writes
Gurgaon has become one of the top destinations because of the worldclass infrastructure and amenities,transportation facilities with other neighboring states and the Metro rail connectivity to Delhi in particular,and also because of its proximity to the IGI airport.The booming market has also has made this region beyond the reach of the middle class or those who are still looking for some affordable home options.
Navin M Raheja,the managing director of Raheja Group,says: "The sectors along the Northern Peripheral Road have great potential in terms of investment;proximity to the airport and Delhi,which will accord added incentive,will make the place all the more alluring.This area will likely become upmarket due to a proposed diplomatic enclave in Dwarka Phase II,bordering Gurgaon,which would become a hub for all the major embassies.Thus,investing in this region makes a lot of sense."
Once a small farming village located south of Delhi,Gurgaon has gained a pole position in the development of Haryana in the last two decades.Nor that it was always recognized as a developed city;the planned development and favourable tax polices followed by the state government created a success story.The diligent efforts of the Haryana Urban Development Authority (HUDA) have put Gurgaon high on infrastructure.This has been a magnet for developers eyeing Gurgaon for their projects.
Harmit Chawla,the managing director of H Corp Realty Pvt Ltd,says: Some of the areas that are witnessing a tremendous response are Sectors 80,81,82,85,86,90,92,93 and 95.A very good aspect of this area is the proposal by the authorities to let developers do the sector roads.
Another factor is the proximity of these areas from Dwarka-Gurgaon link expressway or the Northern Peripheral Road,which will help the residents here bypass the traffic at Gurgaon toll near Delhi during peak hours.We have Legend Heights,a commercial project with 3 lakh sq ft of prime commercial space in twin towers.The project is strategically located in Sector 80 on the intersection of the proposed 270-metre-wide and 12-lane expressway,NH-8,and the proposed 84-metrewide sector road.A mixed use development will include Grade A office space,an upscale 140-room Hyatt hotel and world-class retail facilities.This LEED gold-rated project is designed by The Design Group of USA.To accord investment opportunity for entrepreneurs,office space,starting at Rs 40 lakh is being offered at a 70% discount to completed projects and is estimated to provide a 20% annual capital appreciation over the medium term.The project is currently under development and will be delivered by January 2013.
Navin Raheja says: "We have many projects coming along the Dwarka expressway,that is,the Northern Peripheral Road.The projects are Raheja Vedaanta and Raheja Vedas located in Sector 108;Raheja Atharva and Raheja Shilas in Sector 109,and Raheja Navodaya and Raheja Sampada in Sector 92,in Gurgaon.There are many more projects lined up along this highway.The rates of all these projects are between Rs 2,675 per sq ft to Rs 4,175 per sq ft.They are all a mix of two-, three-, four- and five-bedroom apartments,presidential suites,penthouses and independent floors.Their floor sizes are between 1,100 sq ft and 5,500 sq ft in all these projects.A few of the projects like Atharva and Vedas come fully loaded with modular kitchens and airconditioners.Right now,we are constructing six projects."
Vivek Seth,the managing director of V Square Development Company,says: "Gurgaon has been lucky because it is strategically located.The city boast of good connectivity to all major metropolises as it is close to the Indira Gandhi International airport.This has given a fillip to development,as the most prominent outsourcing and offshoring hubs in the country.In fact,leading auto companies like Maruti Suzuki and Hero Honda set up their manufacturing bases in the city only because of the high potential and ample land space to accommodate their huge manufacturing plants."
Vijay Gupta,the managing director of Orris Infrastructure,says: "Most of the city is adorned with modern structures,which are like a magnet to the aspirations of the nouveau riche.The city is a home to leading corporate houses in the country.Proximity to the national capital is an added attribute.The proposed unified power authority for the NCR will support the telecom boom in the area with all cellphone and landline service providers treating the entire NCR as a single telecom circle."
"Serving the needs of modern,busy and challenging lifestyles,Gurgaon has become a preferred city for thousands of professionals choosing the apartments and housing options.Realizing the potential demand from NRIs and well-heeled customers who consider it worth splurging on luxury and high-end facilities,Gurgaon has caught the fancy of most of the developers.
The multi-directional developments in terms of infrastructure and commercial activities have promoted the residential segment that range from affordable to high-end lowrise and highrise houses,tall condominiums and huge penthouses and villas.The BPO and IT revolution in the area has supported high purchasing power,"Gupta says.
Suman Yadav,a resident of Sector 15,Gurgaon,says: "The city is definitely high on rentals as compared to Delhi,but given the amenities and facilities,people still prefer to own a house in Gurgaon.The rentals may start with a ticket price of Rs 10 lakh.The development of offices and residential areas has paved way for the development of commercial sector in the city."
Developments in Gurgaon
The developments in Gurgaon have not left untouched its peripheral areas.The suburbs of Gurgaon like Manesar and Dharuhera have been riding on real estate boom in Gurgaon.The proposal from the ministry of urban development to extend the territory of National Capital Region to cover the states of Haryana,Rajasthan,and Uttar Pradesh has been welcomed in these areas as they can also have cities which may emerge as hubs for real estate and become countermagnet towns for Delhi.
Mangat Ram Bagri,a realtor,says: Customers and end users,who buy into such residential property,will have made one of the soundest investments.Gurgaon has it all,and in abundance,and will only flourish in the years to come.Gurgaon will always remain a jewel in the crown of Haryana.This is one of the areas which has shown an upward trend in the real estate prices.The construction of more IT parks and export promotion zones with residential facilities,along with high-speed connectivity and a telecom backbone will launch Gurgaon as a preferred destination for a modern living.
