If there is ONE PLACE IN INDIA that can be referred to as the bellwether of Rapid growth within the country, launching itself as one of the most preferred global destination from an entire WORLD perspective and capable of showcasing a HEADY BOOM with minor ups & downs despite a GRUMPY REAL ESTATE MARKET off late it is GURGAON.
This modern metropolis of India, specifically speaking of the NCR region attracts a lot of local residents, Expatriates, NRI’s and even foreign nationals to settle within its vicinity- It has amassed numerous MNC’s, High Rise Shopping malls, Arcades, etc. leading to a tremendous growth of the Real Estate Market within the region over the past decade. However, like other parts of India including the NCR region, it too did not stay unaffected by the slump that hit the entire nation’s realty market- Sales slowed down to a halt, new launches were almost erased from the market, 15-20% reduction in the Realty prices along with the overall market sentiment of the Investor as well as the End-user which went for a toss.
However, despite every hurdle thrown its way, Gurgaon still continued on its growth trajectory with minor jolts & bruises and has still come out on top with great prospects underlying it’s future. Keeping in tandem with the revised market trend, Gurgaon has reduced on the no. of options that can be called as luxurious and has shifted a major part of the Market focus towards Affordable Housing Alternatives.
Gurgaon as a place brings along with it a Robust economy in the form of the ever growing population of Multinational Corporations within the area along with other Indian corporate who are looking at this place from a growth perspective. All this & more is not only leading to generating income for more & more people but is also indicating towards the rise in demand for Housing (both affordable and luxurious) in the coming times.
A major reason for such a bustling economy within the region is its close vicinity to the National Capital of India, the high level of infrastructure of Airways, Railways, World- famed Educational as well as Medical institutions- thereby making it a HOTSPOT destination for various International corporations to set up their businesses at Gurgaon (now also referred to as Gurugram).
Another feather in Gurgaon’s cap is the Gurgaon-Manesar region which boasts of various kinds of Big Industrial plants including the Automobile Industry (with specific reference to the Maruti’s Manesar plant- India’s leading Automobile manufacturer), loads of Cyber Parks & SEZ’s (Special Economic Zones), Commercial Malls, etc. and with a distance of only 4-5 kilometers from the IGI Airport and another few kilometers to the National Capital region of Delhi- This is bringing Gurgaon to the level of True International City.
If I remember correctly, not so long ago in 2015, there was an article in one of the leading International newspapers- New York Times describing Gurgaon as one of the leading cities of the world offering a whole lot of opportunities in terms of Careers, Businesses, Real Estate, Housing, Commercial, etc., thereby referring it as a Global City.
Keeping in mind the Gurgaon- Manesar Urban Complex, the Haryana Government had devised the Gurgaon Master Plan 2031 which proposed Land Use of the available land between the below mentioned categories:
- Transport & Communication
- Public utilities
- Public & Semi-public
- Open Spaces
- Special Economic Zones (SEZ’s)
- Defense Land
- Existing towns
- Village abadies
This plan was devised in an attempt to devise a plan well in time focusing on the overall development of Gurgaon and its neighboring villages in order to not only boost the economy but also to raise the per capital income of the people living here, especially the village community, alongside ensuring that the Agricultural sector- which is one of the main sources of income for the villagers is also being catered to and looked after by the extended development of farming zones, forests, green belts within the region. This was also in line with bringing down the increased level of pollution within the NCR region in order to bring more fresh air to the inhabitants.
Also, the Government of India’s “Make in India” initiative and the “Smart Cities project” are also important influential factors that aim at increasing the housing demand. I do agree that these past years have definitely taken a toll on the Real Estate market and the demand for the same will NOT SURGE soon, but we can definitely look at these indicators which hint & suggest strongly of the upcoming winds of change within the Realty sector not only in Gurgaon but in the entire country. Yes, it will take time, but we all need to keep ourselves calm and remind ourselves of one thing- WHEN IT COMES TO REAL ESTATE, PATIENCE IS THE KEY TO SUCCESS.