Gurgaon has been an absolute revolution and rage for commercial real estate in India. The way the commercial real estate market has been disrupted by IT start ups in Gurgaon has been unprecedented and it doesn’t look like stopping anytime soon. Here is a small rural area which has now become the powerhouse of economy and real estate from quite literally, a vast barren farm land; only about 10 – 12 years ago. Its total population was estimated just about 4000 back in 1981 and many other districts of Harayana like Rewari and Panipat were more populous than Gurgaon. Thanks to the economic reforms in 1991 coupled with the IT revolution by both, central and state government; coupled with some good infrastructural development along the way, Gurgaon today is no less than of the four metro cities when it comes to real estate and its future outlook. Gurgaon is a fine example of what can be achieved if both government and corprtate sector join hands in developing an area and its economy. The place really had no historical importance compared to main land Delhi however, the name Gurgaon, it is said that was the ancestral village of Guru Dronacharya, the teacher of the Pandavas and Kauravas in the Indian epic, the Mahabharata. In Sanskrit, Guru means teacher, which in this case refers to Dronacharya and both Gram and Gaon mean village.
Gurgaon Infrastructure and Real Estate
Gurgaon has flourished immensely as a manufacturing, outsourcing and retail destination due to its world-class infrastructure at reasonable cost and its strategic location ( Delhi Airport, expressways, metro). The city landscape is dotted by thriving BPOs, KPOs, and shopping malls. A quick access from Delhi due to completion of the widening and conversion of the 28 km Delhi to Gurgaon expressway section of the National Highway (NH-8) into a six-to-eight lane access controlled highway on a Build, Operate, and Transfer (BOT) basis. Work on KMP Expressway (Kundli-Manesar-Palwal) has started and will be coming up soon. The city has now been connected to Delhi like never before via Delhi Metro that has its reach till Iffco chowk. As far as promotional activities by government to attract more global corporate are concerned, almost 52 SEZs are already approved. Manesar, Dharuhera, Bhiwadi, and Riwadi are few cities coming up along NH8. Another infrastructural precedent that the city is going to set up is the Global Health’s “Medanta-Medicity” the Super Specialty Tertiary Care Hospital with a capacity of 1,250 beds envisaging an investment of over Rs. 9,000 million, promoted by renowned cardiologist Naresh Trehan. The first phase already operational with 600 beds and soon it will be operating at its full capacity. The multi specialty project, certainly has the potential to put Gurgaon on top of the list when it comes to destinations with finest medical care with competitive prices. The center will have all modern amenities with three centers of excellence –Oncology, trauma care and pediatric care in its first phase of operation and soon start a fully fledged operation. Special care is also taken by the Haryana government with division of residential, commercial and industrial areas within the city for planned development.
From a birds eye point of view, looking at Gurgaon real estate; it could be divided in two parts – OLD Gurgaon and the MODREN Gurgaon. Old Gurgaon is towards your right side on NH8 while going towards Delhi to Gurgaon, this still not developed due to various reasons and still has a lot of aspirations and potential to be further developed. While on the other hand what is today known as modern Gurgaon has everything that makes a high flying destination for international corporate activities, mammoth commercial office space complexes that house almost all fortune 500 companies of the world, shopping malls with some of the finest brands of all consumer durables, high end and ultra luxury apartments, villas, societies, movie theaters, hotels and restaurants, schools and hospitals almost everything. The most habited and famous areas are DLF phase 1,2,3,4,5, golf course road, MG road, Sohna Road, Golf course extension road. While DLF 1, 2, 3 is mainly all commercial office area and mainly leased out by DLF to various IT and ITES services companies phase 4, 5 and Golf course road offer a mix of residential apartments and commercial office space. MG road is the most popular and expensive real estate destination in Gurgaon with world class retail malls and great metro connectivity. Golf course extension road, is the area which is being pitted as the next best thing after MG road by many experts and real estate professionals in the time to come. The area is offers many residential and commercial projects, with an average completion time of 3 years.
There has been a surge in commercial rentals in the wake of huge office space intake by companies like Google, Snapdeal, NTT data, SAP, Zomato in the year 2014 -2015. Office space rentals have seen an upward tick in the range of 20-30% depending on which location the space fall in Gurgaon.
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