Ever Rising Real Estate in Gurgaon - By: Deepika B

Gurgaon, the fastest developing city in Haryana, belongs to Delhi’s NCR region. No other city has been able to showcase such rapid growth and transformation as Gurgaon. In a very short span of time, it has become the IT and BPO capital of India. It is all set to become one of the mega cities of the country.

The major reason behind such instant makeover of the city of Gurgaon is its strategic location. It connects Haryana to Delhi, the national capital and this proximity has done wonders for prompt development of the city. When land for further construction dried out in Delhi, the attention of realty developers and investors shifted to the nearby areas of the capital. Gurgaon, Noida, Greater Noida, Ghaziabad and Faridabad form the borders of Delhi. So, what seemed to be an ideal solution to the crunch of land was to explore real estate in Gurgaon. And, since then there has been no stopping of land development for residential, commercial and retail purposes.

Gurgaon offered an ideal location to both multi national companies and corporates as well as for growing housing sector. It soon became a major centre for meeting real estate needs as leading software, technology, automobile and BPO companies began entering the city. Residential property in Gurgaon was fostered chiefly by this commercial growth as it solved housing needs of many. What exactly were the factors that generated an urgent need of growing housing sector are listed below:
-Firstly, the population of the city increased as more and more professionals from in and around Delhi started buzzing in the city.
-Secondly, Gurgaon already suffered a lack of residential structures as a result of its unrealized potential and needed to be explored.
-Lastly, professionals came from far flung areas and daily up down was not practical, thus, arising the demand for better housing.

All the above factors necessitated quick paced developments in residential sector and thus, numerous Gurgaon apartment, flats, , residential complexes, villas, independent houses, etc. came into being. As soon as builders finished developing flats, they were occupied but today it has gone one step ahead. Even before developers complete construction of buildings, they are already booked by property buyers and investors. With such large scale residential developments, values and rentals of property in Gurgaon also fuelled up. While some places were still affordable, some became as expensive as the metro city of Delhi.

From a small village in Haryana to the commercial hub of North India, Gurgaon has grown extensively in less than a decade. It has carved an image of mini corporate world that houses best of the best companies and multi nationals in it. Those who had invested in the land of Gurgaon few years ago are today enjoying tremendous gains as property process have grown manifold. It has attracted huge investments from corporate firms and organizations, both national and international, leading to immense commercial and residential real estate growth.

Along with commercial realty, residential property in Gurgaon is also witnessing huge investments of crores of rupees. The prices of upcoming projects and resale prices of both ready and operational projects are touching new highs every quarter. There has been an overall escalation in the capital values in all micro markets of NCR in last five years. This trend is likely to continue as the recession has made an exit from Indian economy and signs of revival are visible

Residential real estate in Gurgaon is currently one of the best options for those looking for long term investments. Leading property builders have been developing housing in the area which is an indication of further growth in Gurgaon real estate.

About the Author

Deepika Bansal writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in real estate industry. It is a forum where buyers, sellers & brokers can exchange information. At 99 acres, you can advertise a property in India , search property, browse through Gurgaon property & other Properties.

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