‘Millennium City’ Gurgaon comes a long way
Mar 14, 2014
Source : The Times of India


DELHI: As Delhi slips from the reach of property buyers, Gurgaon emerged as a hot destination, providing world-class infrastructure and better connectivity. In the National Capital Region (NCR) Gurgaon saw immense growth. After witnessing a spurt in commercial and residential properties, Gurgaon has come a long way.

Two decades ago, Gurgaon barely existed on the real estate map. Haryana Government then thought of developing it as the ‘Millennium City’ where all big business and industrial houses could be set up. However, companies that came to Gurgaon to run their businesses, the city presented them with varied challenges as it was in the process of aping the national capital Delhi.

But over two decades later, the scenario has changed drastically. From a sleepy city, Gurgaon has transformed into a place abuzz with activity. Now, a hub to almost all major global players, having their outsourcing business here, real estate developers started thronging the city with their projects – be it commercial or residential.

There are presently 26 shopping malls, 7 golf courses, premium automobile showrooms selling Mercedes-Benz and BMWs, restaurants, multiplexes and many leisure activities. Apartment towers have replaced barren lands. A futuristic commercial hub, Cyber City, houses many of the world’s most respected corporations.

With property buying becoming increasingly difficult in the national capital, for many the NCR, especially Gurgaon, has become a major alternate destination where real estate projects have mushroomed at an unprecedented rate.

Over the past 10 years, the pace of growth of the real estate sector in Gurgaon has been unparalleled and new housing societies, commercial complexes have emerged.

In Gurgaon, properties have been selling like hotcakes and this has encouraged real estate developers to come up with more unique and buyer-centric projects. The city is well planned unlike many areas in Delhi. It also offers many modern amenities, making it lucrative for investors. Its proximity to the Indira Gandhi International Airport and the metro connectivity make it an attractive destination for both residential and commercial property buyers.

The city has some swanky residential projects. On the commercial front, developers have created world class office space in Gurgaon that is fetching them high rental returns from the corporate houses.

Today, Gurgaon is one of India’s fastest-growing cities. Having expanded more than 70 per cent during the past decade, it accounts for almost half of all revenue for its state. The city which has grown at an unmatched pace in over two decades has far more to offer in the days to come. Commercial and home buyers should just keep their fingers crossed!

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