Real Estate Evolution Gurgaon – Gurgaon officially called Gurugram is a city in the northern Indian state of Haryana. As per the name of this city scripted in Hindu scriptures, the land is owned by mythical rulers Pandavas and Kauravas which is further offered to GURU DRONACHARYA, as appreciation for their guru for educating them. On 27th September 2016, the chief minister of Haryana Manohar Lal Khattar officially changed its name from Gurgaon to Gurugram as this name would help to preserve its “rich heritage” emphasizing its history and mythological association with Drona. Before independence, it fell beneath the Indian country of Punjab. Now, it is situated in the southeastern part of the state and northern part of the country; near Delhi – Haryana border, about 30 kilometers southwest of the national capital New Delhi and 268 kilometers south of Chandigarh. It is part of the Nation Capital Region of India (NCR). This city has a total area of 232 kilometers with an estimated populace of 1.7 million in 2022.
Trend Of Almost 50 Years
Real Estate Evolution Gurgaon Talking about the real estate market of Gurgaon; New Gurgaon, Manesar, and Sohna serve as adjoining manufacturing and upcoming real estate hubs for Gurgaon. Its real estate market commenced with a plant manufactured by Maruti Suzuki India in 1970 along with HUDA (Haryana Urban Development Authority) establishment in 1977. In the early 80s DLF, a real estate firm acquired vast stretches of land in the city. It gathered pace after the installation of a business outsourcing unit by the first American brand, General Electric in 1997 in collaboration with DLF. Apart from this, various other international companies; like American Express, Facebook, Google, Coca-Cola, Pepsi, BMW, Agilent Technologies, and Hyundai have chosen Gurgaon as a homegrown city for their Indian corporate headquarters hence providing gradual growth to the real estate market. In the first 10 Years (1997-2007) DLF was seen as the primary leader in the real estate market by purchasing huge land stretches for residential and business initiatives. Many other projects like Vatika, MGF, Sahara, and Ansals started the real estate marketplace with successful growth. In the mid-2000s two places ‘Golf Course Road and MG Road’ gained realtors’ attention as Golf Course Road provides mixtures of various residential and commercial projects and MG Road with its connectivity to NH-8 offers popular malls. But in the late 2000s ‘Golf Course Road and Northern Peripheral Road’ were places of attraction for realtors due to the saturation setting in these locations.
The period of 2007- 2012 was caught the limelight for investors to invest in real estate in Gurgaon but from 2012 Gurgaon real estate market faced a downfall because of construction delays and also a fall in the Indian economy. But RERA (Real Estate Regulatory Authority) formed on 31st July 2017 gives assurance to investors as the project will be delivered on time and if the builder fails to provide on-time delivery then investors will get a 100% refund of the invested money. Also, RERA makes builders invest 70% in the construction of the project.
So now once again real estate market shows gradual growth and progressively changes like the first decade.
Real Estate Evolution Gurgaon Although, Dwarka Express Highway was booming in 2008-2009 because of faster access to the airport and Delhi. It has good connectivity as the road starts from Dwarka crosses Bijwasan, New Palam Vihar, Kherki Daula, and finally gets connected to NH8. After seven months of construction main carriageway of the Dwarka Expressway was halted when a section of the under-construction elevated road collapsed. But again it becomes a point of attraction as Union Transport and Highways Minister, Nitin Gadkari announced that it would be completed on Independence Day, 2022 which would be the world’s longest elevated road measuring 29 km between Shiv Murti (Delhi) and Kherki Daula Toll (Gurgaon) on NH8.
“ The development of the Dwarka Expressway proved to be a boom for the real estate sector facilitating the overall development of the Gurugram region in the long run. Road connectivity is of paramount importance along with other infrastructure advancements in the region. Therefore, the development of the stretch will not only reduce the travel time between New Delhi and Haryana but will also open up world-class avenues for planned commercial and urban development in the region,” told Nayan Raheja of Raheja Developers.
Why to invest in real estate gurgaon ?
1. High rental yield
A lot of people relocate themselves to Gurgaon in hunt of the job as it is a major IT hub; hence highly influencing real estate. Gurgaon attracts the majority of real estate investors because of providing high rental yields. Being an IT hub, professionals working in Gurgaon with a high standard of living are ready to pay high rentals if the homeowner provides them with luxurious facilities that they want. Also, it is not a back-breaking task to find tenants in Gurgaon. So, Gurgaon is the appropriate place if someone wants to invest in residential properties as a fruitful amount can be earned by renting those properties.
Real Estate Evolution Gurgaon is well known for its infrastructure as has a lot to offer like sky-touching housing facilities, residential colonies, wider roads, modern shopping complexes, schools, medical facilities, restaurants, clubs, etc. All these things contributing to great infrastructure add charm to the city. So, it acts as a magnet for property investors hence rising Gurgaon’s real estate value significantly. Some other initiatives taken towards infrastructure development like The Dwarka Expressway project make Gurgaon a center of attraction for real estate investors.
3. Connectivity and transportation facility
Talking about Gurgaon’s connectivity; it shares its boundaries with the capital, New Delhi and Faridabad. Also, NH8 makes Jaipur and Delhi easily accessible. Not only this, the city provides great transportation facilities. The rapid metro of Gurgaon-connected Delhi metro makes travel easy from Gurgaon to South Delhi, Faridabad, Dwarka, and IGI airport. Along with this, commuting to corporate areas, shopping complexes, community centers, and entertainment parks become easy with the help of the rapid metro. Hence it also connects the city internally. Exceptional connectivity and convenient transportation facility make Gurgaon undoubtedly a wise place for real estate.
4. High return on investment
While investing in real estate, the most important thing that comes into mind is its appreciation value. Gurgaon is the highly preferred destination when it comes to real estate investment. Since it is 3rd largest city in terms of per capita income, also its highly attractive infrastructure, transportation facility, and connectivity to major hubs; make real estate investment-worthy as it can provide high returns and profits in the future.
Hence, Real Estate Gurgaon Gurgaon is seen as a real estate hub as well. If someone wants to invest in real estate with high returns, Gurgaon is an ideal place to invest. Gurgaon is advantageous for both builders and investors because of its infrastructure rise in property demand, high standard of living, and employment prospects. It is a great decision to invest in Real Estate Gurgaon. Overall, the real estate market of Gurgaon is booming day by day in both residential and commercial terms.