Bright Real Estate Market Of Gurgaon In 2019

Gurgaon has always been the ‘apple of eye’ for the real estate investors, builders and end-users. Not that the Gurgaon’s realty has not undergone its share of wrack and ruin in the past year with an average of 22,000 unsold units, it was still better off than the rest of NCR, which witnessed the unsold inventory figures of around 1,70,000 units, by far the highest in country. What works in the favor of Gurgaon is its strategic location adjacent to powerhouse, New Delhi, as well as the top-notch constructions, amenities, infrastructure, and prolific job opportunities it’s brimming with.

And with an anticipated GDP growth in the fresh year 2019, the strengthened economy is likely to show a boost in demand for real estate. Let’s have a sneak-peak as to why Gurgaon Real Estate Market offers a bright future in 2019:

Commercial Developments:
Ask anyone the highlight of moving to Gurgaon city, and they’ll say aloud- the presence of the manifold multinational corporations. The key occupiers of the Gurgaon office spaces are:

• IT and ITeS Sectors- 60%
• BFSI- 20%
• Manufacturing- 10%
• Miscellaneous- 10%

In respect to this, the world’s #1 search engine, ‘Google’ is spreading its expanse of office spaces in Signature Towers 2A and 3 to 7,50,000 square feet by 2017. Besides, the other reckoned names have also enlarged their share of office spaces in Gurgaon with ‘Samsung’ by 2,00,000 square feet, ‘American Express’ by 1,25,000 square feet, ‘Spice Jet’ at 1,20,000 square feet, etc. There is a word that the undergoing projects like ‘Parswanath IT Park Technicia’ of 6,95,000 square feet by Parsvanath Developers, ‘Business Club’ of 7,00,000 square feet by AIPL group, and many more are going to be accomplished by the end of the year 2019.

The city of Gurgaon, witnessing office absorption of 4.9 million square feet on a year-to-date basis, is surely a haven of the service industry in NCR. [Source: Colliers Report] As a consequence, the city will have no dearth of real estate investors including the expatriates and NRIs in the near future.

Residential Developments:
The constant influx of entrepreneurs, job-seekers, and home residents in the Gurgaon’s realty projects has brought the city into the limelight of the government thereby making it a strong contender for the NDA’s ‘Smart City’ project. Then, the best features of Gurgaon will be:

• Green environment, uninterrupted electricity & water supply for the better quality of living
• Bus Rapid Transit (BRT) corridor for the exceptional mobility
• State-of-the-art infrastructure

Already, the development has started picking up. The city will see the new launches of the affordable dwelling of Rs. 25 lakh and under as per the ‘Affordable Housing Initiative’ by Haryana government. The inclusion of the names of realty giants like DLF Developers, Tulip Group, Supertech is bringing these affordable residential projects in the glare of the investors and end-users.

Talking of the luxury projects, the Bengaluru-based realty firm, Sobha is planning to launch a group housing project of 1700 flats in Gurgaon by tying up with another realtor, Chintels India. The estimated worth of this 39-acre project is Rs 1,000 crore and the completion time is next 6-7 years. The rates will be competitive with the current market condition.

Infrastructural Developments:
Apart from the Bus Rapid Transit corridor and rapid rails, the most awaited infrastructural development is the Southern Peripheral Road (SPR), which was stalled for long, and has been recently recommenced. The highlights of this 150-meter wide road in New Gurgaon are:

• Excellent connectivity to Delhi and its bordering areas
• Link to Golf Course Road, NH-8 and Mehrauli Road
• Connect to the existing Gurgaon-Faridabad Road

Seeing this development, the acclaimed developers such as Tata, DLF, Unitech, BPTP, and the likes have instigated their finest projects in this setting with approximately 20,000 units under construction. Besides, the other developers like Raheja Developers, Ireo, Parsvanath, and Emmar MGF own the outsized strips of land in this area. The Sectors 71, 73, 74 and 75 are also earmarked for the commercial and institutional developments.

Due to its importance, the SPR has been declared as a national highway, meaning that the NHAI (National Highways Authority of India) will be responsible for its upkeep. Furthermore, the Metro connectivity is planned along this Road in Phase II.

Government’s Contribution:
Recognizing the Gurgaon city as the hub of developments be it residential, commercial or industrial, the government is also spelling good news for the real estate investors over here. The interesting things to know are:

• The initiation of ‘Make in India’ program by the government to ensure the emergence of industries in the area, which will consequently raise the housing demand as well.
• The ease of ‘Foreign Direct Investment’ in real estate to improve the liquidity thereby granting the legroom to the developers for offering the good deals to their buyers.
• The deductions in the rate of interests by the RBI to allow the lower home loan rates and thus, increasing the demand.

Also, the panel of Haryana government is likely to offer greater relief to the distressed homebuyers in Gurgaon by penalizing the erring builders who delay the possession by more than 6 months to pay enhanced compensation with interest or refund the money of the aggrieved party.

In lieu of all the developments going on in the city including the physical constructions, communal facilities as well as the economic fortification of the developers, investors, and the buyers, the future of Gurgaon is surely bright ahead.

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