Residential real estate in Gurgaon: Current developments & the future
Rajesh Jain, director, Conscient Infrastructure, reveals the city's new growth path
The residential real estate industry in India has been in a state of flux for several years. While on the one hand, customer confidence has been low, on the other hand, foreign players had been reluctant to enter the industry. But now several policy initiatives like RERA, Demonetization, Benami Property Act and GST reforms have been put in place to ensure a fair, transparent and level playing field. These initiatives have brought back confidence to the sector. RERA has changed the dynamics of the residential market, with developers making all-inclusive offers. This box pricing is making it easier for buyers to evaluate the total cost of the house and decide whether it fits within their budget. Increased interest in affordable housing is also being witnessed due to the Central Government’s policy push, innovative technology as well as increased participation from the private sector. Easier availability of land in the extended suburbs, along with improved infrastructure connectivity, is helping drive this housing segment.
Gurgaon, the Millennium City, has embraced a new culture due to the sudden increase in a highly heterogeneous and a much more cosmopolitan and global population over the last 15 years. The city boasts of high-rise commercial and residential buildings. Its transportation networks, social infrastructure, growing employment opportunities and the well connected metro lines, are some of the key reasons why real estate here is in huge demand. Being an investor friendly market with a sound land acquisition policy, it is also the most desired hub when it comes to high end living. Owing to the increase in demand for residential complexes and land getting scarce, it is now spreading its wings and tapping into the surrounding areas. Also, there is an influx of international funding coming into the city. With fly-by-night operators disappearing, there is an increased opportunity for genuine developers who want to deliver good quality developments to operate freely. With the government approving the registry of fourth floor of independent apartments in Gurgaon, demand for plotted developments has also surged.
Golf Course Extension Road, a bustling corridor in the city, reflects all the above features about this satellite city of Delhi. It is gaining prominence owing to its easy accessibility to NH-8 and South Delhi via the Gurgaon-Faridabad Expressway. The completion of SPR (Special Periphery Road) and NPR (Northern Peripheral Expressway, commonly known as Dwarka Expressway) will improve connectivity of Golf Course Extension Road, Faridabad Road, Sohna Road and nearby areas with NH-8 and will reduce the traffic load on Delhi - Gurgaon expressway. These new corridors will offer seamless connectivity between the nearby cities and decongest the traffic, besides bolstering real estate opportunities in the surrounding localities.
With over 500 multi-national companies in the vicinity and a declared plan for metro and rapid metro connectivity, this area is offering opportunities to all stake holders including buyers, vendors, professionals, etc. with increased options to choose from. It is poised to cater to well over 75,000 families who will stress upon good quality living standards which is designed keeping the end users and long-term investors in mind, who continue to see merit and value in quality real estate as an asset class. This segment of customers responds to good investment opportunities and is largely immune to market fluctuations. There will be focus on delivering as per commitment and improving performance of the developers and professionals in the industry. Consumers will need to be assured about timely delivery of projects, keeping the promises made at the time of sale, maintaining transparency in transactions, quick addressal and resolution of customer issues, continued and regular communication with customers during the life of the project and a balanced written agreement safeguarding the interests of both the parties. These areas have suffered for long due, but simple improvements like these will boost confidence of home buyers.
Gurgaon has always been one of the favored destinations for investors as compared to other Indian cities. With many more developers looking to establish a base here, the Golf Course Extension Road has become a realty hot spot. India is a country of young demography, with a strong culture of owning a home and investment in savings. It offers huge opportunities to real estate developers as compared to the rest of the world. Our research shows customers are in the lookout for quality luxury residences that would meet their requirements. The definition of luxury of space is not restricted to homes that customers purchase but encompasses the whole development of the complex, including the amenities, beautifully designed landscapes and other facilities. We would like our customers to live in a modern, cutting edge design with a beautiful environment which is vibrant and full of energy and Gurgaon is waiting for such residential projects!