The once sleepy town of Gurgaon in Haryana has witnessed a real estate boom since the late 90's following liberalization of the Indian economy. Gurgaon, like Pune, Chennai, Hyderabad and Bangalore, attracts IT professionals in droves. Their salaries are comparable to the best in the world. The high disposable income in the hands of employees of the booming service sector in Gurgaon has led to tremendous spurt in demand for Gurgaon properties-- both for commercial and residential use.
Strategic location
With a space crunch in national capital Delhi, MNCs plump for nearby Gurgaon and many have made it their corporate headquarters in the country, as it is just 10 km from the Indira Gandhi International airport.
Gurgaon property values have skyrocketed over the past decade due to this burgeoning demand. As a result, Gurgaon properties have drawn huge investments both from inland and overseas. The influx of funds has transformed this one-time village into a hi-tech city with multistoried malls and skyscrapers dotting the landscape.
The proposed expressway to Jaipur, metro rail connection to Delhi and the special economic zone to be developed by Reliance Industries has made Gurgaon apartments treasured possessions for builders and owners alike with the rush for bookings still on. All these have contributed to increased construction activity in the town.
Property in Gurgaon also attracts high rental values. Many residents of posh South Delhi areas buy apartments in Gurgaon while some have already shifted lock, stock and barrel there to escape Delhi's congestion and pollution. Those who sell apartments in Gurgaon these days get much higher returns than in the case of flats in other areas of the national capital region.
So, Gurgaon property owners are set to witness happy times. However, to keep the cash registers ringing, the city authorities will have to do their bit to check the rising crime graph and improve the power scenario.