A Challenge to Delhis Hegemony

By: Larry Jone

Residential sector is finding new definition in Gurgaon.

Its was after the liberalization of the Indian economy, in the 1990's and the policies initiated by the Haryana government Gurgaon came into lime light and proved itself as a cosmopolitan city, a city which could help in giving IT revolution a direction, a city where Real Estate could find its definition and a city which would end long lasting hegemony of Delhi as the only place in North India for such revolutions and changes.

Today we find Gurgaon as one of the major outsourcing hubs, housing major multinationals such as Accenture, Sapient, Agilent, TCS, Genpact, Polaris, IBM, Microsoft, Google, and Oracle etc. Gurgaon is also known for its versatility in residential properties be it an apartment or villa, condominium or penthouse, independent floor or duplex, or . There is great opportunity to , in some of the swankiest and posh colonies. The people residing in these colonies are fortunate one in term of appreciation of prices, rental income and security. People who have invested here in this city have gained tremendously business wise as well. Real estate in Gurgaon has touched unprecedented heights, which is evident from the number of projects being planned to gratify the increasing demand for residential property.

Such is the growth that even DLF and Unitech, two Real Estate behemoths are planning to launch more than 10 projects in residential sector. They are proposed to build some where about 800-1000 residential apartments in a year. Others who are joining the party are the Ansal group with projects like Valley View Estate on Gurgaon-Faridabad road. In this residential project, one can opt from a one bedroom unit of 627 sq ft area, ranging from 929 sq ft to 1097 sq ft and three bedroom apartment covering 1300 sq ft of space. Another project which is catching everybody's attention is the Orchid Greens of Vipul on Sohna Road. The project is estimated to be covering more 17 acres of land, with 85% landscaped green.

When it comes to budget Gurgaon has been fairly stable in last few months with present rate hovering around 2700 to Rs 3000 per sqare feet. Builders blame this for the high land price. The cost of permissible constructing space in suburbs like Noida and Gurgaon in NCR is around Rs 1,500 per square feet. As the cost of high class quality space is around Rs 1,000 to Rs 1,200 per sq ft, the total cost of apartment comes out to be around Rs 2,700 to Rs 3,000 per sq ft.

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