Gurgaon is a city in the northern Indian state of Haryana, and has a population of about 1,000,000 according to the 2001 national census. Gurgaon is one of Delhi's four major satellite cities. It is just 10 kms away from Indira Gandhi International Airport, Delhi. The district derived its name from the name of Guru Dronacharya; the village was given as gurudakshina to him by his students; the Pandavas and hence it came to be known as Guru-gram, which in course of time got distorted to Gurgaon. Thus the district has been existence since the times of Mahabharata. The district is surrounded by Delhi & Rajasthan. Until very recently, Gurgaon was a sleepy town on the outskirts of New Delhi. Its potential was quickly recognized after the liberalization of the Indian economy, in the 1990's, because of its proximity to New Delhi, and the smart policy initiatives of the Haryana government. Today, skyscrapers and modern shopping malls dot this suburb, which has seen a major real estate boom since the late 1990s.
Gurgaon is one of India's major outsourcing hubs, housing major multinationals such as Accenture, Sapient, Agilent, TCS, Genpact, Polaris, IBM, Microsoft, Google, Oracle, ITC, Ranbaxy, Adidas, Nokia, Pepsi, RBS,Alcatel, American Express, British Airways, Convergys, eFunds, Ericsson, Fidelity Investments, Flextronics Software Systems, General Electric, HCL technologies, Hewitt, Hindustan Lever Limited (the Indian division of Unilever), IBM Daksh, Keane, Niksun Incorporated, Siemens, Vertex, and Xchanging. Other well known multinationals such as Aviva, Citibank, Coca-Cola?, GSK, General Motors, Gillette, HP, Hitachi Metals, Nestle, New York Life, WNS Global Services, Xerox, etc. have made Gurgaon their corporate headquarters. The biggest car manufacturers in India, MarutiUdyog and Hero Honda also have plants in Gurgaon. Honda's own two-wheeler plant is located 8 kilometers down Indian National Highway 8 from Gurgaon. Globally recognized as an IT And ITES destination, Gurgaon is the much sought after place for Corporate and MNCs that need space in Delhi. The increase in foreign direct investment, falling interest rates along with the boom in the stock market has led to the flourishing of the real estate market here.
Gurgaon is also known for its versatility in residential properties be it an apartment or villa, condominium or penthouse, independent floor or duplex, or residential plots; to each his own. There are good Hotels and places to stay. Bristol Hotel is a nice, clean and comfortable 3 star Hotel with an extraordinary confectionary and then there is the 5 Star Radisson Hotel on the Delhi-Jaipur? Highway. Another good pace to stay is the 32nd Milestone which also houses a discotheque, go-carting and other games for children of all ages. You can own property in the plush locations and Industrial Plots of Gurgaon, Delhi/NCR.Make your dream come true- Gurgaon extends to you the finest opportunities to buy: Apartments/Flats/Condominium, Commercial/Industrial Space, Office Space / Corporate Locations, Agricultural Land / Rented Properties, Shops, Plots, Villas, Farm Houses, Builder Floors in posh backdrop of Gurgaon and surrounding areas Delhi / NCR, and that too at absolutely reasonable prices.
Gurgaon is a peaceful area where crime rate is very low. Those people who have bought properties in this area 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. Several residential projects are in various stages of construction in this suburb of Delhi and many more are in pipeline of being launched. "What you're seeing is a very good housing market combined with the nation's top developers establishing their base in Gurgaon," said colonel (retd.) Prithvi Nath of DLF, which already has around 10 ongoing projects and announced six more projects last year and is planning more. Unitech, another dominant player, launched 10 projects over the past year, and is proposing to build 800 - 1,000 residential apartments over the next year.
Among quality projects, Valley View Estate on the Gurgaon-Faridabad Road has been promoted by Ansals. In this residential project, one can opt from a one bedroom unit of 627 sq ft area, two bedroom apartments ranging from 929 sq ft to 1097 sq ft and three bedroom units covering 1300 sq ft of space. Parsvnath's Green Ville on Sohna Road, a residential project of international standards, has been planned to provide pollution free ambience. This premium segment residential project boasts of an exclusive state-of-the-art club along with access to Jacuzzi, sauna, squash court, children's' play area, and gymnasium, among others. Another premium segment project, Orchid Greens of Vipul on Sohna Road is sure to attract the buyer's attention. Situated on approximately 17 acres of land, with 85% a landscaped garden, Orchis Greens has two premium apartments on each floor.
To add more attraction to this already attractive project, three swimming pools, a day care centre and parks for children have been planned. L&T have launched Kensington Park in Gurgaon on Sector Road, while the Essel Group has launched Essel Towers on Mehrauli Gurgaon Road. Also the Ambience Group has come up with Ambience City Lagoon in Gurgaon at an asking rate of Rs 600 per sq ft. Other such projects include the Icon, Pinnacle, Belmont, Ville Nova and others in the premium segment. The Nile, a masterpiece offering from Omaxe is taking shape on Sohna-Gurgaon Road and is priced at Rs 2300 per sq ft. This project has 416 apartments in 9 towers with options of 3-bedroom and 4-bedroom apartments and penthouses. The Nile, inspired by the Nile river civilization, is being promoted as a futuristic planning which makes it a modern day landmark. Other residential projects include Mahindra Gescos Central Part-II, Unitech's Uniworld, and Jaipuria-Bestech group's Parkview among others. The above mentioned developments are just indicative of the residential realty activity taking place in Gurgaon at the moment. A lot more is in the offing and buyers stand to gain the most. In keeping with the realty boom in Haryana, the Haryana Urban Development Authority (Huda) has launched a new group-housing scheme across the state.
Under the scheme, a total of 321 plots of half acre, one acre and one-and-a-half acre will be allotted wherein Gurgaon will get 30 plots. The plots will be allotted on free hold basis at rates depending on the dwelling unit's size and the town they are located in. The new scheme will definitely help meet the increasing demand for housing in the state, and probably help check the unbridled rise in property prices in Haryana.
When it comes to pricing Gurgaon has been fairly stable in the last few months and is likely to firm up in the near future. The price appreciation (to the tune of 50%) that was witnessed in 2004 across the various residential markets of Gurgaon was mostly led by apartments in the premium segment. The rate of escalation has reduced marginally over the last few months. However, the current projected figures of supply and sales indicate sustained activity during the coming months. An important feature, however, is that investors are still a major player in the market which can be viewed through, in the active secondary sale market. Projects that were launched across the NCR in early '05 have shown a 10% appreciation in their capital values, while the projects launched in mid-2004 have appreciated by 20-30 %, indicating an annualized return of 25-30 %.
The residential purchase prices could continue to appreciate, though the rate of escalation is expected to be lower compared with last year. In Gurgaon (except Gurgaon-Sohna road) the present rate is around Rs 2,700 to Rs 3,000 per square 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.
