Thursday, October 4, 2012

All Isn't Well With the Gurgaon Land

Like each major town of Asian nation, Gurgaon is additionally a town of contradictions. whereas on one hand it's been the most important driver of belongings boom within the northern a part of the country, with each major player of the business fighting for a share of the town, on the opposite hand folks ar currently finding the town unfit or too pricey to measure in. Instead, they're yearning for choices within the close sections of metropolis, that ar relatively safer in addition as significantly cheaper. what's the truth of the truth sector within the city? Is it identical because the rosy image painted by the govt and also the huge promoters in land, or is it one thing entirely different? in truth, it's a combination of each.

The reality boom that started off in 1990's underneath the reign of the then Prime Minister, Mr. Rajiv Gandhi, has been continued to the present date. India's largest industrial land developer, the DLF cluster was the primary one to cache in on the boom and has currently just about has the whole Gurgaon underneath its umbrella. different major players like Supertech, Unitech, Emmar MGF, Ansal Buildwell have additionally created immense inroads into the town creating it a real land hub. All this competition has acted for the advantage of the patron World Health Organization currently has world category amenities at its disposal.

The huge explosion of corporate and resident migrants can also be attributed to the advent of MNC's and large corporate firms in the city, who readily made Gurgaon their chosen destination due to abundance of cheap land and its proximity to the NCR. Better connectivity with Metro and the nearby IGI airport has further made things easier for those with white collar jobs, who find the plush apartments and penthouses as per their refined tastes. These high net worth individuals are ready to pay an extra buck for an ounce of added comfort.

But, this is not the complete story. Extraordinary prices, lack of basic infrastructural facilities, highly dysfunctional social fabric and a reputation for being one of the most unsafe cities of the country are harming the growth prospects of the millennium city. It is a harsh reality that Gurgaon is now too expensive, for any kind of sensible investment purpose. Commercial buyers, small companies and residential buyers, all are averse to doing new investments in the city due to preposterous prices. With a price band of Rs. 12,000 to Rs. 15,000 per square feet on Golf Course Road, a genuine buyer has lost all hopes of finding his foothold in the city. Several luxury projects are finding it hard to get any customers on roll. Some blame it on overkill of real estate development; others blame the lack of demand for the stagnation. Whatever might be the reason, Gurgaon is certainly not quite the real estate powerhouse it used to be. Increasing criminal activity in the area has also not helped the cause.

Things have finally caught the eyes of the state government, who has approved a Manesar-Gurgaon Urban master-plan 2025, which plans to create 58 more sectors from the 14,930 hectares of the land allocated for residential purpose. Nearby areas like extended Golf Course Road, Pataudi Road, Bhiwadi and Dharuhera are being pitched for the next wave of reality boom. Further, to make the city more safe, police administration is also putting extra efforts. Tenant verification by police is being exercised with more strictness than ever so as to restrict the entry of anti-social elements in the city. All these measures might redeem the losing sheen of the real estate sector in Gurgaon.

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