A report says that the NCR will have a total demand of nearly 10.2 lakh residential units, 249 lakh sq ft of office space and 66.6 lakh sq ft of retail spaces by 2013.With rising demand in residential, office, retail, and hospitality sectors, Gurgaon tops the demand charts. Forthcoming world-class projects, proximity and good connectivity to Delhi are a few factors driving these figures. Gurgaon is registering the fastest growth in the real estate sector in the country. Developers are flocking to the region to launch new projects after prices here shot up by as much as 25% in the last one year.
Recently, well-established realty players like Godrej Developer, Tata Realty from Mumbai and Sobha Developers from Bangalore launched their projects in Gurgaon. This has further infused the competition in the sector in the region. A large number of white-collar jobs have been created in Gurgaon after it emerged as a hub for IT and IT-enabled services in northern India. Also, owing to its proximity to the national capital Delhi, several Fortune 500 firms opened their offices here, employing hundreds of high-income professionals.
Under the new Gurgaon-Manesar Master Plan 2025, the availability of land for development and avenues for new growth corridors has opened up. The new master plan allocates 14,930 hectares of land for residential use; this is good enough for over 58 new sectors. Most of the new developments are taking place in these sectors.
Records show that 35% of the proposed residential land is under the process of licensing. The major growth corridors in Gurgaon include extended Golf Course Road, Sohna Road, Pataudi Road, Manesar, Jaipur Highway and a concentrated growth in Bhiwadi and Dharuhera. Around the NH-8, the sectors of New Gurgaon like 37, 37D, 80, 81, 82, 85, 86, 90, 92, 93, 95, and 99 are registering a tremendous response.
Developers in Gurgaon:
Developers like Neo Developers, DLF, Unitech, MGF EMAAR, Chintels, Ansal, Orris, Antriksh, Assotech, Raheja Developers, CHD, etc, have major projects that are riding the real estate market. The ILD Group has come up with ILD Trade Centre on Sohna Road, which is a mixed product that caters to the needs of commercial-office as well as retail-shop buyers.