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The Rise and Fall of Real Estate in Gurgaon
Real estate is a tricky business and people investing in it need to do thorough research before making a big decision. Metropolitan cities in India are riding high on the success of real estate business since the past five years. One such city is Gurgaon, now also known as Gurugram, which has gained much criticism as well as appreciation for its continuous fluctuation in realty market. Big and high-rise buildings in the city are making it an appealing option among buyers who are planning to buy mostly luxury properties.
Although, real estate India is tough to handle, many of the new developers have been able to understand market needs and are building properties that suits both the parties. Due to the presence of some of the major multinational corporations such as HCL, Samsung, Deloitte and Accenture, Gurgaon’s real estate scenario picked up at a pace than never before. Government initiatives too play an important role while deciding the fate of real estate in India. Some of the reforms such as FDI, GST, economic growth and loan system have made a huge impact on the real estate market of Gurgaon as well.
Origin of Real Estate in Gurgaon
Not many of us are aware that this city is amongst a few of the metro cities that have started out real estate listings very soon. However, after this tremendous business, the city started fading out and started having unsold inventories, which in turn affected buyer’s decision. After all the roller coaster of real estate properties in Gurgaon, it picked up some speed and is now on the verge of becoming one of the most successful real estate cities in India. The reason that most of the companies have started shifting their headquarters to Gurgaon is enough for developers to make way for new projects. Along with that, commercial properties are becoming more in demand than ever due to advent of start-ups and new job opportunities.
What’s in Store for Future?
It is quite evident that once a village, Gurgaon has now become one of the most developed metro cities of India. Under Haryana’s Affordable Housing Policy of 2013, regulations are now being implemented by developers, which have increased the demand of new properties that are easy to buy. A huge setback for Gurgaon in terms of inventories has been the ones that remained unsold due to the Global depression between 2008 and 2010. This has resulted in the scrapping of new projects announced by builders due to liquidity of assets.
What started out as an experiment for Gurgaon, turned out to be the most beneficial deal for the city. With urbanization kicking in, it has become the most sought-after city that has skyscrapers and lush buildings to make people feel like they are living the life of their dreams. Hence, after such big hurricanes, it would be interesting to watch out the turnaround of this city in the sale of new as well as unsold inventories. In order to ensure this, supply has to be always in sync with the demand.