However Gurgaon’s proximity to South Delhi, one of the posh locations in India, also added to its advantage. The presence of an international airport in its vicinity proved to be an icing on the cake for Gurgaon real estate market. Nonetheless this is one of the major reasons which inspired worldclass multinationals to operate from Gurgaon.
However the rise of Gurgaon has been directly proportional to the country’s economic development. As more and more companies started expanding their operations, they wanted to operate from closer to the National Capital. Delhi could not accommodate them. Moreover Delhi’s loss was thus, Gurgaon’s gain! Right from expressways to rapid Metro, from multinational organisations to international schools, from finely crafted skyscrapers to the lush green Aravalis full of natural beauty, Gurgaon seems to have it all, at once.
Meanwhile the growing business of ecommerce is also adding to this its glory. Be it a start-up food chain or an online grocery chain, it is mandatory for them to mark their presence here. Interestingly on a flipside, Gurgaon has a robust affordable realty market as well! One should be grateful to Haryana Government’s Affordable Housing Policy 2013 which helped developers plan affordable projects in a price range of `15 lakh to `25 lakh for 1-BHK and 2-BHK units, which seems to be great.
Furthermore affordable projects sell like a hot cake; though margins are not too high, there is no problem of unsold inventories. Meanwhile this housing policy has made the city complete; it now has something to offer to every section of the society, be it the affluent class or the aspiring young professionals who are aiming big in their life. The Haryana Government’s Affordable Housing Policy has complemented the real estate market of Gurgaon and taken it to new heights.
However Pradeep Aggarwal, chairman, Signature Global Group, says, “The recent approval to Real Estate Regulatory Bill in the Parliament has further widened the scope of affordable realty in the city of Gurgaon. Furthermore the Bill provisions the formation of Real Estate Regulatory Authority or RERA which will supervise overall activities and help streamlining the approval mechanism.“