Click to play videoGurgaon: It all started in the early 1980s and two decades later it hasn't stopped. Gurgaon continues to bring in high-rise residential complexes, plush offices and glitzy malls. But just what is driving that demand?
“If you see any MNC who signs up for 2,000 sq feet of space, for example a back office space in Gurgaon, then going by a ball park figure 2,000 people will work there. If even 20 per cent decide to live in Gurgoan it means 400 people and 400 new homes - one entire residential complex,” says Regional Director, Trammell Crow Meghraj, Pankaj Renjhen.
Property prices, which have been soaring consequently, doubled over the past two years. But now experts believe the phase of frenzied price rises is over.
“The over heated market of Gurgaon has stabilized. But there's escalation of prices still going on. If anyone thinks, that prices have really come down in absolute terms, then they should know it hasn't,” says Executive Director, North, Knight Frank, India, Jayant Varma
However, there could be good news if you plan to buy a home in Gurgaon. The Haryana Urban Development Authority has drawn up a master plan that will release 33,726 hectares around Gurgaon, three times Gurgaon's size. Of the total amount 14,380 hectares will be devoted to residential development.
“All these projects, the area that has come under the new master plan - the prices here will be much lower than prices in Gurgoan. There will be more demand here,” says Director, Ansal AP, Pranav Ansal.
And analysts say property on Gurgaon-Sohna Road and areas towards Manesar will make promising investments.
(With Anumeet Kaur Bedi)
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