Gurgaon Property Enters the Big League

After the Indian economy opened up in the 90's, the then small-time town of Gurgaon has been able to cash in on its strategic geographical location near the national capital Delhi and the Indira Gandhi International Airport by becoming a major outsourcing hub and a centre for non-polluting high technology industries. It is today globally recognized as an IT and ITES destination.
Soaring demand
Most MNCs operating in India have their offices in Gurgaon. India's biggest car manufacturers, Maruti Udyog and Hero Honda, have also set up plants there. This, along with the influx of educated and skilled professionals in large numbers, has led to soaring demand for Gurgaon commercial and residential property.
The recent sealing drive in Delhi has further shot up the demand for Gurgaon property with many affected shop and factory owners shifting there.
Even otherwise, prices of Gurgaon real estate have skyrocketed over the past decade. Today, any real estate agent, worth his salt, would tell you that the most lucrative properties in the national capital region (NCR) lie in Gurgaon.
On a roll
With the proposed Delhi-Gurgaon metro link scheduled to be ready by 2012, real estate agents in Gurgaon are upbeat about the town getting a competitive edge and the good times continuing.
The increase in foreign direct investment, falling interest rates along with the boom in the stock market has also given momentum to the Gurgaon real estate market. The upcoming Jaipur expressway has spurred a construction boom in Gurgaon and areas adjoining National Highway-8.
No wonder, major real estate consultants of the country have set up base in Gurgaon with an eye on the pie. They view the Gurgaon real estate market as an extension of the Delhi one with the space crunch in the capital city inducing corporates and MNCs to set up offices in what is regarded as the best of Delhi's satellite cities.
Projects galore
The unprecedented heights touched by real estate in Gurgaon are evident from the numerous projects on anvil to meet the burgeoning demand for residential property.
Be it apartments or villas, penthouses or condominiums, independent floors or duplex, real estate agents and consultants in Gurgaon have ensured that the choice is restricted only by the discerning buyer's budget.
And if the Haryana government has its way, the Millennium city will soon make a mark on the skyscraper map of the world with some of the world's tallest skyscrapers.
So, it is boom time for Gurgaon real estate. Property dealers and property brokers in Gurgaon along with other players in the market are laughing all the way to the bank.