Gurgaon or Gurugram as it is officially known now, continues pulling its weight in terms of drawing industries, top companies, MNCs and corporates to its steadily growing commercial sector. This in turn is rubbing off positively on the residential real estate market in Gurgaon and augurs well for it in the long run according to experts. Gurgaon is well connected to the National Capital of the country along with the Indira Gandhi International Airport. There is ample development space available here for offices and the overall ease of doing business also contributes towards making it more attractive for investors.
Gurgaon has been able to consistently draw more corporate and IT behemoths along with businesses across diverse sectors in spite of the relatively higher cost of living here and traffic congestion. According to reports, Gurgaon has attracted a whopping 60% of overall office space demand in the National Capital Region (NCR) ahead of Noida and Delhi for 5 years in succession. Premium and high quality housing options are readily available in Gurgaon which is another reason for its commercial growth along with top shopping malls and entertainment and leisure options in addition to a widely available talent pool for companies and a government that is more business friendly.
Corporates in Gurgaon are already snapping up bigger floors in central business districts and other zones of the city and are also leasing buildings that are currently under construction. Newer office spaces automatically equate to higher employment and housing demand along with higher consumption and a boost to retail segments. The highest demand for office spaces has been coming from manufacturing, financial services and technology companies that seek Grade A office spaces in the city. A large chunk of companies shifting to Gurgaon were previously based in Connaught Place and business zones in South Delhi where they were constrained by the higher prices and lower supply of office space.
As per several reports, Gurgaon witnesses leasing of approximately 4-4.5 million sq. ft. of office space every year which also indicates growth in demand for housing backed by commercial growth and employment generation. Gurgaon offers great connectivity through the Golf Course Road, National Highway 8 and rapid metro line. Upcoming infrastructural developments include a proposed U-turn situated near the popular Ambience Mall. There are various expressway underpasses which have also helped in decongesting traffic. Key areas include the stretch of the National Highway 8 between the Kherki Daula and Signature Tower zones, Sohna Road and Golf Course Extension Road. These are key micro-markets that will witness rapid growth in the future in terms of commercial and residential development alike. With the Dwarka Expressway and SPR being pioneering development projects for the region and the expansion of the metro network, Gurgaon should continue to dominate the commercial and residential markets in NCR for quite some time. Some of the top real estate projects in Gurgaon include Emaar Palm Premier, Godrej Meridien and Eldeco Acclaim to name a few.
Gurgaon continues pulling punches in terms of commercial & business growth
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