Residential as well as commercial property market in the city is witnessing signs of revival currently, following positive buyer sentiments and increasing investor interest Of late, real estate business in Gurgaon has gained momentum, following revival in demand. Investments in residential as well as commercial property is picking up in the city.
In addition, the height restriction on high-rise buildings has been lifted in Gurgaon, prompting developers to build skyscrapers as high as 150-180 metres (m) in the city. Earlier, the city had a maximum permissible height limit of 90 m.
“The Gurgaon real estate market has gained significant momentum since the beginning of 2010,” says Yogesk Kaushik, a senior official of HUDA[1] Gurgaon Development Authority. Mr Kaushik further adds that property market in the city is likely to be in full swing over the coming months.
 Big projects in pipelineAfter a prolonged lull due to the global economic recession, the residential market in Gurgaon is expected to remain strong in 2010. Industry experts opine that realty transactions in the city is expected to go up this year, thanks to positive buyer sentiments and increasing interest among developers to launch projects here:
Godrej Properties is also eyeing to launch residential projects in Gurgaon. Apart from this, Ireo, a well-known developer with a pan-India presence, has recently launched two landmark residential complexes in Gurgaon, Ireo Uptown in Sector 66 and Victor Valley in Sector 67. With 51 floors, Victor Valleyis the tallest residential complex in the National Capital Region (NCR).
Commercial leasing may rise
Not only residential realty, but commercial leasing activity in Gurgaon is also expected to mount up over the coming months. With markets maturing, IT/ITeS firms have regained confidence and are looking to expand their operations.
According to Real Estate Intelligence Service (REIS) April 2010, a report by Jones Lang LaSalle Meghraj (JLLM), steep fall in commercial rental rates across India has opened up opportunities for occupiers in the medium-term. Rental values in Gurgaon corrected up to 56% till fourth quarter of 2009-10, points out the report.
The report further adds that the major demand for commercial office space during 2010-12 is expected to come from sectors such as IT, telecom, pharmaceuticals and healthcare.
“Retail real estate market in Gurgaon has also improved and the demand for retail space absorption is likely to continue till market sentiments remain buoyant,” opines Santhosh Kumar, CEO (operations) of JLLM.
Mr Kumar further adds that despite the revenue-sharing model, both developers and retailers are making good money.
Jeeta Bandopadhyay
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