Gurgaon will become one of India’s Top Realty Destinations

In the last two decades, Gurgaon witnessed a spectacular growth, earned worldwide fame, and got the label of Millennium City. From glass and chrome corporate and commercial offices to high-rises, metro rail to the expressway, and recommended extension of metro rail to recommended Pod taxi project, the city is developing beyond its limits.

 

One of the most prime destinations in Gurgaon is the Golf Course Extension Road which has emerged as the leading center point for the expansion and development of New Gurgaon. It connects Golf Course Road to the Gurgaon-Sohna Road. The Golf Course Extension Road is gaining prominence owing to its easy accessibility to NH-8 and South Delhi via the Gurgaon-Faridabad Expressway. Demand for luxury residential properties in Gurgaon is expected to soar in the coming four years. New arrivals to the National Capital Region – mainly connected with IT, services and the industrial sectors, have contributed to the hike in housing demand which is expected to rise further with the influx.

 

Gurgaon will continue to see a significant increase in the luxury housing segment as the infrastructure is improving significantly and the city has witnessed a rapid pace of urbanization over the last one-and-a-half decade. The state government and the professional bureaucrats who are in control have implemented some very innovative and progressive strategies for the development of Gurgaon We confident that with such good measures like Tata La Vida, Tata Primanti, Emaar Mgf, M3M, etc. Gurgaon will become one of India’s top realty destinations.

The Untold Story of Property in India

As we are aware, Property in India has been reeling under a severe slowdown for the past few years. The positive sentiment in the Indian economy has not done much to boost the real estate spirits. One of the main reasons has been the liquidity crunch due to the crackdown on black money in last two years, a significant source of capital for the real estate in India. The real estate developers have lived with the idea of taking the individual investor for a ride for far too long and the belief that they can get away with anything. With almost all cases in court going against the builders has been a wake-up call for them and have emboldened the unsophisticated investors to knock on the court doors for justice. The developers need to take a few steps back, introspect, adopt best trade practices and come clean, in case the Property in India is looking at a revival.

Delayed timelines and delivery schedules have become the biggest pain point not only for the buyers but also for the real estate industry, which is losing its little-earned credibility fast. As per the latest report, more than 50% projects are going to miss their target dates across the country. The delays range from 1 to 4 years. Overestimations of demand, increasing costs and lack of market liquidity have led to surplus inventory. However, this factor of excess stock needs to be understood in the light of the fact that almost 80% of the inventory is under various stages of construction unless completed most of it would remain surplus; this has become the single point of failure for the real estate industry.

 

Significantly, the smaller builders are doing much better as compared to the bigger names. Reason being that the lesser known developers have handled one project at a time, completed it, given delivery and then initiated a new one. Whereas, the most flamboyant ones have failed on account of undertaking some projects; the drying up funds due to various reasons led to slow pace of construction and a few projects stagnating. At present there is now a clear solution to this logjam and the only possible result is going to be a few big ones sinking.

Unfortunately, it is the end-user who has put in his hard earned money, picked up a loan and dreamt of owning his house which ends up suffering, hoping to see some light at the end of the tunnel, which at present is non-existent.

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27 New Cities Selected Under Center’s Smart Cities Mission

Five cities in election-bound Uttar Pradesh and Punjab, including Prime Minister Narendra Modi's constituency of Varanasi, have made it to the Governments third list of 'Smart Cities' that will get funding for initiating urban reforms. Agra, Kanpur, and Varanasi in Uttar Pradesh and Amritsar and Jalandhar in Punjab are among the 27 cities selected under the Smart Cities Mission, which will get Rs. 200 crore for developing their infrastructure. With the 27 cities announced on September 20, the total number of Smart Cities chosen rises to 60.

Maharashtra topped the list with five cities; Karnataka and Tamil Nadu were second with four cities each, pursued by Uttar Pradesh with three cities. The other cities are from 12 states and have projected to invest a total of. Rs 66,883 crore under their various Smart City plans. The amount includes Rs. 42,524 crore in area-based. 11,379 development (79% of the total) and Rs crore (21%) in technology-based pan-city solutions.

The third list was disclosed after the latest round of the Smart City Challenge competition. Amritsar topped the list, while Vadodara in Gujarat finished in the last place. "Competition-based election has made the cities recover themselves as they are undertaking a thorough evaluation of gaps in the present levels of service delivery and infrastructure and come out with inclusive, actionable plans and credible for area-based development and technology-based pan-city solutions," urban development minister M Venkaiah Naidu said. 

Under the Smart Cities provision, the government comes up with to develop 100 cities as Smart Cities over the upcoming three years. Naidu said the selection process for the remaining 40 cities would start in January. "With the third batch of cities, the Smart City implementation is now spread to 27 states and Union Territories nine states and UTs. Still to join this ‘SMART CITY' club are Jammu & Kashmir, Uttarakhand, Puducherry, Lakshadweep, Daman, Diu and Dadra & Nagar Haveli, Meghalaya, Mizoram, Nagaland, Arunachal Pradesh, " . The initiative smart city will surely affect the price of property in India.

Noida Swing Skyscraper City With Gurgaon

If the recent residential property launches in Noida are any reminder, it may look that the builders in the city are compulsive to compete with global cities. The real estate industry, which has for long been known for low & mid-rise homes, has suddenly come alive to the reality that sky-high Apartments and buildings are the way forward to reconcile the population converging to the Delhi-National Capital Region (NCR). The booming presence of corporate homes in Noida, is further fuelling this tendency. Accordingly, Noida is giving solid competition to adjoining Gurgaon, which has been Popular for its skyscraper buildings in Delhi-NCR. One of the Heights Residential buildings of the region, the World Trade Tower, was before now there in Sector 16 of Noida. However, this is a commercial structure. Today, the highest residential building in Delhi-NCR is also defining up in Noida, having a height of 300 metres (984 ft) and 81 storeys. Although it is the tallest building in Noida, as per the allowable limit of the area, it is not the only building. Many of the new projects in Noida, of late, are 40 storeys and High. Benefits nonetheless, expert’s maintain that Noida still lags bit behind from other leading cities of the world, similar as those in China, Singapore & alike Indonesia, vis-à-vis the growth of high - rise building. Sachin Sandhir, global (M.D) managing director emerging business of RICS, justifies that skyscraper are essential, to derive superlative economic benefit from fixed space. Skyscraper hold the potential for big real estate development, while being financially feasible, as it is the price of land that probably accounts for nearly 60%-80% of a unit’s amount, he points out. “skyscraper assume for mixed use (for residential, hospitality and commercial function), can really be energy profitable as they ease burden on land and free up the surrounding region, for making of infrastructural facilities and landscaping role. Additionally, with different services and facilities being potentially suggest under ‘one roof’, there is an repose in the urban sprawl with a bigger segment of the population being readjust by existing public transport and infrastructure,” Sandhir elaborates

See also: Corporate Builders gamble on Noida’s future growth changing style of living Rattan Hawelia, chairman of the Hawelia Group, feels that style of living have changed substantially and people are regularly looking for something new & different. To meet this requirement, developers are also approaching out with new ideas to woo their customers. “Addition in the floor area ratio (FAR) to meet the shortfall of housing demand, also induces builders to construct skyscraper.

High – rise building covered lesser ground area & thus, provide more eco-friendly and green living solutions. Changeable demographics, growth in disposable income & increase aspirations of buyers, have also inspired the builders to launch skyscrapers, which assure world-class facilities. Hence, skyscrapers are becoming an inescapable reality,” says Hawelia. Noida is also appealing a developing number of corporate & multinational companies & this may deliver as a catalyst, for the exploitation of high-rise buildings in the area. Consequently, many developers are now aiming their product contribution at this segment & the professionals in these MNC companies, who are feeling to pay the amount tag that comes along with it. With Builders keen on High -rise building and the government alleviating guidelines in its favour, Noida’s real estate industry could completely reach for the azure.