Why Gurgaon is the Reason to the Growth of Real Estate Sector
Gurgaon has witnessed a boom in real estate since 2008 when the long-awaited Delhi-Gurgaon-Jaipur expressway (NH-48) was completed. With this four-lane road, commuting between Delhi, Gurgaon, and Rewari was made quicker and easier and more importantly, it connected people to the International Airport, which is a huge benefit for many businesses. This creation of new infrastructure incited business activities which made the land in Gurgaon very valuable. It is due to proximity to the country’s capital, along with world class infrastructure, that businesses poured into Gurgaon.
This change in the skyline of Gurgaon is similar to what has been happening to the real estate market in the rest of India, which in itself is projected to be a USD 5.8 trillion industry by the year 2047. The exponential rise of Gurgaon as the location of choice for multinational corporations and information technology behemoths created a need for office spaces as well as residential complexes to house the burgeoning workforce and the increasing population.
A Look at Gurgaon’s Boom Period and Development
As businesses grew in stature, Gurgaon turned into a hotbed of construction activity with the skyline dominated by new buildings. Advanced level residential projects soon followed and supported the government’s Make in India and Ease of Doing Business policies. Such pro-business policies along with liberalized controls on foreign direct investment stoked the boom in real estate beyond expectations in hotspots such as Gurgaon.
After a foreign direct investment inflation, mega townships and industrial hubs came up in all major cities and that made Gurgaon a favorite amongst real estate investors both Indian and foreign and property hunters too. Real estate builders in the city also made a shift to sustainable developments and sustainable features such as green buildings, rainwater harvesting, and solar panels became integral features of buildings which made Gurgaon a pleasant place for those in search of a great urban lifestyle in a green city.
Addressing the Challenges: Infrastructure and Sustainability in Gurgaon
The rapid expansion of Gurgaon`s real estate market came with its own issues. As the population increased, overpopulation and poor public transport became the main factors that needed immediate attention. In response, the authorities had decided to implement ambitious plans for the expansion of the metro network and the development of roadways. Not only were transport problems resolved with the help of these projects, but also new territories became available for construction, which contributed further to the growth of the real estate business in Gurgaon.
As Gurgaon’s economy expanded, it drew in people of diverse cultures from across India and overseas bestowing the region with a favorable image for young graduates and people starting families all over the country. Because of these demographic changes, there was demand for different kinds of properties such as plotted townships, luxurious villas, and multi-purpose complexes which met the requirement of different ways of living.
Pioneering Sustainable Growth: Signature Global’s Contribution
Sustainability issues still remain in Gurgaon despite the area’s notable expansion such as lack of available water and air pollution remain severe problems. Leading players in the field of real estate, such as Signature Global, have initiated high caliber ideas and solutions. As a morally responsible company, Signature Global has not only executed their vision of becoming eco-friendly in construction developments, but also set a precedent for urban planning principles and sustainability within the city core.
About 25 years from now, India is eyeing to achieve the $5.8 trillion economy mark. During, this growth journey, Gurgaon has served its purpose well, by portraying growth through opportunities and challenges. Furthermore, its consistent attitude towards adopting sustainable practices and thoughtfully planned urban development makes it a prime target for investments and residence. Gurgaon is the very representative of what a modern city or a modern residence should be like.
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