Introduction
For the people of Haryana, the state government has taken a wise initiative which gives them the opportunity to purchase and be able to start their own business without interference from contractors all in the form of independent structures. The independent floors in the licensed colonies built for the residential purpose can be now registered on commercial plot. Such an initiative should be encouraged as it helps in sending the right message and the movement is the promotion of entrepreneurship towards creation of economic activities. It is appropriate and is in line with the escalating needs in the market.
Effects to the Real Estate Industry
In terms of real estate, this would enable most if not all of these simply commercial real estate segments to grow. It will create demand and sustain appreciation in value for residential plots, as the decision permits creation of offices or business centres on such floors and therefore, rental values will definitely increase. The government insists that it will enable these people who have professional expertise to take on these independent floors and run their businesses from such premises without any hassle.
Circumstances Favorable for Buyers and Investors
An interesting aspect of this collapse and subsequent construction work is that now, buyers or investors are allowed to buy parts of the buildings either for self-use or for leasing purposes and register the properties which allow total security from leasing or renting, like a kind of temporariness in settlement. Investors and promoters, too, have welcomed this policy as it is in their opinion a policy that looks ahead and will spur investment and development of businesses in the state.
Adding Value to the Economy: Government Strategy
On their part, the state government has put immense thought into this decision, considering it a game changer that would create avenues for investors and business people attracting foreign and local companies while making the state very competitive a business environment.
Advantages of Gurugram
This decision will be strongly advantageous for Gurugram as it is the center for business and technological advancement. Licensed colonies have been the preference for business investments as these locations have been well-structured, have good connectivity, and are placed near key commercial hubs, which are great for the businesses. However, due to the lack of appropriate commercial spaces in licensed colonies, it has always been a struggle for entrepreneurs to find the right space at a reasonable price.
Changes in the Licensed Colonies
With the growing number of independent floors being converted into commercial units, erstwhile licensed colonies have shown a spectacular change in their character. Other than pure residential areas, cafes, co-working energizing offices, and boutiques have sprung in these once purely residential places. The level of community and business activity in these colonies has intensified, enabling even more businesses to be established. Let’s not ignore that Gurgaon, which is mainly a licensed state, has in the past few years changed to a busy commercial center.
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