If there’s one sector India’s national capital and its surrounding districts have witnessed a boom in, it has to be real estate. Truly, properties of all kinds – private, commercial, and governmental – have sprung up quickly in numerous parts of Delhi and the accompanying areas of the National Capital Region (NCR) fuelling trade and business.
Tuesday 25 February 2014
Friday 21 February 2014
Gurgaon Unique Housing Boom: A Unique Indian Economic Milestone
Twenty years ago, a trip to Gurgaon, on the outskirts of the National Capital, New Delhi was a rare occurrence that usually involved a trip to the airport. All that existed on these dusty plains of Haryana, at the foothills of the northern Aravalli range was Maruti’s car making factory. There were no call centers and certainly no apartments in Gurgaon for sale.
Today, you would be lucky to enter Gurgaon, given the massive volume of traffic that jams each arterial road to this modern-day township. In a rare example of the private sector leading by example and eventually giving the government its cues, Gurgaon has become an example of economic prosperity and the Indian economy on the whole.
Genesis: DLF
Created in 1979 by dividing the area around New Delhi into Faridbad and Gurgaon, you could say that Gurgaon actually got the short end of the deal. While Faridabad got direct rail access, municipal government, fairly fertile farming grounds and a chance to build on an existing industrial base, Gurgaon had no such support structure. Turning this factor in its favour was the fact that the afore mentioned government was not likely to create too large a red tape hurdle.
The first to take advantage of all this land just 30 km from the capitol, the real estate company DLF acquired 3,500 acres of land from farmers in Gurgaon. Things remained slow till the Indian economy began its reforms in the early 1990s and slowly investors began to take stock of the rising demand for housing, which was followed by the need for commercial space. Pretty soon MNCs were acquiring land to set up call centers that were the booming with the emergence of the Indian outsourcing industry.
Housing Boom
Since space was at a premium in New Delhi, with the BPO industry literally making Gurgaon their Indian headquarters, pretty soon the thousands of white-collar employees were looking for residences closer to work. This change marked the birth of a modern, fully self-equipped township that was all set to become a small city in its own right. The newspapers classifieds began to fill up with ads of apartments in Gurgaon for sale to its new working populace.
Today, well ensconced in the middle of e boom includes world-class office buildings, apartments, 7 golf courses, 26 shopping malls, 5-star hotels and a private expressway. The fastest growing district in India is currently home to 1.5 million people and accounts for half the revenue of the state of Haryana by itself. Now that’s a city-sized version of a boom town indeed!
Today, you would be lucky to enter Gurgaon, given the massive volume of traffic that jams each arterial road to this modern-day township. In a rare example of the private sector leading by example and eventually giving the government its cues, Gurgaon has become an example of economic prosperity and the Indian economy on the whole.
Genesis: DLF
Created in 1979 by dividing the area around New Delhi into Faridbad and Gurgaon, you could say that Gurgaon actually got the short end of the deal. While Faridabad got direct rail access, municipal government, fairly fertile farming grounds and a chance to build on an existing industrial base, Gurgaon had no such support structure. Turning this factor in its favour was the fact that the afore mentioned government was not likely to create too large a red tape hurdle.
The first to take advantage of all this land just 30 km from the capitol, the real estate company DLF acquired 3,500 acres of land from farmers in Gurgaon. Things remained slow till the Indian economy began its reforms in the early 1990s and slowly investors began to take stock of the rising demand for housing, which was followed by the need for commercial space. Pretty soon MNCs were acquiring land to set up call centers that were the booming with the emergence of the Indian outsourcing industry.
Housing Boom
Since space was at a premium in New Delhi, with the BPO industry literally making Gurgaon their Indian headquarters, pretty soon the thousands of white-collar employees were looking for residences closer to work. This change marked the birth of a modern, fully self-equipped township that was all set to become a small city in its own right. The newspapers classifieds began to fill up with ads of apartments in Gurgaon for sale to its new working populace.
Today, well ensconced in the middle of e boom includes world-class office buildings, apartments, 7 golf courses, 26 shopping malls, 5-star hotels and a private expressway. The fastest growing district in India is currently home to 1.5 million people and accounts for half the revenue of the state of Haryana by itself. Now that’s a city-sized version of a boom town indeed!
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