Having experienced an unprecedented boom in the past five years, the chances for short term gains have evidentially gone down in Gurgaon property markets, however the long term picture is bright and sunny.
India’s second largest real estate company Unitech feels that the continued strong economic activity in this region should sustain the demand for quality residential product. Studies also reflect confidence in the economic buoyancy of Gurgaon. A latest survey by a research agency revealed that Gurgaon is one of the most preferred cities to earn a living and provide unparalleled growth opportunities in the services sector.
The city tops the list of best to 'earn-in' cities and is followed by Silvaasa, Noida, Faridabad, Rupnagar, Chandigarh, Surat, Bangalore, Gandhinagar and Pune.
Of course, with such positive trends, the residential property markets of Gurgaon are seen as vibrant one at least in the long term. “There is an excellent potential in NCR property markets as there is a lot of movement in corporate circles. Also, India’s large, educated middle class has made its mark in the field of software and IT-enabled services and is capable enough to buy real estate for themselves,” Mr Harjeet Singh Arora, Managing Director, Best Group expressed his opinion on the market buoyancy.
Residential rental-all time boom
Residential rental segment in Gurgaon remains upbeat all the time. Owing to its vibrant economy, lifestyle of residents here keeps on improving, which in turn translate into demand for quality accommodation.
On an average of 5-per cent hike has been noticed all across the major residential areas of Gurgaon like South City-1, DLF-1,2,3,4,5 and Sushant Lok, between August and December 2007. “Biggest reason for this spike is availability. Since, vacancy rates for good-quality houses is low in the prime areas of Gurgaon, landlords manage to get enhanced rental values on their properties,” said Rajesh Kushwaha, a Gurgaon-based property dealer
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