Organised Retail Drives Gurgaon Real Estate

By: George Gonigal

Organised retailing has become a key driver for real estate development in Gurgaon. The city now is fast progressing beyond simply providing air-conditioned space for shoppers to make their purchases. Speciality malls have now become destination points for shopping during specific occasions such as wedding and festivals.

Real estate developers are coming up with specialized malls that cater to customers that visit these malls for a specific product. Initially, developers preferred M.G. Road for setting up shopping malls but now with the growth of other areas have given opportunities to developers to explore new avenues such as Sohna Road, Golf Course Road and Palam Vihar. This clustering of retail options in an area accessible easily from the airport has resulted in a large number of real estate developers investing in the creation of hotel space in the city ahead of the Commonwealth Games 2010.

Quality of life in the privately managed residential properties in Gurgaon remains relatively good due to high standards of security, private parking, common area maintenance and sanitation being the norm.? The plots in South City-I are being purchased by individuals who want to construct single homes.

Nirvana, a project launched by Unitech was one that remained promising for a long time. Its turning point came when once the sample apartment was ready; the developer announced that power back-up would be provided for even standalone villas and townhouses. This was one move which swung the market and the prices escalated within a space of a few weeks.

A combination of all these factors has made locating and re-location to suburbs an optimum choice for corporates.

According to the new Master plan Gurgaon is stretching its boundaries to Manesar and it will be the new area for real estate development. Many builders have started acquiring lands in Gurgaon Manesar Expressway to develop townships. The new industrial areas have been proposed along the express highway adjacent to IMT Manesar and a metro line has also been proposed, which will terminate at Manesar Village.

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