Sezs to Transform Gurgaon Property Markets

By: George Gonigal

With as many as 52 SEZs approved, Gurgaon real estate is expecting an age of transformation in the coming years. A huge number of quality manpower is expected to settle down in the city with scores of job opportunities to be generated soon.

Nevertheless, as per official claims, these SEZs in Gurgaon would generate over 20 lakh jobs in Gurgaon alone. While some of these duty-free enclaves will be quite big, a majority of them will be small.

Official records further show that out of the approved SEZs in Haryana state, 24 are situated in Gurgaon, and of another 28 which have got in principle approval, 18 are in Gurgaon.

Out of another 21 SEZs seeking approval, 10 are in Gurgaon. Significantly, only five SEZs are in the category of multi products/services while 36 belong to IT/ITES.

Emerging Picture

Property values in Gurgaon have already gone up by several folds due to its booming local economies driven by IT and ITeS sector. According to Rajendra Parashar, a property dealer from Gurgaon, 'Demand for commercial and residential properties is likely to spike up in the next couple of years and the big real estate developers are launching several residential projects in the city because they are of a view that the property values in Gurgaon are going to increase sooner or later'.

The rental segment will be especially benefited as a large number of corporate executives, who would come to the city, would search for residential properties on rent.

Due to the raging growth of IT and ITeS companies and with many big names initiating their projects in Gurgaon, the real estate picture of the region is bound to be of attracting surveillance.

Notably, Reliance Industries Ltd is setting up India's largest Special Economic Zone in Gurgaon (SEZ), which is projected to spawn up the turnover of Rs 50,000 crore in the very first year of operation. The company has forged an alliance with Haryana State Industrial Development Corporation.

Developer interest

Real estate developer DLF has been given a nod to set a multi-product SEZ in Gurgaon on 20,000 acres of land. The company also proposes to demarcate a 'free trade zone' within the processing area of the SEZ, which would lay emphasis on trading of goods and commodities manufactured within the SEZ, and the service sector, including BPOs, IT and ITES companies.

For more details on Gurgaon Properties, log on to magicbricks.com

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