Location_A4 Temp 16/05/2011 15:07 Page 34
LOCATION, LOCATION, LOCATION The Indian democracy is indeed a wonder to behold. India is now the fourth largest economy in the world and the second fastest growing economy. At the heart of India’s growing economy is the country’s booming real estate market. he modern Indian metro city is unrecognizable from its past avatar. Glitzy shopping malls, multiplexes and entertainment centres, luxury hotels, fancy office blocks, smart apartments and luxury villas – are evidence of real estate changing the face of the country’s urban centres. In addition, the middle class has seen a rise in income levels, and is now making property investments in prime Indian cities. Since property investment is one of the most successful and popular wealth creation vehicles, as the saying goes, the key lies in “Location-LocationLocation”. The two top locations encompassing the new facets of Indian real estate are Gurgaon and Ahmedabad. In 2010, cities like Ahmedabad, Delhi, Pune, Hyderabad, Kolkata and Mumbai saw prices go up by a whopping 66.8%, 30%, 13.6%, 11.5%, 5.6% and 0.5% respectively. The graphs illustrate the capital appreciation in Gurgaon (combined with Delhi, Graph 1) and Ahmedabad (Graph 2).
India is involved in creating urban assets by generating and regenerating spaces. Gurgaon exemplifies one of the finest extensions in terms of a spill-over of an existing city (Delhi), and Ahmedabad is a classic case of urban renewal of an existing Tier II city. The future outlook for both these developments is promising. GURGAON Historically, Gurgaon was just a hamlet neighbouring the capital city of Delhi, thus it became a natural extension for the surge in the capital’s economic activities. Gurgaon’s development was a planned effort in creating a new nucleus of growth. This was done by first setting up a core region of organised retail activity and commercial office space; which was then followed by hotel and residential development around the core region.
Graph 3: Delhi’s average growth surpasses the National average (Makaan.com Property Index)
Graph 1: Delhi’s average growth surpasses the National average (Makaan.com Property Index)
Graph 2: Ahmedabad’s average growth surpasses the National average (Makaan.com Property Index)
Asian Voice & Gujarat Samachar - 2011
Today, the IT/ITES sector along with banking & finance, automobile and strategic consulting firms have become the most important drivers for the real estate sector in Gurgaon. Infrastructure initiatives planned as per the new approved Master Plan 2021, along with current development of link roads and metro rail, are prompting developers to explore new locations in Gurgaon for residential development.
Finance Banking Insurance (FBI)