Luxury properties in Gurgaon, growing at a rapid rate

With the landslide victory on the board, the Narendra Modi led NDA government has been targeting a double digit growth to push economy to a higher pedestal to change the Indian economic landscape. But when the manufacturing sector and agriculture is not giving a desired return, the chances are such expectations may remain on paper only. Growing with rapid pace, the realty sector has the capability to change the health of Indian Economy as it has been recorded almost a double digit growth and this sector has huge potential to change the entire landscape single-handedly.

At present, the housing sector shares almost five percent of India’s GDP, making it the second major contributor to the economy. But to yield better results, this sector needs realistic policies which may remove the current bottlenecks and offer a desired platform to kick start altogether a different journey to register remarkable growth. The residential part comprises almost eighty percent of the entire realty sector and it is expected to grow significantly in the coming years.

As per the latest estimates, almost ten million people are moving to cities every year. A planning commission report highlights that by 2030; about 600 million people would be living in cities. To cater to the demand of this huge segment, more than two million houses will have to be constructed every year. In the past decade, a rapid change in the government’s approach has been witnessed towards the realty sector. The 2014 budget and the real estate regulatory bill have introduced enormous positivity to this sector.

All this has directly or indirectly influenced the realty business of the millennium city which is growing with a rapid pace as a global hub of top business centre. Rise in commercial investments in sectors like automobile, biotechnology, business process outsourcing, education, food processing, healthcare, IT, hospitality and others has further increased the value of real estate properties in this happening Haryana city.

Once known as a village of only a couple of thousands of residents, Gurgaon has seen exemplary growth over the past few decades. The booming growth opportunity has catapulted the realty business of this city to altogether a very high level. This has been influencing realtors to come up with new projects. There has never been any dearth of upcoming residential projects in Gurgaon. The city can’t disappoint aspiring new investors and so the geographical area of developed region kept on expanding here.

Realtors with new upcoming residential projects in Gurgaon, is targeting those niche customers who can add value to their clientele list. Growing with this speed, the city is bound to get more projects for the high end consumers. Luxury properties in Gurgaon are now attracting NRIs as well and this trend is bound to continue until the city gets its saturation stage.