Gurgaon has witnessed paid urbanization due to the undertaking of a number of domestic and international companies. It has become one of the most important financial and industrial hubs of India with the third highest per capita income in India.
With more and more companies choosing Gurgaon as the base for their headquarters, the demand for commercial and residential properties has been on the rise. The rising demand compelled some real estate developers in Gurgaon to undertake commercial and residential projects to bridge the gap between demand and supply. To help people settle close to their workplaces and avoid daily commute from Delhi, Ghaziabad, and Faridabad, the real estate developers, started developing projects of varying price ranges to cater to the needs of buyers from all walks of life. This was the first step towards the growth of the Millennium city.
Role of Real Estate Developers in the Growth of Gurgaon
There is no doubt that the real estate developers played an important role in the growth and development of Gurgaon. The city flourished with luxurious apartments that offered world-class facilities and comfort for the home buyers. To ensure there is enough connectivity with major cities, the developers developed projects close to the metro stations, highways and the airport. People living here can easily reach Delhi, Ghaziabad or any other major location.
With the rise in the demand for residential properties, a number of developers took up projects to develop malls, shopping complexes, cinema halls, etc. which ensured a luxurious and comfortable lifestyle for the people settling in Gurgaon. The availability of vacant land also fuelled the real estate development of this area.
The real estate developers in Gurgaon have developed projects for home buyers with varied budgets. So the home buyers have the freedom to choose 2 bhk spacious apartments in Gurgaon or a bigger apartment depending upon their personal needs. People from affluent backgrounds as well as those belonging to the moderate income groups were provided with enough choices. The builders joined hands with various reputed banks to make home buying easier for everyone. It became simpler for home buyers to get easy home loans on low EMIs.
What to Expect
The facilities and amenities provided by the developers made Gurgaon the most sought after real estate destination, and also attracted a number of small and big property investors who ensured further growth of this region. The consistent growth and development of Gurgaon ensures great returns for all the investments made.
The recession created a slump in the real estate market, but things are now back on the track. The real estate developers are back with their projects, and further development of Gurgaon is expected as more companies move their bases here, and more people invest in properties in Gurgaon.
The real estate developers have helped the Indian economy in many ways, and have also helped the growth and development of the Millennium city as. It is expected that they will carry on with their good work and help people find their dream abodes.