Read More About Gurgaon & it's Real Estate Property Market
Gurgaon is one of India's leading financial and industrial cities.
It is located in NCR near the capital New Delhi in the state of Haryana.
Located 32 km south-west of the capital, Gurgaon has a population of approx 1,514,432.
The city is spread across an area of approx 282.7 square miles.
Gurgaon has the third highest per capita income among cities in India.
Historically known as Guru Gram, the city's economic growth began when the auto major Maruti Suzuki set up its manufacturing plant here in the seventies.
In 1947, Gurgaon became a part of independent India and came under the state of Punjab.
In 1966, the city came under the administration of Haryana with the creation of the new state.
Today, Gurgaon is the base for more than 250 Fortune 500 companies.
The city now attracts a significant migrant population from all over India, who come to work in the city in sectors ranging from construction to IT.
The main language spoken in Gurgaon is Hindi, though a large segment of the population understands English.
POPULAR TOURIST ATTRACTIONS:
Damadam Lake: A popular venue for day picnics and family outings. It's located near the Aravali Hills and is one of the biggest lakes in Haryana. Boating is one of the most popular activities for tourists who visit here. The place is also known for its various adventurous activities like rock climbing, hot air ballooning, para-sailing, cycling and trekking.
Sheetala Devi Temple: Its one of the most famous and most visited temples in Gurgaon. The temple is situated alongside a beautiful pond and gets many visitors throughout the year. It's specially crowded on Mondays, as they are considered very auspicious.
Ambience Mall: Opened in 2007, the mall has stores of all leading Indian and foreign brands. Other popular attractions here include a bowling alley – Blu-O. A five-star hotel with 322 rooms and 90 serviced apartments is also planned. The mall has a large food court and a multi-cuisine restaurant serving 7 different cuisines.
Sultanpur Bird Sanctuary: A small sanctuary with a fresh water lake, it attracts a large number of migratory birds that include: pelicans, flamingos, ducks and geese among others. The rest of the area is surrounded by cultivated plains.
Fun-n-Food village: It is an amusement park for all the age groups that includes joy rides and water parks. It was established in 1993. It also has the largest wave pool around Delhi.
Devi Art Foundation: The center is among the first few non-profit centers that showcase the creative talent from the Indian subcontinent. It gives an opportunity to the audiences to know more about modern and new technique of art.
Sohna: Situated at the foothills of the majestic Aravallis its famous for the Shiv temple and hot water springs believed to have been dug by Arjuna, one of the five Pandavas. The temperature of the water varies from 46°c to 51.7°c. The place also has a grand park situated atop the hill.
Kurukshetra: A land of immense religious and spiritual importance, famous places to visit here include: Jyotisar, Sannihit Sarovar, Brahma Sarovar and Krishna museum. The place is considered a true haven for those who believe in spirituality.
Nuh: The place is the district head quarters of the Mewat district. The place has few historical monuments, like shaking minarets; they are the only vibrating minarets in India.
Blue Terra Spa: One of the best spa's in Gurgaon, providing high class services at very reasonable rates. The services match global standards and they also provide ayurvedic treatments. The spa boasts of a very relaxing and soothing ambience.
Gurgaon has an estimated population of 1,514,432 as per the 2011 India census.
Of this 816,690 or 53.93 percent are males and 697,742 or 46.07 percent are females.
The population under the age of six is pegged at approx 202,602, with 110,705 males and 91,897 females.
The number of literates here number approx 1,111,116 with 638,666 males and 472,450 females.
The effective literacy rate of population aged 7+ is 84.70 percent of which males form 90.46 percent while females stand at approx 77.98 percent.
Gurgaon has an estimated 1,100 residential skyscrapers.
Most of the city lacks proper urban infrastructure with broken roads and streets that often leads to traffic jams.
The city features a large number of attached multi-dwelling units, including apartments, condominiums and high rise residential towers are getting popular.
Gurgaon is home to a few arts venues, both existing and proposed. Notable venues in the city include Epicentre (Sector 44), Nautanki Mehal (Kingdom of Dreams) and Shiamak Davar's Institute for the Performing Arts.
A large portion of the local population here is vegetarian.
The city also houses global fast food chains like McDonald's, KFC, Pizza Hut, Domino's Pizza, Subway, Starbucks and Costa Coffee.
Hinduism is a predominant religion among the city's population.
Gurgaon also includes adherents of Sikhism, Islam, Buddhism, Jainism, Christianity and the Bahá'í, among others.
The city has two major sports stadiums: Tau Devi Lal Stadium in Sector 38, which has facilities for cricket, football, basketball and athletics as well as a sports hostel, and Nehru Stadium which is designed for football and athletics.
JOBS & EMPLOYMENT OPPORTUNITIES:
Popularly known as Millennium City, Gurgaon has the presence of about 250 or 50 percent of the Fortune 500 companies.
Maruti Suzuki Private Limited was the first company that set up a manufacturing unit in the city in 1970s making cars.
The first major American brand to set up a unit in Gurgaon was General Electric in 1997.
Today, Gurgaon has emerged as one of the most important off-shoring centers in the world, providing outsourcing solutions in software, IT, service and sales through delivery facilities and call centers.
Apart from BPOand IT sectors, the city is home to several other companies that specialize in domain expertise.
Many global majors including Coca-Cola, Pepsi, IBM, American Express, Agilent Technologies, Microsoft, and Bank of America, have chosen Gurgaon to be their Indian corporate headquarters.
Retail is an important industry in Gurgaon, given the presence of 26 shopping malls. Major malls located here include Ambience and Sahara Mall.
The city is also a growing hub for real estate development and realty majors in the region.
TRANSPORT & CONNECTIVITY:
NH-8 that runs from Delhi to Mumbai is the major highway that links Gurgaon.
The 17.2 miles Delhi-Gurgaon border-Kherki Dhaula stretch has been developed as an Expressway.
Public transport is provided by government buses, Rapid Metro and Delhi Metro.
Private buses, vans and shared auto rickshaws also ply in the city.
There are ten subway or metro stations in Gurgaon, of which five - HUDA City Centre, IFFCO Chowk, MG Road, Sikanderpur and Guru Droncharya are managed by Delhi Metro.
Six stations operated by Rapid Metro include: Sikanderpur, Phase 2, Vodafone Belvedere Towers, IndusInd Bank Cyber City, Micromax Moulsari Avenue and Airtel Phase 3.
Two stations, Shankar Chowk and Gateway tower, are scheduled to become operational soon.
The first phase of Rapid Metro became operational in November 2013 and covers a distance of 3.3 mi.
Two more phases of the project are in the pipeline and would take the total number of subway stations in Gurgaon to 16.
An estimated 33,000 people ride the Rapid Metro daily, which provides an exclusive elevated transit service with three coach trains that run in a loop.
Operated by Indian Railways, the city has a rail station that forms a part of the larger Indian railways network.
Trains stopping here connect Gurgaon to Delhi and other important cities in India like Mumbai, Kolkata, Ahmedabad and Jaipur.
Gurgaon bus terminal, managed by Haryana Roadways, provides bus connectivity, both private and government, to other cities in the state, Delhi, UP and other cities like Chandigarh.
Gurgaon is served by Indira Gandhi International Airport, though the airport is just outside the city limits and located within the jurisdiction of Delhi near National Highway 8.
Gurgaon does not have reliable power and water supply, public transport and utilities.
Some inhabitants in the city live in slums in shanty houses lacking proper sanitation, safe water supply, electricity, hygienic streets, or other basic human necessities.
The city lacks facilities for pedestrians with almost no proper sidewalks. There are no proper routes for bicycles, though a large part of the population in the city use bicycles for commuting.
The number of bicycles in Gurgaon is 76,984, as compared to 83,757 cars and 98,983 motorcycles and scooters.
There are frequent power outages in the city, especially during the peak consumption season of summer.
Power fluctuations are not uncommon in Gurgaon. Several areas in the city face shortage of water supply
Gurgaon has a complex park system, with various lands operated by the nodal Haryana Urban Development Authority (HUDA).
Popular parks here include Leisure Valley Park in Sector 29, which is spread over 36 acres, Tau Devi Lal Biodiversity Botanical Garden (Sector 52), Netaji Subhash Chandra Bose Park (Sector 14), popularly known as HUDA Garden; and Tau Devi Lal Park in Sector 23.
However, most of the parks in Gurgaon are small and ill-maintained.
The city's public school system, managed by the government of Haryana, is administered by Haryana Board of School Education.
The city also has a large number of private schools, where education is often expensive and the quality usually better than the government schools.
There are several universities and institutes located in Gurgaon and its nearby areas, that form a part of Gurgaon district including Ansal Institute of Technology; ITM University, GD Goenka University, KR Mangalam University, Amity University, Apeejay University, Shree Guru Gobind Singh University and the National Brain Research Centre.
Gurgaon is also home to one of India's top ranked business schools -- Management Development Institute (MDI).
The city has many hospitals and a number of medical research facilities within its city limits.
Leading health care provider institutes include Fortis Hospital, Medanta and Max Hospital.
In recent years, Gurgaon has become an increasingly popular destination for medical tourism.
REALTY MARKET OVERVIEW:
While property prices in many established areas of Delhi have declined by approx 10-20 percent due to sluggish market conditions, realty rates in areas like Gurgaon and Noida have remained more or less static.
As developers remain under pressure due to excess inventory, buyers and investors can expect significant discounts on the purchase of property here.
According to industry experts, Sohna promises to host the next wave of industrial and residential growth in Gurgaon.
Overall, the Delhi-NCR market is under stress, which means that valuations will remain attractive for end users.
This scenario also indicates ample opportunities for distress sales and bargain buys for real estate investors / buyers.
Developers will be under greater duress by the festive period later this year, during which buyers / investors can expect excellent realty bargains.
However, buyers should think ahead of the curve and plan accordingly.
Smart buyers with ample funds can also purchase property directly from investors ready to sell at prices below the market rate.
Apart from fast developing corridors such as Sohna Road and Dwarka Expressway, projects on Golf Course Road are also creating a lot of interest among buyers and investors.