Gurugram Real Estate: Global City’s Development To Give Filip To Nearby Realty Hotspots

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In its Global City project in Gurugram, HSIIDC has invited bids for the auction of three mixed-use plots, which officials claim have an investment potential of $15 billion.

In its Global City project in Gurugram, HSIIDC has invited bids for the auction of three mixed-use plots, which officials claim have an investment potential of $15 billion.

Soon after the development of Dwarka Expressway was announced, the demand for real estate projects in the vicinity increased significantly.

By: Raj Singh

With the announcement of the development of Global City in Gurugram, the Dwarka Expressway has once again grabbed the headlines for real estate investors. Along with the Dwarka Expressway, the high-budget Global City project of the Haryana government is also envisaged. This has spurred investment and significant development initiatives in the region.

Dwarka Expressway will not only guarantee good returns in a time frame of one and a half years, but will also guarantee an ideal lifestyle thanks to developments such as the India International Convention Centre, which is expected to be the largest convention center in Asia, and is planned for the new A diplomatic enclave similar to Chanakyapuri in Delhi.

In its Global City project in Gurugram, the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) has invited bids for the auction of three mixed-use plots, which officials claim have an investment potential of $15 billion. More than 1,000 acres of land will be required for the construction of the Global City, of which 550 acres will be used to build roads, sewer networks, fire fighting systems and other infrastructure. Residential and commercial complexes will be built on the remaining space.

Soon after the development of Dwarka Expressway was announced, the demand for real estate projects in the vicinity increased significantly. The area has been attracted by a significant number of buyers due to the abundance of projects developed in each sector, which include independent floors, high-rise buildings, shopping arcades, malls, healthcare and education facilities, and many other residential and commercial properties. In addition, the continued construction of expressways has improved access by connecting several small settlements through service roads.

Mahipalpur in Delhi and Kherki Daula toll plaza in Gurugram, Haryana are connected by a 27.6 km expressway. In Haryana, 19 km length of Dwarka Expressway is available for traffic at some places. The advantageous location of the Dwarka Expressway has played a significant role in the development of the area as a commercial real estate hotspot. The expressway is a prime destination for firms wishing to set up their offices as it is close to the Indira Gandhi International Airport, Gurugram and Delhi. It is also closely connected to the planned metro corridor, which will further improve its connectivity.

In Gurugram’s Dwarka Expressway, Sector 37D is a residential micro-market that is expanding rapidly. It has good connectivity with Sohna Road, Golf Course Extension Road, and national highways such as NH-8, KMP Expressway, as well as IMT Manesar. Connectivity is the most likely factor to change attitudes towards new real estate hotspots and attract homebuyers. The residential micro-market has everything to expand into a populous housing sector with the development of new Gurugram in the next few years.

Sector 37D is witnessing a boom in luxury real estate. Millennials, the next generation of home buyers, are especially encouraging a preference to invest in low-density developments and individual floors, which provide exclusivity, privacy and security. They also prefer to invest in emerging real estate markets over densely populated corridors. This is forcing them to buy homes in brand new real estate areas like Sector 37D.

(The author is director, Navraj Group)