By Dr Suvrokamal Dutta
High demand for rental space by multinational firms will continue to drive the commercial property price in Gurgaon. Theoretically speaking, the IT-hub Gurgaon is about fifteen kilometer from New Delhi’s airport, which makes the city more convenient for the frequent business travelers and global investors.
According to experts, with a healthy and hi-tech business environment, Gurgaon gives fully furnished offices and quality space for corporates. No doubt, the coming up of world-class business centers is also playing a prominent part in attracting the MNCs in a big way.
The best part about Gurgaon is that multinational companies setting there office do not have to bother about number of services such as security, investment in interiors, Internet connectivity, utilities, internal housekeeping, besides electrical and AC provisions.
In general, Gurgaon is one of the India’s major outsourcing hubs, housing multinationals such as Agilent, Alcatel, American Express, British Airways, Genpact, HCL technologies, Nokia, Pepsi and lot more.
If one take into account the recent Colliers International’s “Property Market Report”, the first quarter of this year witnessed a supply of 1 million sq ft Grade A space with 50 percent of its contributed by Noida and the rest by Gurgaon and Jasola. In the first quarter of this year, Gurgaon witnessed an increase in price of 20-30 percent on quarter on quarter basis caused mostly by the demand for legal commercial spaces that emerged from sealing drive.
Few recent developments clearly prove the point that Gurgaon still holds the position of the face of real estate revolution in the India. In order to offer comfort to commuters between New Delhi and Gurgaon, union minister of road transport and highways and chief minister of Haryana recently opened to traffic the flyovers at IFFCO Crossing and South City junction on NH-8 in Gurgaon, recently. These two flyovers will ensure a smooth ride to commuters.
It is worth mentioning in this regard that the whopping Rs 8,500 crore infrastructure investment in upgrading the Delhi international airport, India’s first integrated domestic and international airport, has also brought movements in real estate prices in the vicinity including Gurgaon, which witnessed a 10-15 percent increase in real estate prices.
All in all, one can safely say that Gurgaon is the most preferred destination for actual occupiers of the office, business centres, retail and institutional investors.
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