Gurgaon is a teeming and bustling township with high rises and offices of multi-corporations. When catering to this large group of corporate and expatriates which have migrated to work in India, residences are a big facility which companies have invested in. This influx of white-collared, well-heeled clientele has given rise to new breed of builders and construction companies which sell on the theme of luxury rather than affordability. Along with commercial real estate, residential real estate has zoomed and grown by leaps and bounds. Residential apartments in Gurgaon are a seeming luxury for outsiders and an evil necessity for the residents owing to the sky-rocketing rentals.
The craze and curiosity is so loud around these uber-luxury apartments that IMRB has conducted research on top luxury residences to check on the effectiveness of all this luxury.
Some of the famous names in luxury in Gurgaon are – Hamilton Court, The Laburnum, The World Spa, Aralias, Raheja Atlantis, Gurgaon One, Wellington Estate, DLF Park Place, Belvedere Towers, Orchid Petals, Jal Vayu Towers, The Close North, Vatika City, Ridgewood Estate and Sispal Vihar AWHO Society.
Apart from the residences for uber-rich, upper middle class also has a wide variety of apartments to choose from. Seeing the rush, the government has also come out with the affordable housing schemes in Gurgaon with the obvious drawback that these apartments will be in new locations which probably have less connectivity right now.
Rents for good 2 bhk will start anywhere from Rs 20,000 to no limits, depending upon the sector preference, amenities in the apartment complex and proximity to necessities. Builders are trying to build the housing complexes into a complete township with even entertainment options and necessities such as malls, theatres, schools, hospitals.
Gurgaon residences have become a big investment asset in the kitties of many ultra-rich with even though with high EMIs, the rental increase is making these buildings very profitable for their owners. Designer custom made apartments such as in Huda Plots, DLF, Sushant Lok, South City and Sohna road are the prime locations.
After all this hype and hike in prices, people have had to resort to shelling out high premiums to builders for getting bookings done in the affordable housing category. Haryana government is working on streamlining the booking process and making it transparent on the internet portal.
The biggest issue in Gurgaon housing has been lack of civic amenities such as drainage and piping which was an issue even with high rises where waste would not disposable. Other issues are power cuts and crime rate.
Gurgaon, also known as the Millenium City is expected to have around 2,500 multi-storey towers by 2018. With poor local transportation and an average flat costing Rs 75 lakhs, affordable housing seems like a dream in Gurgaon. For Gurgaon to not just remain a luxury and Richie rich destination, government will have to pro-actively work to make the wheels turn and resolve complications for affordability.