Vikas Rikhye, Real Estate Gurgaon Blogger

Land Prices in Gurgaon In early 2005 the land prices which were quoted @ Rs 10000-15000 per.sq.yd had seen its peak of more than Rs.50000-55000 per.sq.yd by the year 2007-2008. Whereas now in the present scenario more then 35% fall in price seems to have been recorded. The experts feel that more then 25% correction on present prices is still expected in next 4-5 months

This “U -Turn Trend” is visible, in other “Gurgaon real estate” related fields/ activities, as well.

Gurgaon Shopping Malls:  With original booking price of Rs.6000-7000 per.sq.ft, during peak time, the figure had touched the price of over Rs20000-25000 per.sq.ft. As on day the investors of Shopping Malls in Gurgaon feel a fall of over 30% in some cases, with a further correction in coming months. Unfortunately in some of the Malls, the investors are willing to sell on the purchase price.

Office Space in Gurgaon: In the year 2004-2005,In a good “Glass–curtain building” , the rent quoted was in the range of Rs 40-45sq.ft finally reaching a figure of more than Rs 125 per sq.ft by the year 2008 With the recent Melt-down, fall of over45%, has been recorded.

Residential Apartments in Gurgaon : There is a massive correction is being felt in this segment as well. Taking the year 2004-2005, as a base when “Apartments in Gurgaon” were launched at a basic price of Rs 1500-1600 per sq.ft had reached the the height of over Rs 5000 per sq.ft by the year 2008, have suffered a correction of over 40% fall in basic price. And the” New Housing–Projects in Gurgaon” are being launched @ Rs.2800 per sq.ft

Builders and Developers in Gurgaon: The Global meltdown has very adversely effected this segment of real estate as some of the prominent builder are almost at the point of insolvency.

-Even, some of the Prominent builders have put their existing Projects on hold.

-Whereas ,some of the “Builders in Gurgaon” seem to have abandoned their projects.

-Some of the construction sites are giving deserted look. All as stated above has left the investor in the state of fear & confusion

Real estate Agents in Gurgaon -Real estate Brokers in Gurgaon In the year 2005,there had been sudden increase in number of Brokers in Gurgaon ,as every one could see a big boom in real estate with rewarding result.& during the peak time Professionals like Doctors & qualified Engineers had been seen ,adopting Real estate Agent as profession.

But with recent slowdown & recession, this segment of real estate is equally effected & a large number of “Brokers in Gurgaon” have left this profession , while many others are exploring alternate avenues of employment.

In present scenario of recession “U -Turn in Real estate Gurgaon” was inevitable

Disclaimer: The Author is a freelance Blogger and real-estate consultant, The readers are advised to do their own research & analysis before taking any action. The author is not responsible for any consequence good or bad. The author is only delivering his views & inviting response in the way of comments/views from
the readers.

Vikas Rikhye,Realtor and Real Estate Blogger

Gurgaon might lose its grip over the booming I.T. Industry As it is understood from sources that many of the major BPOs are very seriously thinking of an alternative of relocating from Gurgaon to smaller cities mainly due to following reasons:

•  Soaring rate of office space rentals
•  Traffic jams resulting delay in the working of call centre staff.
•  Heavy Transportation cost of staff
•  Expensive living cost for the staff
•  Higher operating cost

Moreover the cost and talent pressures will drive vendors to smaller cities at a faster rate. Especially so or new centers of large companies already present in India. With improving attention to education across India and State governments’ recognizing the potential of the outsourcing sector, companies are finding themselves almost attracted towards fresh location choices. Proximity/connectivity to larger cities and good education infrastructure seem to be guiding the discovery of other destinations like Udaipur, Jaipur , ,Mohali,Pune Bhopal, Vishakhapatnam, Nagpur, Chandigarh, Ahmedabad, Nashik, etc.

The emerging hot spots are also offering:

•  Competitive talent at lower wages than the preferred locations
•  Infrastructure and realty advantages
•  Lower attrition
•  Lower operating costs

Since all the major activities in Gurgaon are focused on I.T. Industry therefore it gives an alarming siren that with the changing trend of relocation  might create adverse effect on booming economy well as the realty in Gurgaon.

Mr Vikas Rikhye,Real Estate Blogger

Gurgaon Progress/ Prosperity vs Common Man (The CM)

Someone has to monitor the progress/ growth of this New Township of Gurgaon in more balanced & Planned manner having Prime focus on the following:

• Housing : While Prominent Builders are competing with each other in offering Luxurious Villas & Apartments with a price tag ranging 50 lacs to 2.5 crores and above leaving no scope for a common man to even own a simple shelter, as the uncontrolled land prices are much beyond his means.

• Education: The most modern education systems are being introduced in best of institutes finding their place in Gurgaon, making Education a luring business but what is in store for a child who is studious but does not have resources.

• Health care :With appearance of well known expensive Hospitals & Medicity, remarkable progress is noticed , awaiting the Financial boom from “Medical Tourism”. Yet ,hundreds of poor patients are left to their fate for the want of resources.

• Local commuting/Transport: Speeding Swanky Cars reflect of an affluent culture prevailing all around, forgetting the basic need of a humble commuter who is the one of the pillars of today’s Glittering Gurgaon.

Time is warning us that we are not far away from the crucial stage of “Haves & Have-nots” ……………… which can be disastrous for the society.