HUDA to speed up Dwarka expressway work

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In order to expedite work on the Dwarka expressway, which is running behind schedule, Huda administrator Anshaj Singh on Wednesday inspected ongoing work from Chouma Village to Kherki Daula and said the urban development agency would speed up the process of allotment of alternative plots to the families affected by the project.

“Some families have already been allotted alternative plots and now we are expediting the process for remaining families,” Singh said.

“We want to complete construction of the road in Huda area by March 2016. The under-construction railway over-bridge near Basai crossing is likely to be completed by June,” he said, adding officials have been directed to hold a meeting with the Indian Railways to streamline the work and ensure completion of over-bridge on time.

The expressway was sanctioned in 2007 and was expected to be ready before the 2010 CWG. But in 2008, some 350 out of 500 families living in and around New Palam Vihar, Tek Chand Nagar, Daultabad and Kherki Daula, and affected by the project, had filed petitions in the high court asking for a stay order on the acquisition of their properties, which was granted in 2010.

Huda had subsequently offered to resettle the petitioners in sectors 37C and 110A. The stay order was lifted in July after the petitioners accepted the rehabilitation plan, paving the way for construction of a 2.5km stretch of the road.

The expressway was planned to decongest traffic in Gurgaon by allowing vehicles from Jaipur to skip the expressway and head towards Dwarka and IGI Airport. NPR will be the third link road connecting Delhi and Gurgaon.

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The incredible rise of Gurgaon’s commercial real estate

Stoked by swiftly expanding startups and multinational corporations, Gurgaon is fast emerging as the rising star of India’s commercial real estate market, but the old guard in New Delhi and Mumbai’s central business districts (CBD) is still holding strong.

In the last year, commercial rental prices in Gurgaon’s MG Road shot up by a staggering 30%—the highest in the country—according to real estate consultants Colliers International. During the same period, prices in Gurgaon’s DLF Cyber City and the institutional sectors also went up by 22% and 24%, respectively.

“Major corporates like Snapdeal, NTT Data, Zomato, Arvato, BCG Group, SAP together took around 1.17 million sq.ft which is about 66% of the total office absorption,” Colliers said in its report about Gurgaon. And except for Delhi’s Nehru Place, no other commercial area in the national capital or Mumbai found itself among the areas with the highest change in rental prices. Meanwhile, four locations in Gurgaon were listed among the top ten locations where rental rates surged.

  1. Gurgaon MG Road
  2. Gurgaon DLF Cybercity
  3. Gurgaon Institutional Sectors
  4. Grgaon Golf Course Road

Once a nondescript village on the outskirts of New Delhi, Gurgaon emerged as a satellite city to the capital in the late 1970s when Maruti Suzuki, India’s largest carmaker, set up its factory a little away from the city. Since then, a number of multinational firms, including Google and Microsoft, have set up their offices in the suburb.

Gurgaon also saw a 60% jump in the absorption of office spaces during the April-June quarter in 2015—the third highest after Mumbai and New Delhi—compared to the January-March quarter this year. Absorption in real estate parlance refers to the total occupancy of commercial properties that are sold or leased. During the quarter, Mumbai saw absorption of 2.93 million sq.ft while Delhi’s absorption was at 0.21 million sq.ft.

But rental rates in many of these upcoming cities like Gurgaon are still very low compared to New Delhi or Mumbai, which continue to command sky-high rents. Delhi’s CBD, which comprises Connaught Place, and Mumbai’s CBD, which comprises Nariman Point, Fort and Ballard Estate, were among the most expensive office locations.

India’s top 10 most expensive office locations
Area Price (Rs per sq.ft)
Delhi CBD 185-450
Bandra Kurla Complex 225-320
Mumbai CBD 200-250
Mumbai-Worli/Prabhadevi 185-225
New Delhi-Nehru Place 175-250
Mumbai-Kalina 150-200
Mumbai-Lower Parel 145-190
New Delhi-Saket 130-190
Gurgaon-MG Road 110-150
Gurgaon-Golf Course Road 100-150

“The office market recorded approximately 19 million sq.ft of office absorption in the first half of the year across major cities in India,” the report said. “With an expanding economy and the introduction of the REIT (real estate infrastructure fund) regulation, the demand for office space is increasing and so is the demand from institutional investors to acquire income yielding office property.”

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GURGAON TOPS DEMAND CHART

The National Capital Region is expected to have the second highest real estate demand over the next few years, and Gurgaon leads the pack here, says ET Realty

Looking at the cumulative real estate demand, the NCR will have a requirement of 10.2 lakh housing units (commercial capital Mumbai requires 16.4 lakh), 249 lakh sq ft office space and 6.6 lakh sq ft retail by 2013. In the NCR, Gurgaon leads the pack in the demand in residential, office, retail, and hospitality sectors. Forthcoming world-class projects, proximity and well connectivity to Delhi are a few factors driving these figures.

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Is property investment in Gurgaon a better option?

gurgaon the millenium city

Gurgaon – The Millennium City

Gurgaon has been an integral part of the fascinating story of the Capital in the past decade. It earned the sobriquet of “Millennium City” for being home to over a hundred Fortune 500 companies, swanky malls and other entertainment avenues, BPO companies, world-class golf courses, hi-end restaurants, classy five-star hotels, healthcare facilities and state-of-the-art residential hi-rise structures. Despite all its infrastructure-related issues, the city is also home and working turf for a large number of corporate honchos. Gurgaon happens to be the first city of the country to have a 100% privately funded Metro train service and is soon to have pod taxis.

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