by Neeraj K Mishra, Executive Director, Ganga Realty
Infrastructural vigor is the backbone of real estate growth. It serves as an index of the overall development of the city that took place over a couple of years. In a direct effort to upscale the growth avenues and stack up socio-cultural upgrades, Gurugram often referred to as the Millenium City is witnessing a rapidity in infrastructural developments funded from the state government’s coffers.
The announcement of Global City Gurugram is a landmark state initiative that will act as a catalyst for futuristic developments in the city. The mixed-use land project being built by Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) will consist of office spaces, residential towers, modern retail spaces, and inclusive social infrastructure. The state government will develop it as a central business district enclosing the environment of a City within a city. The ambitious project is spread across more than 1,000 acres of land spanning Sectors 36, 36B, 37, and 37B. It will share multi-nodal connectivity with Dwarka Expressway, HN-48, Pataudi Road, and Central Peripheral Road. The project will not only emerge as the nucleus of commercial and retail operations but also attract significant investments from developers from national and international borders.
Many development projects have also been rolled out to improve the quality of life in the city in the Haryana Budget 2023-24. The government after the conclusion of its meeting with the Gurugram Metropolitan Development Authority (GMDA) announced the fast-tracking of growth incentives allocating Rs 570.06 crore for infrastructure development covering all components such as roads, water supply, stormwater management and Rs 1151.77 crore for capital projects. Green-friendly initiatives have also found cognizable support by setting aside Rs 36 crore for urban environment initiatives and Rs 538 crore for operation and maintenance. These valuable steps taken to enhance the sedentary experience will invariably aid real estate growth as property buyers are attracted to cities embodying every attribute of robustly growing specimens in physical, social, and cultural aspects.
Recently, the GMDA has made public an all-encompassing infrastructure development roadmap outlining credos and markers for all its future projects and budgets with key focus areas being education, healthcare, public safety, recreation, and sociocultural facilities over the next two decades. The swiftness with which the premiumization of socio-infrastructural cover is being undertaken will surely bring large numbers of homebuyers to invest in Gurugram ‘s real estate markets.
The groundbreaking infrastructural developments are redefining the real estate landscape of Gurugram. With the establishment of 500 Fortune companies, continuous growth in luxury developments and independent floor housing formats, and the emergence as the employment hub of NCR, the slew of quick-paced infrastructural projects are only adding up to its irresistible charm. The multi-crore expressway project, Dwarka Expressway, and its impending opening will also attract a bulk of investments in nearby corridors. With Industrial hubs like Manesar and new housing epicenters such as New Gurugram nearby, Gurugram is upsizing in colossal project investments by developers and homebuyers alike.