Gurgaon has its own glorious story to tell. It has experienced phenomenal real estate growth by riding on back of IT/ITeS revolution. But the social and physical infrastructure has not kept pace with this progress.
IMT-Manesar, projected to come up in four phases on 1,749 acres, may become the future growth centre till 2009-10, Gurgaon and Menasar will account for 20% (39.08 million sq.ft.) of the upcoming residential property provision. The prominent projects in Manesar include the 25,000-acre Reliance SEZ and a planned IT park while in Gurgaon some of the high-end schemes are Palm Springs of Emaar MGF and Blair & Aralias of DLF. The residential land rates in Manesar now range from Rs. 1,900 to 2,000 psf.
Two other areas of importance are Noida and Greater Noida. Take Noida first. It’s a well developed micro market having substantial office and retail space, with commercial activity deepening in sectors 62 and 63. these factors have given impetus to demand for housing and sectors 92, 93, 94A and 119 are the locations supposed to get the maximum supply infusions. Noida will account for 6% (10.84 million sq.ft) of the total supply expected by 2009-10, says the Frank Knight assessment.
Greater Noida, ranked among the high potential markets, will have the international airport as proposed by the UP government. This prospect has further enhanced its real estate attractiveness. About 26.5 million sq.ft of residential properties are projected to come up by 2009-10. The Taj Expressway, now open to traffic, has brought in higher end –user demand for residential properties. Much impact on the market scenario is expected from Unitech’s 100-acre township,
A rising star in the NCR sky is
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