Gurgaon, also known as Gurugram, is a city on the rise. Located in the National Capital Region of India, it has become a hub for business and commerce, attracting both local and international companies with its thriving economy and skilled workforce. With a growing population and a steady influx of investment, the demand for commercial property in Gurgaon has never been higher.
In this blog post, we will explore the many reasons why Gurgaon is a smart choice for commercial property investment. From the diverse range of industries driving demand to the attractive returns on investment, we will show you why Gurgaon’s commercial real estate market is one to watch. We will also look at the current state of the market, including the types of properties available and the average cost per square foot.
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The Growing Economy of Gurgaon
Overview of industries driving demand for commercial space
The city of Gurgaon, also known as Gurugram, is home to a diverse range of industries that are driving demand for commercial space. One of the most prominent is the IT and technology sector, which has been growing rapidly in recent years. Many major corporations, both Indian and international, have established their headquarters and research centers in Gurgaon. This has not only created jobs for the local population but also has led to the development of IT parks and special economic zones.
Another industry that is driving demand for commercial space in Gurgaon is retail and e-commerce. As more and more consumers turn to online shopping, retailers and e-commerce companies are flocking to the city to set up their operations. This has led to the development of several malls and shopping centers, as well as the creation of logistics and warehousing facilities to support the retail and e-commerce industries.
Hospitality and tourism is also a growing industry in Gurgaon, thanks to the city’s proximity to tourist hotspots like Delhi and Agra. The city is home to several luxury hotels, resorts, and serviced apartments, which attract both business and leisure travelers. This has led to the development of several new projects in the hospitality and tourism sector, including the construction of new hotels, resorts, and serviced apartments.
These industries not only drive demand for commercial property but also have a positive impact on the city’s economy, Gurgaon has been able to maintain a stable GDP growth and provide jobs for the locals. Government initiatives such as “Smart City” plans, special economic zones, and infrastructure development projects have also played a significant role in driving the city’s economic development.
Statistics on GDP growth and job creation
The GDP of Gurgaon has been steadily growing over the past few years. According to data from the Ministry of Statistics and Programme Implementation, the GDP of Gurgaon in 2020 was INR 5,94,963 crore. This represents a significant increase from the previous year, which stood at INR 4,95,611 crore. This growth is expected to continue in the future, making Gurgaon one of the most attractive destinations for investment in India.
Role of government initiatives in driving economic development
The government of India has implemented several initiatives to promote the development of Gurgaon and other cities in the National Capital Region. The Smart City program, for example, aims to provide citizens with access to world-class infrastructure and services. The program focuses on areas such as transportation, housing, health care, and education, with the goal of making Gurgaon a more livable, sustainable, and inclusive city.
In addition to the Smart City program, the government has also established several special economic zones in Gurgaon to promote economic growth and attract foreign investment. The government also invested in infrastructure development projects such as the extension of the metro rail, the construction of flyovers and expressways and other initiatives to improve the city’s transportation infrastructure.
All these factors are making Gurgaon a very attractive destination for commercial property investment. As the city continues to grow and develop, demand for commercial space is expected to increase. Investors should take note of Gurgaon’s growing economy and government initiatives when considering commercial property investment in India.
Types of Commercial Properties Available
When it comes to the types of commercial properties available in Gurgaon, there’s a diverse range to choose from. Each type of property has its own unique set of costs and benefits, and investors should carefully consider which one best fits their needs and goals.
- Office Space: Office space is in high demand in Gurgaon, especially in areas such as Cyber City, Udyog Vihar and Golf Course Road. Office spaces range from small individual offices to large multi-story buildings. Office spaces can be rented out to different companies, providing a steady rental income. As Gurgaon continues to attract more multinational companies and startups, the demand for office spaces is expected to grow.
- Retail Space: Retail spaces, including malls, shopping centers, and standalone shops, are also in high demand in Gurgaon. The city is home to several large malls such as Ambience Mall, MGF Metropolitan Mall, and DLF City Centre Mall. With the growing popularity of e-commerce, logistics and warehousing spaces are also becoming increasingly sought-after in Gurgaon.
- Industrial Space: Gurgaon has a diverse range of industries, and as a result, industrial spaces are also in demand. The city is home to several industrial areas such as Udyog Vihar, IMT Manesar and Sohna Road. These areas are home to a wide range of industries such as manufacturing, logistics, and warehousing.
- Mixed-use developments: There is a trend in Gurgaon towards mixed-use developments which combine residential, office, retail and hospitality components all in one location. These developments provide a one-stop-shop for residents and visitors, and can also provide a more stable source of income, as the different components can be rented out to different tenants.
In conclusion, Gurgaon offers a wide range of commercial properties, from small individual offices to large multi-story buildings. Investors should take note of the type of property they are looking for, whether it is for rental income or appreciation in value and choose wisely. It is essential to understand what fits best with the investors’ goals, as well as their target markets before making a decision.