Real estate market goes into overdrive
Sunset over Gurgaon cityscape. Amlan Mathur/Shutterstock
From developers to institutional investors alike, more than USD1 billion has flowed into Gurgaon’s real estate market this year to date, according to CBRE.
“With over one billion dollar of investments by way of land acquisition and financing, the overall long term outlook is bullish with commercial office markets in overdrive and emerging areas of Gurgaon offering excellent residential development opportunities,” CBRE noted in a report.
Areas such as Golf Course Road and MG Road are fast emerging as opportunities for residential real estate development targeted to first-time buyers as well as investors.
India’s so-called Millennium City commanded an average gross leasing of 5.5 million sq ft in the last three years. Gross leasing in the metropolis hit 7 million sq ft in 2015.
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“Future ready trunk infrastructure such as roads, power and water; ready social infrastructure clubbed with affordability has been the key driving factors of the region,” said Anshuman Magazine, chairman for India and Southeast Asia at CBRE.
Gurgaon is driving interest from real estate funds, developers, and corporates because of its “cosmopolitan status and conducive environment,” said Gaurav Kumar, managing director of capital markets at CBRE South Asia. “It has always been the investment gateway to NCR (National Capital Region) due to its critical mass in real estate development and existing social infrastructure.”
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Source : property-report.com
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