The millennium city of Gurgaon has long been a centre for commercial real estate. The city’s rapid growth over the past few years has resulted in phenomenal growth for the commercial real estate market. The city has drawn several national and international businesses and is the IT centre of North India. With the construction of new motorways and highways, Gurgaon’s commercial real estate market is evolving quickly, providing new options for businesses and investors.
The new Dwarka Expressway is one of the significant improvements that has altered Gurgaon’s commercial real estate market. This 29-km motorway, which links Gurgaon to Dwarka in Delhi, has created new possibilities for commercial real estate development. Gurgaon and Delhi are now closer thanks to the motorway, which has also made commuting simpler for locals. Additionally, the motorway has created new residential districts, increasing demand for commercial real estate.
Numerous significant business developments have already been lured by the upcoming Dwarka Expressway. The World Trade Centre (WTC) in Gurgaon is one of the most important construction projects. Over 25 acres, this project is being built in association with the Viridian Group. Office, retail, and hotel space will all be included in the project. The WTC project will benefit Gurgaon’s commercial real estate market when it is finished, which is anticipated to be in 2022.
The Delhi-Mumbai Industrial Corridor (DMIC) is another significant development that has altered Gurgaon’s commercial real estate market. A massive infrastructure project called the DMIC seeks to build up industrial zones beside the Delhi-Mumbai Highway. The initiative has the ability to change the area and open up new commercial opportunities. The National Capital Region (NCR) and Mumbai, India’s financial hub, would be connected by the DMIC project, which will also help the manufacturing and logistics industries.
Numerous substantial commercial projects have already shown interest in the DMIC initiative. The Industrial Township in Sohna, which is being built by the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC), is one of the most important projects. The township will have commercial space, residential properties, and industrial plots. The initiative will boost the region’s demand for commercial real estate and provide additional job opportunities.
Another significant alteration to the Gurgaon commercial real estate market is the Southern Peripheral Road (SPR). The Gurgaon-Faridabad Road is connected to NH-8 by the 16-kilometre-long SPR. The road has shortened the distance between Gurgaon and Faridabad’s travel times and created new opportunities for business growth. Additionally, the SPR has simplified commuting for local residents.
There are already a lot of significant business ventures drawn to the SPR. DLF is building the One Horizon Centre, which is one of the most important projects. The 11.76-acre project will include office space, retail space, and an all-suite hotel.
The project will benefit Gurgaon’s commercial real estate market when it is finished, which is anticipated to be in 2023.
Along with these significant changes, Gurgaon has seen an increase of co-working spaces, which has altered the city’s commercial real estate market. Co-working spaces have grown in popularity among entrepreneurs and independent contractors because they offer a flexible and cost-effective workplace alternative. Over the past several years, there has been an increase in co-working spaces in Gurgaon, many of which are situated in upscale business districts.
Let us delve deeper into the changing landscape of commercial real estate in Gurgaon.
Infrastructure Development: Over the past few years, there has been a large amount of infrastructure development in the city. The city’s motorways, flyovers, and road networks have all received substantial government funding. Consequently, there has been an increase in enterprises and job seekers as a result of the city’s easy accessibility from Delhi and other regions of the NCR.
Emerging Micro-markets: Gurgaon is home to a number of micro-markets that are becoming popular spots for commercial real estate investment. Some of the best places to find office space, retail establishments, and commercial complexes include places like Cyber City, Golf Course Road, Sohna Road, and Udyog Vihar.
Co-working Spaces: Gurgaon is not an exception to the growing popularity of co-working spaces in recent years. Co-working spaces are becoming a popular option for company owners and freelancers due to the growth of start-ups and start-up workers. There are several co-working places in the city that provide flexible leasing choices, up-to-date amenities, and a supportive work atmosphere.
Retail Revolution: Gurgaon has also seen a tremendous change in the retail industry. The best shopping centres, including Ambience Mall, DLF Mall of India, and Cyber Hub, are located in the city. These malls are becoming people’s go-to places for food, shopping, and entertainment.
Green Buildings: The term “green building” has gained popularity in the commercial real estate sector. Sustainable design principles are being used in many commercial real estate developments. These ecologically friendly structures also aid in lowering operational expenses.
In conclusion, Gurgaon’s commercial real estate market has significantly changed during the past several years. Gurgaon has emerged as a top choice for companies wishing to establish operations in India due to the growth of infrastructural development, developing micro-markets, co-working spaces, green buildings, and the retail revolution. In conclusion, Gurgaon’s commercial real estate market has been completely revolutionised by the new Dwarka Motorway, Delhi-Mumbai Industrial Corridor (DMIC), and Southern Peripheral Road (SPR). Numerous opportunities for investors and enterprises have arisen as a result of the growth of these important regions. Gurgaon is positioned to grow into a significant business centre in the nation as a result of the anticipated rise in demand for commercial buildings.