How Gurgaon Development Authority will impact the Real estate market?

residential projects in gurgaon

Gurgaon or Gurugram is regarded as you of India’s foremost corporate hubs with a cosmopolitan population. However, seeking approval to carry out any infrastructural development in the region is just a daunting task as all of the project related files had to be sent to Chandigarh for approvals. Even the developers had trouble in pushing sales of a region as many folks were reluctant to purchase property in Gurgaon a location with inadequate infrastructure.

The long-awaited dream of lakhs of residents could possibly be nearer to reality now with the Haryana government deciding setting up Gurgaon Development Authority (GDA). Experts have hailed the move stating that having a development authority in Gurgaon enables quick approvals for the infrastructural work in the city that has been the greatest cause of concern for the inhabitants and future residents.

Manoj Gaur, President, CREDAI-NCR & MD, Gaursons India Ltd. avers, “Infrastructural deficiencies were an important cause of concern as this was driving the new demand away, resulting in negative consumer sentiments.” With Gurgaon getting its own development authority, it enables faster approvals which will further help the infrastructure work to be carried at a larger pace.

Gurgaon has been the crown jewel of NCR ever since its evolution and there have been many reasons including the strategic location nearby the airport, seamless road connectivity, and solid infrastructure. Further, many corporate giants are shopping for office spaces to set up their  headquarters here producing a spurt in residential  property in Gurgaon demand in the region.

Vikas Sahani, CMD, Property Guru, shares that this could be addressed only having an independent body situated locally. Talks have been on because of this body in the future up since long but finally, it might find light of the day very soon and ideally solve the goal of timely approvals and better administration.

Within the last one decade, Gurgaon has progressed a great deal which resulting in real-estate sector recording vertical growth. While major infrastructure projects such as for instance Airport and Metro rail were carried out successfully, but other conditions such as for instance intra-city roads, sewage management, public conveyance, law, and order were not given equal importance.

Overall, this is an excellent news for Gurgaon in addition to its existing residents who will probably reap the huge benefits and developers having a much better infrastructure to market their   affordable projects in Gurgaon, consequently assisting the realty sector, in the future,. Further, the ripple effect may benefit the emerging in addition to untapped regions in the city’s outskirts owing to infrastructural development in the city

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