If one has to draw an analogy for Real Estate property in Gurgaon, the best example that comes to mind is of Kingfisher; it saw a meteoric rise; many made their millions and then came the equally dramatic fall; a fall so hard that there is no possible recovery. Real Estate Sector in Gurgaon has probably been lucky that as of now it has been saved from a non-recoverable fall.
As they say ‘every dark cloud has a silver lining’ and so has been the case with real estate in Gurgaon. The slow-down in the sector has given the wake up call to real estate developers in Gurgaon. They are out of their deep slumber, ‘not bothered’ attitude and arrogant business techniques. Earlier, the developers could get away with any sin, one just had to lay the foundation stone of a project anywhere and investors like bees would just swarm the place, the developer had to give no explanation; no extensive marketing; no time schedules, nothing at all. Once the inventory was sold out, relax and enjoy like the Kingfisher, no feedbacks, no timelines to be followed, work as one wishes to etc. etc. This arrogant attitude of the developers was matched by an equally indifferent approach of the administrative setup which has led to the state real estate sector in Gurgaon is today.
The administration has also changed gear and is responding to procedural delays at their end. The monitoring mechanisms to ensure on-time or earliest delivery of projects have been overhauled.
Another positive impact of the slow-down in real estate sector in Gurgaon has been that the fly by night operators and developers with a black track record are either coming on track or vanishing from the spectrum. This may not have an immediate impact; however it would make a huge difference in the long run.
It is a long sunny road and a hard journey for everybody associated with the real estate sector in Gurgaon. Each party has a part to play, unless, there is synergy and coordination the desired end result would not be achieved.
Last but not the least, advise for the end-user and individual investors – it is the best time to buy property in Gurgaon. Do your due diligence and work on a window of 6 months to finalize the investment.