It looks like things may be slowly turning around for property in Gurgaon according to experts who claim that the recent uptick in the demand for commercial space in Gurgaon is likely to bode well for rentals in Gurgaon and may also result in greater demand for flats in Gurgaon. Actually an increase in demand for commercial property in Gurgaon is good news not just for Gurgaon but for the entire NCR at large. Increased demand for commercial space indicates a likely increase in employment opportunities, the news may be particularly beneficial as commercial space in Gurgaon is among the most expensive in the NCR and an increased demand for the same likely means larger than average capital inflows into Gurgaon with the end result that many such organizations which are opening new offices are likely to pay employees greater than average salaries.
As many employees prefer to live near where they work such news augurs well for those with properties in residential projects in Gurgaon as more than likely they can expect greater demand for their homes from renters. The demand for more commercial property in Gurgaon may also be good news for those who earn money selling upcoming projects in Gurgaon as the new workers who shall now work at Gurgaon may desire to own their own property in the future to ease their daily commute. Such news is likely to be well received by builders in Gurgaon as well who may see signs of a revival in the city’s real estate market as demand from new migrant’s increases alongside the increased demand for commercial space in the city.
Perhaps a subtler outcome of the increased demand for commercial property in Gurgaon could very well be that much of the residential property Gurgaon is likely to appreciate due to greater overall demand, if a city experiences an increase in population than it is axiomatic that demand for homes in the city too shall increase. That such an increase in demand is congregated in an increase in demand for luxury apartments or luxury villas in Gurgaon is however unlikely, most such new employees who will begin to work at Gurgaon are likely to be well paid, the most highly remunerated of these workers may well be able to afford luxury villas or luxury apartments in Gurgaon however the bulk of these new workers are likely to be just that, workers, who will reside at affordable housing in Gurgaon. Almost certainly some of those who shall in the future work in Gurgaon are likely to be well paid as those working in the Millennium City are accustomed to and the money they earn will most likely be spent in Gurgaon on things such as groceries, entertainment, household goods and services, such expenses shall be disbursed among those who work in Gurgaon and the domino effect of such expenses from multiple households is likely to result in the purchase of less expensive flats and perhaps even mid segment apartments in Gurgaon.
When considering the recent news, it may be cautioned that the increased demand for commercial space may not necessarily be a net positive for Gurgaon as there is a likelihood that the net change in office space rentals in the city is declining or may have remained unchanged over the past few years due to commercial property in Gurgaon being abdicated over the past several years. However, this is an unlikely likelihood as the population of Gurgaon continues to grow and there are almost certainly more new offices in the city which are being occupied than are being let go, thus the news presents a bit of cheer to a property market which certainly needs some of the same.