At the end of the second financial quarter in 2015, Colliers International, a US based real estate services company released a report that highlighted the performance of Gurgaon in the commercial real estate sector. According to this report, the office space absorption in Gurgaon has gone up by 60% when compared to Noida. Considering that Gurgaon was only a small village a few decades back, the stats are indeed mind-blowing.
What could be the possible reasons behind this paradigm shift? Read on to find out more about the strengths and opportunities that has greatly attracted business professionals towards the office spaces offered by top players like DLF in Gurgaon.
Gurgaon is located closer to the International airport than Noida
Like in most real estate case stories, location plays the protagonist in this one too. One of the biggest strengths of Gurgaon is its close proximity to the IGI International Airport (less than 20 kilometers). The easy connectivity to the airport is believed to be a strong source of saving time and for higher productivity in the business circles.
Delays in the construction of the flyover in Sector 41 to SEZ Phase II
Distance and connectivity are major issues when it comes to Noida. A signal free six-lane flyover has been planned from Sector 41 to SEZ Phase II in the city. However, the completion of the project will not be accomplished anytime before the end of 2017. This is why Noida in spite of its affordability advantage is still unable to make a big mark in the corporate space.
Gurgaon has a better support infrastructure for businesses in the city
Gurgaon clearly wins over Noida in terms of the law and order situation, better accessibility and functioning of well-planned city activities. Though rental spaces in Noida have come down in cost due to the oversupply, people in business still believe that a few extra thousands for rental spaces in Gurgaon serves as a more convenient option for their offices.
Gurgaon has grown into an overall better place for real estate investment
With booming urbanization and realtors from across the country as well as from international organizations investing heavily, Gurgaon has turned into a major hub for several IT and ITES companies. This trend is expected to continue with no significant factor present for a hold back. Thus the overall commercial landscape of the city is brimming and leading to more people looking for office space for rent in Gurgaon.