Gurgaon Real Estate: The Dire State of Affairs

Real Estate Gurgaon at Makaan.com

What went wrong with Gurgaon real estate? A city that houses some of the glossiest skyscrapers and is a home to some of the best corporate companies seems to have failed in its very purpose for which it was developed. Today, its realty market is all down in dumps. Blame it on the way reckless manner it witnessed residential and commercial development, or the extortionate price rates can be held culpable for the same. Or a combination of both.

Though the residential projects for properties in Gurgaon are largely brought into being with planning, the larger picture does not say so. The developers and builders left no stone unturned to utilize every single piece of land available for construction. Their  devil-may-care attitude in bringing about their projects into reality played havoc with city's resources. Consonantly depleting water table and slacked earth surface due to excessive sand mining have already posed an alarming picture. For buyers intending to make a purchase in the city, such trends have turned the sentiments largely negative. For a city that won't be able to sustain itself in the coming years, it is very difficult to create new demand market.

As far as realty prices of realestate Gurgaon property are concerned, they have only treaded an upward graph. The way rates have appreciated over years has created a lull in the demand market. Most of them are far from being affordable by low and mid-income brackets. Even for  high income groups, the rates are beyond their purchasing capabilities. Cumulative effect of the skyrocketing rates can be seen in the low demand -supply ratio. Developers never let the prices to correct and this, in turn, has kept the purchasers at distance.

There are several other dampening factors responsible for the dire state of affairs for property in Gurgaon. Lack of any traffic-alleviating system, not enough traffic signals, and below mark basic amenities have further added to the woes of this Millennium City.