Gurgaon tops commercial segment

Gurgaon has seen some unprecedented growth in the commercial sector during the past couple of years. The suburb has emerged as the top commercial destination in NCR housing maximum number of IT/ITeS companies. According to Vrijesh Mishra from Vserve Properties, “The commercial capital values have almost been doubled in past couple of years while the leasing values have increased up to 4-5 times.” Availability of Grade A commercial set-up, increasing connectivity and enhanced demand are the major drivers of the real estate, he added.

“Gurgaon and Noida contributes to nearly 88 per cent of the upcoming office supply, but looking at the present figures, Gurgaon commands slightly higher demand and is more commercially viable in comparison to Noida,” says Vipin Goyal of Property Junction.

“There is a shift in the trend since the past couple of quarters because of more availability of office spaces in the other NCR areas such as Greater Noida, Kundli, Manesar, and Dwarka Expressway providing affordable options. But still, Gurgaon leads the commercial market and witnessed more number of transactions than these other locations,” says Mishra. Areas such as Sohna Road and Golf Course Extension are the upcoming office spaces in Gurgaon. Peripheral business districts in Gurgaon continued to be the preferred locations for companies. Office buildings in these locations not only offer large and contiguous floor plates, but also have wide range of amenities within the premises, he added.

Apart from IT, manufacturing and service sectors are the two major players fuelling the commercial sector.Gurgaon market not only promises better workforce in terms of intellectual capital but also cheap labour.

DLF,Capital, Unitech,Baani, Vipul, Vatika, JMD, Omaxe Parsvnath, and Suncity are some of the active developers in commercial sector in Gurgaon. The current capital values of office space at Sohna Road and sector 48 ranges from Rs 4,500-8,000 per sq ft, while in premium locations such as DLF Phase-I, Udyog Vihar, M.G Road and Golf Course Road the values have reached up to Rs 14,000-28,000 per sq ft. The leasing value too varies from Rs 80-150 per sq ft per month.

Growing demand and expansion in the commercial sector has extended the development to Manesar and areas along NH-8. This trend is expected to continue and investments are estimated to yield positive returns as anticipated.