The unrealistically priced estate

The phenomenal rise in real estate price, e.g., from Rs 70 million to Rs 1.02 billion for a commercial plot in a matter of less than two years is unprecedented
We all witnessed the aggressive sealing drives by the Delhi government during the last few months this year but the maximum impact of these drives have been on the real estate sector in Gurgaon.
Needless to say Gurgaon because this place is the IT & BPO hub of the north, adjacently located to the capital & yes having maximum legal space available as against any other cosmopolitan town. Evidently all major industrial houses, Multinational companies, BPOs either has already shifted their base to Gurgaon or are in the process of doing so.
Due to this we can say that Real Estate in Gurgaon has become a prized possession & a gold mine for those who wish to capitalize on this.
You take a look across the city and at every kilometer distance you would find hoardings/banners with things written such as "Buy a Flat in Gurgaon" or "Buy Home Gurgaon", doesn't it reflect on the availability of space everywhere at least for a couple of years till this market and place also gets saturated.
While Gurgaon today is home to the urbane, highly paid, top notch corporate executives who thrive in penthouses, luxurious Gurgaon apartments, villas & Bungalows, it also provides decent accommodation to the middle income bracketed skilled or knowledge workers in furnished non furnished apartments at locations easily commutable to & fro malls & shopping plazas.
So like Delhi, Gurgaon also has place for anybody & everybody but that comes with a price tag too. The more you pay the better it will be. Although more on a convenience mode people want to relocate to this city as it gives them a touch of a Metropolitan with a feel of a town and hence dream of buying a home for sale Gurgaon. Dream because as the industry faces a boom, the prices soar up too.
For example consider this classic case of Haryana Urban Development Authority (HUDA) which had auctioned a site proposed for a mall in sector 55-56 in Gurgaon at Rs. 7.15 Crore in the year 2004 and the same plot was auctioned at a whopping price of Rs.102 crore in the year 2006.
The area was of course 3850 square yards & the reason why the earlier bid got cancelled is still unknown. But it boils down to one single fact which is that the time has come for the Real Estate in Gurgaon to scale new heights.

Suraj Kumar Singh is an associate editor to website www.indianground.com providing consultancy for Real Estate India with hands on experience in the sector. He has gained proficiency in issues like real estate India, finance, insurances, and investments in India. Feedback and queries are welcome at kumarsingh.suraj@gmail.com