GURGAON REAL ESTATE HISTORY & TRENDS OF 50 YEARS .(1970-2019)
Gurgaon local realestate market started in 1970 when Maruti Suzuki india ltd established a manufacturing plant in gurgaon.
Although HUDA (Haryana Urban Development Authority) was established in in 13 Jan.1977.
And in Early 80's DLF envisioned Corporate hub in Gurgaon and acquired vast stretches of lands in city for residential and commercial projects.
In 1997 GE ( General Electric) Was the first American brand to set up a unit in gurgaon. GE's name prompted many other international mnc companies to set in up gurgaon which gave a kick start to gurgaon realestate.
First 10 Years (1997-2007) DLF was the main leader after Huda urban states sectors in gurgaon realestate market. DLF delivered many projects like plots, appartment, commercial projects etc.
Many other names - vatika, mgf, ansals, mgf, Sahara, also arise in this time and started realestate market.
In first decade, Realestate Market was super booming, many new builders came and made gurgaon an economic capital of Haryana.
From 2007 to 2012 was the period when every one was talking about gurgaon market and wanted to invest in gurgaon at any cost without thinking and without knowing builders backgrounds.
As many new Investors missed first Decade and wanted to double money in just few years. So they just invested blindly.
From 2012 gurgaon real estate was facing down fall due to multiple reasons -including slow down in indian economy and slow construction of projects which broke investors trust on builders and there was
no laws for buyers to save their investments.
But Since 31 July 2017 when RERA (Realestate Regulatory Authority) formed to regularate builders to stop investors money diversion in their other projects or personal uses .
According to RERA builders have to put 70% money on projects construction. By this law RERA assure on time project delivery , if in any case still builders fails to delivery projects on time , Investor will get 100% refund of invested money on 10.5% Roi s per RERA.
So now again market is picking up and gradually changing like first decade of gurgaon realestate market.