It
is already well known that property
in Gurgaon attracts not only end users but also a large number of
investors. One such category of investors who eagerly buy property in Gurgaon
is NonResident Indians who flock to
Gurgaon for numerous reasons. In comparison, cities such as Bangalore are
primed as retirement communities and much of the property sold in the Silicon
Valley of India is bought by end users. Although there is today a greater
demand for luxury homes in Bangalore than there was a few years ago, the
investment climate in Bangalore is still lukewarm and the capital invested is
far lower than the investments flowing into real estate in Gurgaon. There are
numerous reasons for this difference between the kind of investments flowing
into Gurgaon and Bangalore a few of which are as follows
Gurgaon is Located Next to the National Capital
While
Bangalore is the IT capital of India, New Delhi simply put is the capital of
the entire country. This places apartments in Gurgaon at a far greater
advantage when compared to flats in virtually any other city. The power brokers live in New Delhi and many such
individuals own numerous homes and often live in Delhi while investing in properties
in Gurgaon as well. Additionally, global
investors feel more secure investing in a region that is close to the capital
and where property rates can be monitored from overseas. Furthermore, the Gurgaon real estate story is a
global one whereas the same cannot yet be said of real estate in Bangalore.
Gurgaon is the Luxury Destination
Many
projects in Gurgaon trump those in Bangalore when it comes to luxury. Many such
projects in Gurgaon are built keeping in mind the demands, expectations, and
preferences of wealthy NRI buyers who are often pitched such projects by the
overseas offices of the builders
and developers in Gurgaon. Since NRI’s have the money and willingness to
spend on such ultra-luxury projects they turn to Gurgaon since there are more
such projects in the Millennium City than in Bangalore.
Gurgaon is a Stronger Rental Market than Bangalore
Since
the NCR is far larger in terms of area, population, and employment
opportunities it is easier to place a property on rent in Gurgaon than in
Bangalore, especially if the property in question is a high-end property. Furthermore, there are a large number of
property management firms in Gurgaon who ensure that an attractive property
placed on rent by the owner generates good returns for the owner and that the
rental income generated increases steadily. Simply stated flats in Gurgaon
provide a higher source of continuous rental income than flats in Bangalore do.
Gurgaon Attracts Attention from a Larger Base
Many
of those living overseas who hail from diverse regions in all of North India
prefer to own a property in Gurgaon as they are most comfortable with the
culture of Gurgaon as compared to that of Bangalore. Such tendencies among
wealthy NRI’s lead them to invest in luxury
apartments in Gurgaon as opposed to those in Bangalore. Furthermore, once such a property is bought in
Gurgaon; it generates greater interest among NRI’s owners to the real
possibility of returning back to India and living among those who share the
same culture, language, and traditions.
