The impact of Gurugram’s real estate growth on employment and economic development

The impact of Gurugram’s real estate growth on employment and economic development

The location of any business is far more important than, say, the size or the interior of the shop. The reason is obvious — it is the place that is more likely to be frequented by the people than, say, a place that might be good otherwise but does not have anything attractive for the people.

A larger footfall means larger sales and thereby larger profits. There is something about Gurgaon which attracts people to it and no wonder it has become an economic hub, generating more revenue for the government than many other cities put together. Indeed Gurgaon has left behind other townships in the NCR like Faridabad when it comes to business prospects and employment opportunities. It was once a village of the Guru, hence the name guru gram or the village of the teacher, but over the years it became Gurgaon which means the village of jaggery has spread its sweetness all around.

In its modern-day avatar, Gurgaon — the Millennium City — has witnessed an astonishing transformation over the past few decades, with an array of shopping malls and shopping arcades, offices of multinational firms and recreational centres from multiplexes to clubs and sports complexes. It has now emerged as one of India’s most prominent financial and technology hubs. The rapid growth of Gurgaon’s real estate sector has played a significant role in employing its residents and even people from far and wide, thanks to its economic opportunities.

Gurgaon’s real estate boom which translated into its commercial success can be attributed to several factors. Firstly, its proximity to the national capital, Delhi. Since Gurgaon is very close to Delhi it has become the first choice for people who want to move out of Delhi due to its hustle and bustle, but want to remain close to it. The clean air and cool breeze of Gurgaon give them an excellent option to be around Delhi which can be reached within an hour by car. Therefore, it has become an attractive destination for business owners and professionals seeking expansion and better job prospects. The city is well-connected to Delhi with the Metro and the Expressway, which makes it very attractive for entrepreneurs.

Sensing this potential, builders and developers came up with the idea of making it a commercial hub by designing projects of large-scale commercial and business parks. These expansive office complexes have attracted multinational corporations, IT companies, and many Greenhorn startups. No wonder today Gurgaon looks like a giant glass house that is cut above the rest. Because of the offices and businesses moving to Gurgaon, it has become a thriving employment hub, offering a wide range of job opportunities across various sectors.

Businesses today are thriving in Gurgaon and there is a beeline of businesses and multinational companies who would like to have their setup in the premium location near Delhi. It has not only created employment but also stimulated economic growth giving a boost to the economic activity in the nearby towns. Moreover, the high business potential has led to a surge in the demand for office space which in turn has led to hectic construction activities. If one drives in Gurgaon and around, one can see many high rises coming up. The development of shopping malls, hotels, restaurants, and other supporting infrastructure is attracting construction labours from as far as Bihar and Jharkhand. Thus, Gurgaon has emerged as a city that employs migrant labourers and people providing allied services like security guards, bouncers, shopkeepers, electricians, plumbers etc.

Moreover, Gurgaon’s real estate boom has triggered ancillary industries and service providers. The city has witnessed a rise in real estate agencies, property management companies, interior designers, and home improvement businesses. These high-end providers in turn provide job opportunities for other service providers such as cab drivers, maids, etc.

The rise of Gurgaon as a preferred residential destination has further boosted its real estate sector. With the influx of professionals seeking job opportunities, the demand for housing has skyrocketed. The construction and maintenance of residential buildings designed of course for the people who move in for job opportunities in say IT and BPO sectors have created employment opportunities for the allied industries such as furniture manufacturing, home décor, appliance sales and AMC providers. The growth of Gurgaon’s real estate sector has had a cascading effect on the economic development of the region. The increase in job opportunities has attracted a diverse pool of talent, leading to a rise in human capital.

Source : FE

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