There are certain advantages being away from the hustle-bustle of tier-1 cities. Rates are affordable, the quality of construction is good and if it also has economic development on its agenda, then you can expect a Gurgaon. From ancient times when the heroes of Mahabharata wandered around its forests nestling in the Aravallis, to the world of modern multiplexes, varied cuisines and rock music, Gurgaon's changes are not merely evolutionary, they could be considered revolutionary.

``From complete obscurity to one of the most highly-hyped North Indian growth corridor, to overheating and back to the top slot in India’s most lucrative residential real estate investment hotspots - when it comes to market status updates, Gurgaon has certainly been around,'' says Santosh Kumar, CEO Operations, Jones Lang LaSalle Meghraj.

As is invariably the case in new sectors, residential property demand at Gurgaon began on a strong and promising note. However, between 2007-08, it fell prey to speculators who purchased properties with the sole intention of making quick profits. This led to overheating of property prices in Gurgaon, and the market began correcting sharply when a series of severe stock market fluctuations took place. Investors into Gurgaon’s residential real estate market found themselves facing an unexpected lack of ready cash and began to sell their holdings. Prices corrected to the tune of 15-20 per cent in most projects.

Since then, Gurgaon has emerged as an investor’s haven. Its proximity to the capital has added immense value to the properties here. “Gurgaon is one of the most balanced places. It is planned and beautiful. Moderate living and luxury living both are possible due to the kind of equal developments taking place at almost all the places. This provides world class living standards and globally comparable business houses in the form of business centres and IT parks,” says Navin M Raheja, CMD, Raheja Developers Limited.

Gurgaon has proved to be a very sound destination both for the investors and the end users of various types of property including residential, industrial and commercial properties. Customers and investors are served in Gurgaon with state-of-the-art and environment-friendly constructions. New trends include construction of European style villas, green buildings and look-alike American skyscrapers.

Apart from the Metro rail project, the 135-km long Kundli-Manesar-Palwal expressway project in Haryana is on track. This western peripheral, which is being developed by the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC), will be the longest in the country. It will be a big boon to travellers and will act as a Delhi bypass for vehicles. After the completion of this expressway, it will need an hour and twenty minutes to reach Palwal from Kundli - without touching Delhi. Another eagerly-awaited project is the Gurgaon’s multi-disciplinary medical city, Med City, which is the answer to Noida’s super-speciality hospital—Arogya Dham. It will be a congregation of super-specialty hospitals with state-of-the-art amenities.

Agrees Sachin Sandhir, managing director and country head, RICS India, ``With liberalisation on the advent and the government pursuing economic reform allowing private companies to build and invest in properties and favourable tax policy being implemented by the Haryana government, Gurgaon has emerged as one of the most prominent outsourcing and off shoring hubs in the world. Fortune 500 companies opted to set up their facilities and operations in the city, with property rates being offered at lower rates than were prevalent in Mumbai and Bangalore at the time. This also lent to the city becoming a residential haven as people preferred the proximity to work.''

Adds Sandhir, ``With the recession leading to price rationalisation and development of housing projects catering to the mid-income segment, demand is back in the market, though prices continue to vary across social zones based on the infrastructural support systems available. However, the realty market in Gurgaon is growing at a rational and reasonable rate with speculative activity on investment returns being curtailed.''

It was'nt always like this. Till the early 1980s Gurgaon was an undersized, desolate town, its claim to fame being its proximity to the national capital. Currently though, this dull and dark city has shown colossal improvements by spreading its wings in all segments.

The real development of Gurgaon began when the national capital became over populated and the gentry, including private and government offices, began a slow but steady trickle to Delhi's west, a budding city within the reach of a salaried consumer. At this juncture, Gurgaon saw the light of the day. Today, with its urban infrastructural progression, it is hogging the limelight. Gurgaon’s proximity to the capital has added immense value to the commercial, residential, retail and industrial properties here. In other words, it has become as the centre of financial and industrial growth in India.

With the ever-growing industrial base in Gurgaon, which is home to multi-national companies and the 2010 Commonwealth Games further giving a boost to the realty sector, this vibrant city is the new place to be for many prospective buyers and investors - Manhattan style.

Puniet Singh, CEO, Sherwoods independent property consultants makes an assessment:`` The growth of public private partnership model in the varied sectors has been the major force behind Gurgaon emerging a metropolitan city. Today, it is one of the world class polished suburban city with modern facilities and well built infrastructure. Further, increasing employment opportunities and greener environment has propelled growth there.''

Says Aditya Bansal, managing director, ABW Infrastructure, ``Gurgaon has become the corporate hub and a large part of commercial activity derives it genesis from this city. This spurt in commercial growth has led to a rise in residential requirement as well. Among the most- favoured destination for MNCs, real estate has witnessed international influence as well. Most of the residential and commercial buildings defy the traditional realty designs and layouts and follow international standards now. Large glass facades, sky scrapers and modern fittings and structures are the most sought after options in the city. Indeed the demand for nuveax style is in vogue. ''

With its flourishing retail sector, residential integrated townships, increasing IT hubs, SEZs, the soon-to-start Metro rail and the much-talked-about eight-lane expressway connecting Gurgaon and Delhi, this once-sleepy town has become the virtual growth engine of Indian realty.

Affordability is an an important factor for this upwardly mobile growth. Prices which could be afforded by the rising middle classes have contributed in a big way to Gurgaon's rise. Its proximity to the domestic and Indira Gandhi International Airport is another. This has no doubt helped the city to attract more FDI’s and encouraged strategic investors from across the globe to look forward to become partners in the growth process,” Raheja explains.

Accessibility to Delhi is another key driver. It has made Gurgaon a revived commercial market and remunerative investment alternative for domestic as well as multinational companies. Resultantly, leading auto companies such as Maruti Suzuki and Hero Honda have chosen it as their manufacturing base, mainly because it has provided ample land to accommodate their huge manufacturing plants and the high potential that the city provides.

Explains Santosh Kumar, ``During the recession, there was a marked slowdown in sales for higher-priced units at Gurgaon, but the degree of drop was no more and less than on par with that witnessed in the rest of the country. This was a key phase, in which developers had to take decisions that would have an immediate and long-term effect on their business viability. Fortunately, they aligned their business models to the new demand dynamics and finally started catering to the middle income segment by launching affordable and mid-sized apartments. With the return of economic stability and renewed focus on this vital market by domestic and international players, there has been a visible scaling up of development in terms of commercial office and retail space (from the current 22 million sq.ft. of office space to an anticipated 40 million sq. ft. by 2012). As a result, Gurgaon is once again witnessing a massive infusion of demand for quality residential properties.''

In the main residential areas and projects of Gurgaon, such as DLF Phase I-V, Golf Course Road, M.G.Road National Highway 8, Nirvana Country, Sushant Lok and Sohna Road, property rates have again started picking up. Residential as well as commercial properties of different varieties are available in these locations, and demand for them is perking up fast.

But any developing city has its share of hiccups. And Gurgaon is no exception. Points out Sandhir, ``It's infrastructure has not completely lived up to the city’s global aspirations. The main constraints limiting Gurgaon are the connectivity to other parts of the NCR, lack of reasonable infrastructure planning and inadequate public transportation. Hopefully, with the upcoming metro rail links and introduction of public transport systems some of the existing challenges will be dealt with.''

There is also a dire need to improve the power supply system in the city, which primarily runs of back-up mechanisms and lends to unsustainable environment practices. Other aspects that need consideration are the city’s preparedness and resilience to deal with disasters. With over 600,000 people living in the city, it is essential to have fire safety equipment and disaster management administration in place.”

Says Punit Beriwala, managing director, Vipul Ltd “Gurgaon has emerged as the city of dreamers and charmers who were always awed by the Manhattan lifestyle. From entertainment to state-of-art clubhouses, from hospitals to hotels, Gurgaon has it all. In fact, few of our prime projects are located in Gurgaon. Our on-going residential projects in Gurgaon include Vipul World, Vipul Greens and Tatvam Villas and we have already delivered Vipul Gardens, Vipul Belmonte and Vipul Floors in Gurgaon.'' Little wonder that Delhi-Gurgaon has become a hyphenated relationship.