1. VIJYA RESEARCH AND ADVISORY
aa
‘GURGAON CALLING’
Gurgaon Real Estate as Investment Destination
2011
 Gurgaon Growth Story
 Infrastructure
 Corporate presence
 Best residential properties
 Top Developers
 Legal issues
 Financing

3. Gurgaon in Ten Years – Investment and Development
Gurgaon…the millennium city
Gurgaon, one of the most happening cities have clearly preferred Gurgaon over Delhi to
of North India, is a classic example of set up their offices with availability of
urbanization fuelled by industrial and modern office space, superior infrastructure
economic development. From a village on and proximity to Southern Delhi, Gurgaon
outskirts of national capital, with has also become a natural choice for people
population of 8.7 lakh in 2001, Gurgaon has looking to move their residences with the
transformed in to a bustling city of heavy city offering ample job opportunities. The
corporate activity, will all the nerves now city is now lured as the ultimate destination
shifting from Delhi to Gurgaon. As MNCs by one and all.
Area(Gurgaon district) 1,253 sq.km.
Area (Gurgaon city) 738 sq. km
Literacy rate (2011) 84.4%
Population (2001)
870,664
Population (2011)
1,514,085
Rural
472,085
Urban
1,042,000
Population Growth (2001- 73.9%
2010)
Rural -15.8%
Urban 236.5%
Growth of urban population 44.3%
– Haryana
Municipal Wards 35

4. Urbanization in Gurgaon...How a average, daily 2 lakh passenger cars
village turned into 21st century commute through this road to reach
Metropolitan their office places. Indeed, a large part
of these daily commuters also weave the
 In 2001, only 35.6% of the Gurgaon dream of owning their residences in the
district was urbanized. Rapid growth in city.
last ten years has increased  Gurgaon was the place to bring
urbanization level to 69%. While growth shopping mall culture to the national
in Delhi’s population has slowed down capital territory. One of the first set of
between 2001 and 2010, population of malls in NCR region was developed in
NCR cities like Gurgaon has jumped Gurgaon.
heavily.  Gurgaon, the residence of elite and
 Gurgaon, at present, accounts for 6% of upper middle class, houses the best of
the total population of Haryana state. entertainment places, clubs, bars and
Haryana is 16th largest state in India lounges.
and fourth largest state in North India
in terms of population size. Gurgaon economy…growing stronger
 Last 5 years have seen considerable and larger!
migration from Delhi to Gurgaon, lured
 Gurgaon today is a vibrant
by the charm of modern living, and
commercial centre, large
modern facilities matched up to
manufacturing hub in north India
international standards. Key attraction
and base for corporate activity.
point for Gurgaon was building of Delhi
 Gurgaon district has been growing
international airport which is only 16
at average 16 % in GDP terms
kilometer away from mainland
during last ten years.
Gurgaon.
 Another striking feature of Gurgaon
 Given its strategic location,
economy is equal presence of
infrastructure facilities and optimum
services and manufacturing share.
property prices, the city soon turned out
Gurgaon is also the hub for
be the work place of the Fortune 500
manufacturing companies,
companies and became IT hub of North
especially, auto parts, garments,
India.
rubber, plastic.
 Next turning point came in history of
 Leading job portals show far higher
Gurgaon was building of toll road
job creation in Gurgaon as
covering 24 kilometers with capital city
compared to other NCR cities like
in matter of mere 20 minutes. On an
Noida and Faridabad.

5. Gurgaon GDP size (at market prices)
3,000,000
2,500,000
Rs. lakh
2,000,000
1,500,000
1,000,000
500,000
0
Gross domestic product (GDP) reflects the value of economic activities in the given territory.
Amongst the four NCR cities- Gurgaon, Faridabad (Haryana); Noida, Ghaziabad (Uttar Pradesh)
Gurgaon has maximum GDP and also highest growing GDP. In Gurgaon, GDP has registered
12% growth in past 5 years which is far higher than other NCR cities. Higher GDP growth
reflects rapidly rising economic and commercial activity in the city which makes it even more
lucrative investment destination.
ve
GDP of Gurgaon and NCR cities
14% 1,600,000
12% 1,400,000
1,200,000
10%
1,000,000
8%
800,000 GDP
6%
600,000
4% Average
400,000
Growth
2% 200,000
0% -
Gurgaon Faridabad Noida Gaziabad

6. Industrial Development in Gurgaon as an Auto Hub by the Centre and the state
government.
Gurgaon has unique advantage of having
industries closely located. Out of 34 SEZs Table below highlights top companies
being awarded to Haryana, 30 are located operating from Gurgaon. With Gurgaon
in Gurgaon. Tall office buildings in Gurgaon gaining importance as corporate centre
are base of multinationals and large Indian with more and more companies opening
companies across various sectors. IT, ITes their office in the city, this will further push
amongst the service sector and auto in up the demand for residential property, thus
manufacturing sector have maximum promising good returns on investment in
presence in Gurgaon. Gurgaon-Manesar- residential property.
Bawal region of Haryana has been identified
Sector Companies
IT/ITES TCS, HCL, Aricent Technologies Holding Ltd, Convergys India Services
Pvt Ltd, Evalueserve, IBM Global Process Services, Microsoft
Corporation India Pvt Ltd, NIIT Ltd, Oracle India Pvt Ltd, Sapient
Corporation, Genpact
Auto Bajaj Motors, General Motors India Pvt Ltd , Honda Motorcycle and
Scooter India Pvt Ltd
Auto Ancilliary Apollo Tyres, DELPHI Automotive System, Minda Industies Ltd, Niko
Auto Ltd , Rico Auto Industries
Banking Standard Chartered Bank, HSBC, American Express Banking Corporation
Telecom Aircel, Airtel, Alcatel Lucent, Ericsson India , Micromax Informatics, ZTE
Telecom India Pvt Ltd
Consumer Durables Videocon, Philips Electronics India Ltd, Samsung India Electronics Ltd,
Whirpool India Ltd
Consumer goods Bata India Ltd, Coca Cola India Pvt Ltd, GlaxoSmithkline Consumer
Healthcare, Reebok, RJ Corp (Pizza Hut)
FMCG Nestle India Ltd, Pepsi Foods Pvt Ltd, Reckitt Benckiser (India) Ltd
Infrastructure Kaefer Punj Llyod Ltd, Punj Lloyd Ltd, RITES Ltd

7. Upcoming Investments in Gurgaon Government plans for Gurgaon City
As result of strong economic growth and
1. Haryana Urban Development
emerge of modern facilities, Gurgaon is the
Authority (HUDA) has proposed to launch
favored destination of real estate and
an Amusement Park in Gurgaon and has
hospitality players which have massive
selected International Amusement Limited.
plans for investment in the city to cater to
The Park will be in two sections of the city.
increasing demand for residential and
One of the parts of the park will be in
commercial places.
sector 29 while the other one will be in
 Anant Raj Industries is planning to sector 52. The plot size for the amusement
launch its largest township project in park in sector 29 is 25 acres while in that of
Central Gurgaon which is a mix sector 52 it is around 17 acres. With the
development township located in amusement park passing through phases,
Central Gurgaon spread over 125 the property prices in and around the area
acres. The company will have a are expected to see hike in prices.
saleable area of 6 million square 2. Haryana government is planning to
feet in this project. set up 3 solar projects (225 kw) in
 Alpha G:Corp will develop a group Gurgaon. Two solar projects will have a
housing project in Gurgaon at an capacity of 100 kw and third one will be of
investment of Rs 400 crore. There 25kw capacity. The project will entail an
would be 670 housing units on a investment of Rs. 590 million.
12.5 acre land, which is owned by
Magnum International. Infrastructure
 Tata Housing Development Co Ltd
announced the launch of its new With the continued efforts by the
residential project in Gurgaon - government, the city had seen rapid
Primanti, a premium luxury housing changes in infrastructure development
complex. Primanti is a green haven which has boosted connectivity within the
with 80 per cent of the property city and with surrounding areas.
reserved for open spaces.
 Golden Tulip Hospitality Group plans 1. Gurgaon has fine network of roads as
to open hotel in Gurgaon. NH8 expressway connects the city with
Delhi while there is also a parallel Delhi
Metro connecting it with the capital city
with lakh of passengers daily
commuting to Gurgaon for work.

8. 2. Kundli Manesar Palwal expressway 3. Special Economic Zones (SEZs) – there
will connect Manesar which is the are 3 operational SEZs in Gurgaon – a)
industrial heartland of Gurgaon district, DLF Cyber City, DLF Cyber Space, DLF
with other parts of Haryana. This will also Ltd.
ease the traffic congestion at Gurgaon
The growth story of Gurgaon is unabated
expressway. The localities like DLF city,
with the innumerable factors driving city’s
Southcity etc will get direct benefit as
development. We are marking few points
traffic congestion caused by trucks coming
which are booming Gurgaon as preferable
from Mumbai and Jaipur will ease with
investment commercial hub and preferred
diversion of their route through the new
choice for residence by upper middle and
KMP expressway.
upper income class.
Growth Drivers for Gurgaon, the Global City
 Gurgaon is the planned city falling in state of Haryana. While on one hand it benefits
from its proximity to Delhi, it has major advantage of being part of the prosperous
and growing state.
 IT, ITES, manufacturing sectors and boom of Special Economic Zones
 Proximity to Delhi- the capital city and commercial centre of north India
 Globally connected, preferred choice of white collar class
 About 2,00,000 vehicles enter and exit from the city every day.
 Abundance of land as compared to Delhi where all land sources are exhausted
 Enhanced connectivity with launch of metro services
 Lack of supply of residential properties in Delhi leading to high level congestion with
high rate of migration in the city.
 Haryana boasts of a very transparent land acquisition policy
 Gurgaon - Industrial heartland of North India
 International standard of living

9. GURGAON Residential Property - Return and Growth Opportunity
Owing to its rapid economic growth and spurt in commercial activity marked by expansion of
organized sector, Gurgaon has become an ideal real estate destination. There are about 45
ongoing projects in Gurgaon. All the renowned developers like DLF, Unitech, Emaar MGF,
BPTP, Ansal API have set up their residential projects in Gurgaon.
Owning property in Gurgaon is a symbol of status as top executives and businessmen reside in
Gurgaon localities. Sector 67, MG Road, and Golf Course Road are the most expensive
locations in Gurgaon with their prices per square ranging from Rs. 10,000 per square feet to
Rs. 20,000 per square feet.
Most expensive real estate locations in Gurgaon
Location April- June 2011 (in Rs.
per square feet)
Sector-67 19,888
M G Road 10,602
Golf Course Road 10,190
DLF City Phase V 9,583
DLF City Phase IV 9,179
Sector-31 8,932
Sector-30 8,778
DLF City Phase II 8,729
Sector-65 8,652
South City I 8,576

10. Rentals in Gurgaon
Gurgaon has been able to fetch highest rentals in North India with unrelenting demand coming
from the migrants working in Gurgaon based companies. Sector 42 in Gurgaon has highest
rentals which is as high as Rs. 38,000 for 1000 square feet. MG Road, Sushant Lok, Sector 28
are another posh locations in Gurgaon demanding high rentals.
Rental in Gurgaon (end of September2011)
Locality in Gurgaon Monthly Rent per 1000 square feet
(Rs.)
Sector-42 38,462
M G Road 30,004
Sushant Lok-II 29,106
Sector-28 26,923
Rosewood Block- C 25,962
DLF City Phase I 25,217
Rosewood Block- D 25,063
Heritage City 25,013
DLF City Phase IV 24,345

11. Localities in Gurgaon with maximum yearly price increase
Looking at real estate as an investment option, an obvious and most important factor is the
level of return a property fetches to the investor. While on one hand we have highlighted the
overall significance of Gurgaon as realty investment destination, it is also important to look at
the locations which have been fetching maximum return. We have analyzed such locations on
basis of their price trend and approximate returns the in investors in these properties would
have made.
Table 1: Top rising real estate Locations in Gurgaon
location Average Annual
Price Return (%)
(Rs. per
square
feet)
Gurgaon - Faridabad 6,869 121.40
Road
Sushant Lok- Sector-43 6,370 85.67
Sector-65 8,652 83.30
Sector-39 7,600 63.80
Rosewood Block- D 8,002 55.88
Sector-66 5,575 54.24
South City I 8,576 48.51
Golf Course Road 10,190 48.36
South City II 5,893 47.37
Sector-69 4,167 45.70
Sector-61 5,329 44.17
Sector-33 5,470 42.67
Sushant Lok-I 7,644 41.39
Sector-70 4,168 41.25
Sector-23 40.77
Sector-31 8,932 40.68
Dlf City Phase V 9,583 39.96
Sector-47 5,845 39.91
Sector-30 8,778 38.35
Orchid Petal 5,854 37.79
Sector-52 5,180 37.52
Dlf City Phase II 8,729 35.93
Sector-28 35.49
South City I- Sector-30 35.30
Sector-55 4,575 31.97
Sector-56 4,841 31.72

12. Properties in Gurgaon
The largest and most experienced developers of India have set up their projects in Gurgaon to
avail the market demand for high end residential projects. However, slowly the trend has
moderated and developers are also entering the medium income segment to tap the market
demand there.
Top 15 projects in Gurgaon with highest property rates
Project Developer Location Price (Rs. Per
square feet)
The Verandas Saluja Construction Sector-54, Gurgaon- 14,000
Limited Sec-84
The Hibiscus SS Group Sec-50, Gurgaon-Sec- 9,000
50
IREO SKYON Ireo Victory Valley Pvt. Sec-60, Gurgaon-Sec- 7,473
Ltd 60
Indiabulls-Enigma Indiabulls Construction Sec-110, Gurgaon- 7,319
Sec-110
Sovereign Apartments Vatika Limited Sec-49, Gurgaon-Sec- 6,499
49
South City-II Unitech Group Sector-50, Gurgaon- 6,470
Independent Floo.. Sec-84
Florence Residency Ansal Buildwell Gurgaon-Sushant 6,245
Lok-II & III
Freedom Park Life BPTP Limited Sec-57, Gurgaon-Sec- 5,878
57
INXT Floors Vatika Limited Sec-82, Gurgaon-Sec- 5,834
82
Harmony Nirvana Unitech Group Sec-50, Gurgaon-Sec- 5,828
Country 50
Mansions,Park Prime BPTP Limited Sec-66, Gurgaon-Sec- 5,499
66
Esencia-Sovereign Ansal API Sec-67, Gurgaon-Sec- 5,263
Floors 67
Bestech Park View Bestech India Pvt. Ltd Sec-81, Gurgaon-Sec- 5,074
Ananda 81
Palm Gardens Emaar MGF Sec-83, Gurgaon-Sec- 5,027
83
Mahindra Aura Phase- Mahindra Lifespace Sec-110 A, Gurgaon- 4,737
III Developers Ltd Sec-110 A

13. Ten Most Economical Residential Projects in Gurgaon
Project Developer Location Price (Rs. Per
square feet)
Ansal Heights Ansal Housing & Construction Sec-92, Gurgaon- 2,599
Ltd. Sec-92
Aster Court Orris Infrastructure Pvt. Ltd. Sec-85, Gurgaon- 2,880
Sec-85
The Coralwood SS Group Sec-84, Gurgaon- 2,930
Sec-84
NCR Greens Sidhartha Buildhome Pvt. Ltd. Sec-95, Gurgaon- 3,026
Sec-95
Park Serene BPTP Limited Sec-37D, Gurgaon- 3,132
Sec-37D
Carnation Orris Infrastructure Pvt. Ltd. Sec-85, Gurgaon- 3,148
Residency Sec-85
Lavanya Vipul Limited Sec-81, Gurgaon- 3,258
Apartments Sec-81
SKYZ Ramprastha Promoters & Sec-37D, Gurgaon- 3,449
Developers (Pvt) Ltd Sec-37D
Spire Flexihomes Spire World Sec-68, Gurgaon- 3,603
Sec-68
Lumbini Terrace Brisk Infrastructure & Developers Sec-109, Gurgaon- 3,617
Homes Pvt. Ltd Sec-109

14. There has always been this debate, from the pure investment perspective, whether to invest in
an apartment or in a land plot or in a residential house. The data collected by our research has
shown that in Gurgaon, plots have yielded maximum return. The pr prices in 2011 had almost
doubled in a year’s time. However at the same time, only selected investors can invest in plots
due to difficulty in obtaining finance and limited availability Banks, in India, as per RBI rules,
availability.
cannot give loans for investing in land plots. Hence, investors looking for invvesting lump sum
with investment horizon of over 4 5 years, can choose land plots as investment instrument.
4-5
Where to invest
100.00 94.72
90.00
80.00 70.27
70.00
60.00
50.00 2011
40.00 32.45 2010
30.00
16.80
20.00 11.57
7.54
10.00
0.00
Apartment Plot Residential house

15. FEATURING GURGAON….
Demand for residential segment depends on investment in malls, schools, hospitals and other
entertainment facilities. Big players in all categories have come with their projects in Gurgaon
and many are expected to come in future as well. Below is list of few such players in these
segments.
5 Star Hotels in Gurgaon Malls in Gurgaon
 Leela Kempinski  Ambi Mall (NH8)
 Marriott  Ansals Plaza
 Trident  DLF City Centre
 Oberoi Hotel  DLF Grand mall
 Courtyard Hotel  DLF Mega mall
 JW Marriott, Hyatt Andaz and Hyatt  Gold Souk mall (Specialty mall)
Place, Dusit D2, Pride Hotel , Pullman,  Gurgaon Central
Red Fox, Lemon Tree, Ibis, Holiday Inn  JMD Regent Plaza
and Novotel will be operational by  MGF Mega City mall
2012.  MGF Metropolitan
 Omaxe Plaza (SRS),Sohna Road
Entertainment
 Sahara mall
 Kingdom of Dream  Senior Mall
 Fun and Food Place  The Galaxy mall
 32 Mile Stone  The Landmark Mall
 The Plaza (Speciality mall)
 MGF Metropolis Mall
 The Wedding mall
 Raheja Shopping mall
 Centre Plaza mall
 Metro Mall in Gurgaon
Top Schools in Gurgaon - There are 219 high Top Hospitals in Gurgaon
schools/senior schools, 148 middle schools and
 Medanta- The Medcity

16. 602 pre-primary and primary schools.
primary  Artemis Hospital
 Max Hospital
 Amity International School
 Paras Hospital
 Blue Bells Group of Schools
 DPS Gurgaon
 Banyan Tree
 Heritage School
 Summer Fields
 Scotish High International
Gurgaon Real E
Estate - loans and legal issues
As the housing demand has increased multifold in Gurgaon, the housing loans have also been
growing at 16 % annual rate. Also, average size of loan has increased by 32 % in last five years.
Loans for Housing
(Rs. lakh)
25,000,000 22,128,203
20,000,000 17,630,773 18,272,427
14,929,932
15,000,000 11,677,331
10,000,000
5,000,000
-
2006 2007 2008 2009 2010
Interest rates have important impact on demand for real estate as rise in interest rates increase
demand
the cost of money. While interest rates have reduced from 2007 to 2010, RBI started increasing
interest rates in 2010 due to high inflation rate. Increasing interest rate trend has continued
since then and has affected the deals which have slowed down.
nd

17. Average Prime Lending Rate
15
10
5
0
2007 2008 2009 2010 2011
Home loan mechanism and schemes
In India, home loans are provided by banks and NBFCs. There are two types of home loans:
1. Fixed rate home loans – when the rate of interest is fixed on home loan for entire tenure
of the loan period, it is known as fixed rate home loans. A few banks come out with
teaser home loans which have interest rate for first few years. However, as per RBI’s
recent quidelines, banks have to keep higher asset provisioning for such loans in order to
discourage the banks.
2. Floating rate home loans – The interest rates on the loan change with changing interest
rates by the regulator. Overall, the fixed rate home loans have higher interest rates than
the floating rate home loans.
Prevailing home loan rates as on Nov 2011
Bank Maximum Loan Maximum Term Fixed Rate
HDFC Bank 80% of the cost of the 20 years 10.75%-11.75%
property (including the cost
of the land)
ICICI Bank 80% of the cost of the 20 years 10.5%-11.75%
property or the cost of
construction
Axis Bank Varies 25 years 11.75%
Source: Various bank websites
Buying any property will involve two components of cost: basic cost + additional cost. Generally
developers do not disclose additional cost, stamp duty and other government charges which
are part of additional price. The stamp duty rates are decided by state government, and thus

18. vary from one city to another. So it is important to incorporate the cost of samp duty hile
looking any property investment.
Stamp Duty rate in Gurgaon
Particulars Applicable duty rate
on sale/purchase of 6 % on the conveyance amount
immovable property
lease of immovable property 1.5 % of the average annual rent reserved
for 3 years
lease of immovable property 1.5 % of the average annual rent reserved
for 3 to 5 years
lease of immovable property 6 % on the consideration equal to the amount or value of
for 5 to 10 years the annual average rent reserved
lease of immovable property 3 % on the consideration equal to four times the amount or
for more than 30 years value of the annual average rent reserved

19. About us
Vijyalaxmi Group operates in space of real estate investment sector powered by research and
information services. It operates through- Vijya Realty Services and Vijya Research & Advisory.
Vijya Realty Services’ prime objective is to provide the clients with information based
consultancy services in real estate sector to ensure unbiased knowledge on various investment
options across different segments. Vijya Research & Advisory undertakes economic and
business research on industries, sectors, products, geographies and development studies.
Services of Vijya Realty Services:
1 Property Location Advisory – We have expertise in profiling localities at city level and sub-
city level. Vijya Realty Services helps client in scanning different localities based on range of
important parameters. We help understand the profile of locality, its advantages and
disadvantages, infrastructure facilities, law and order situation which become crucial factors in
selecting property location.
2 Project Investment Advisory – Rapid growth in real estate has fuelled starting up of large
number of projects in residential, commercial and retail segment. Vijya Realty Services provide
detailed, unbiased and fair knowledge on different set of projects which empowers the client to
make decision. Our project advisory service includes:
 Growth prospects of projects
 Comparative Analysis
 Pricing
 Developers Profile
 Distance Analysis
3 Knowledge Services –
Real estate is the most dynamic sector of all where price movement is rapid and is governed by
dynamic factors. We service our clients throughout pre-transaction and post-transaction phases.
We keep clients updated of price changes of their property status on periodic basis and also
keep updating them about project completion and possession status.
4 Rental Management- A large section of real estate investors make continuous income source
from renting out the property to tenants. We provide rental management services to our clients
in which we undertake complete end to end dealing with tenants. Our rental management
services include:
 Undertake rental deed
 Monthly rental collection
 Tenant interaction
 Periodic reporting

20. 5 Transaction Advisory
Real estate transactions are complex, time-consuming and require expertise from legal and tax
perspective. We manage complete real estate transaction management on behalf of our clients
from stage of negotiation till property handover. Our transaction advisory services include:
 Short listing projects
 Negotiating with developers
 Legal advisory
 Taxation advisory
 Possession status report
6 NRI Services – Vijya Realty upholds a special cell dedicated to meet the needs of Non-
Residents of India to invest in real estate of India which is seen as most profitable investment
instrument back home by NRIs. We help NRIs select the property best suited to their investment
needs, with potential to yield maximum return. We undertake entire process of deal making on
behalf of them to ensure a smooth and hassle free investment process. We serve NRIs across
countries with our services which include:
 Investment Planning
 Real Estate Advisory
 Transaction Management
 Rental Management
 Financial and Taxation Advisory
 Legal Advisory
Contact
Piyush Jain
Vijyalaxmi Group
Email : piyush.jain@kapsole.com
Mobile: 9818771446