Gurgaon real estate - when will things look up?

The real estate market in Gurgaon, like pretty much across India seems to have really slowed down a lot. I am asked this question all the time by friends and media, "When will real estate pick up?" Well, I can't say exactly when, but I am sure it will. Like stocks, real estate is also cyclical in nature; but unlike stocks where volumes are often the same throughout and its the stock prices that are affected, real estate in Gurgaon particularly sees ups and downs in volumes, but the primary market so far has not seen any reduction in prices of homes. 

Gurgaon's real estate I feel has been the victim of lack of infrastructure being developed by the Govt. of Haryana despite having collected several thousand crores of rupees in the form of EDC (External Development Charges) and due to too much red-tapeism from various departments. The delay in large infrastructure projects like the Dwarka Expressway in particular has been caused primarily by delays of our legal-justice system. Cases that could have been fast tracked by the courts and could have been decided in a matter of months have taken more than three years to decide.

Let us hope that moving forward things will be different. But that could be just wishful thinking. 

- Prashant Solomon (MD, Chintels & Credai NCR Treasurer). Follow him on Twitter: @prasol

(The views expressed are personal)