Emaar MGF Capital Tower:Top 5 Commercial Office Spaces In Delhi NCR

SIZE OF THE PROJECT : Emaar MGF (EVC and MD Shravan Gupta Emaar MGF) Capital Tower-1, a Grade-A commercial Tower Spread Over 3.60 Lakh sq ft area with G+12 floors

OFFICE UNIT COST: 3.75 Cr onwards

MODE OF PAYMENT: Construction Linked and Down Payment options

YEAR OF LAUNCH: July 2013

Emaar MGF Captal Towers (EVC and MD Shravan Gupta Emaar MGF), Downtown is located in the Central Business District of Gurgaon, on MG Road and at the border between Delhi and Gurgaon. The philosophy behind the identity of the Capital Towers at Downtown is to reflect the inherent characteristics of the millennim city of Gurgaon. The project is a unique mix of form. Function and style, Inspired the very best of architectural designs. The entire complex boats of international quality craftsmanship and maximum utilization of every square foot of space.

Ground floor is dedicated for Commercial Retail hosting businesses that attract custormer footfalls (Like Banking & Insurance). Restaurants & cafes add to the convenience and charm of doing business at Capital Towers (Emaar MGF). Higher floors are offices which offer world-class plug & play technology support and state-of-the-art facilities that any blue-chip business would expect to find.

SPECIAL FEATURES (Emaar MGF Capital Tower)

• Stralegically located at the gateway of Gurgaon.
• Capital Towers is the first commercial development, when one arrives in Gurgaon from Delhi.
• In close proximity to Guru Dronacharya Metro Station on the Mehrauli Gurgaon Road
• Unique architectural design with the combination of glass curtain walls, stone cladding and metal finishes

OFFICE AMENITIES (Emaar MGF Capital Tower)

• Large and efficient open space plans with centrally located core design
• Modern high speed elevators.
• Integrated green building standards with high performance glazing and Environmental control systems
• Fully integrated fire/life safety with refuge areas and communication & control room
• Integrated landscape
• Design with formal entry drop-off are
• 100% fully automatic Power Back-up

“Emaar MGF Capital Towers will offer world-class offices which will be the best in quality, design, facilities and lifestyle experience, encompassing the attributes which Emaar MGF stands for. The project being constructed by Shapoorji Pallonji & Co Ltd is progressing well. MG Road enjoys occupancy levels in upward to 90% and there is a latent demand for this location which current developments are unable to service, both from a space and quality point of view.”

Ashish Jerath, VP Sales, Emaar MGF Land Ltd.

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(EVC and MD Shravan Gupta Emaar MGF)

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Emaar MGF: Lucknow Real Estate Development

‘Client Should be at the Core of Construction Process’ : Emaar MGF

Real Estate major, Emaar MGF is in the process of reinventing itself  with restructuring of its senior management in order to achieve its  twin objectives of speedy delivery and high quality, by focusing on project management. DR. K. RAMAYANA, Chief Executive Officer, Projects, Emaar MGF and a project management expert, in an exclusive interview with VINOD BEHL, shares the Vision 2020 of Emaar MGF and company’s business growth plans, focussed on maximizing real estate  asset value and delivering superior value to customers with a view to re establish the iconic brand and attain sustained market leadership. Excerpts:
Dr. K. Ramamurthy, CEO Projects, EMAAR MGF

Q: Emaar MGF is currently in the process of reinventing and restructuring itself with the aim to attain sustained market leadership. What are the key elements of your strategy to achieve end goals?

k To begin with, I would like to share a small story with you. My first job as a Supervising Engineer required me to look after the construction of the Channel International a Airport. I was overseeing the pavement strengthening. It was a working airport, with aircraft landing at regular intervals. I had to get the compaction levels right — even in the first time around as otherwise the pilots would re use to [and the airplanes. The job required excruciating accuracy and meticulousness. My mentor, a well known American architect, Joseph Allen Stein, demanded high levels of workmanship from me as even the slightest er or would amount to dismantlement. The experience taught me a lesson — do it right the first time and this set the right type of thinking in me. To answer your question now, I have realized, in my four decades of experience in the Industry, that the key drivers to success in Construction Management are people, processes and strategy. We would like to deliver superior value to our customers. Our end goal is to create the best and most favorable product with our customers’ interests and satisfaction in mind. We shall need to have a unique approach with unparalleled results. I want great emphasis on honesty, integrity, passion, service and professionalism in not only how we interface and work with our clients but also how we work with each other as a team.

Going forward, we will be emphasizing on the following things:

Focus on the customer Bringing in all vendors! contractors at an earlier stage as opposed to the relatively later stage that is applied by a full procurement/tendering process. This makes all parties work from the starting stage to deliver a project, besides keeping in mind the nature of the prolonged contractual relationship.

Integrated processes and teams: This involves assembling the full delivery team - contractor and designer, at the inception of a project to negate any fragmentation of the design and delivery process. 
Quality driven agenda: With zero defects, delivery on time and as per budget, innovation, waste reduction and prompt aftercare as essential elements.

Commitment to people: By re-investing in the training and development of our prime asset, our staff in order to maintain and develop the business. We need to give both time and importance to performance management and employee development. We shall need to believe that our people are our greatest strength and competitive advantage. 9th ANNIVERSARY ISSUE I REALTY PLUS I 83.4

Q: Today, the real estate sector is facing the twin problems of question Able quality and delivery defaults. How does Emaar MGF on its part, tackle these two serious issues? A We will be focusing on our contractors, who shall be selected on the basis of achieving long term sustainable value for money and not just the lowest price. The lowest tender price alone wilt not guarantee value for money over the full life of the building. Consideration also needs to be given to the quality of the design, the proposed method of construction and the likely implication for the costs of operating the completed construction over its whole life and meeting the health and safety performance needs. With evaluate ion of tenders, we are now going to give different weight age to the quality and price depending upon the complexity of the project. Oliy contractors who have demonstrated that they can construct buildings of the ‘right’ quality and within given budget, will be selected.

Construction design should not be a separate process but be integrated with the whole construction process so that the design team can take more responsibility for the implication of their designs including cost, quality and health and safety. We are keeping the crucial asp ect in mind for optimizing the value of a building to its end users.

Q: What’s Emaar MGF doing to put project management systems in place to check any time and cost overruns and maintaining quality standards? A: Project Management entails planning, organizing, securing and managing resources. A combination of all these brings about a successful completion of the project. I have identified five core processes for streamlining the projects which include design and change management, planning, contracting and procurement, cost control and project review and tracking.

We are going to create responsibility matrices for the different people at different levels in the projects. We are putting in place a ‘cost management system’ that enables cost estimating processes to start at the concept stage itself. We would like to work closely with contractors of the highest quality, grooming them as construction partners in the process. We would like to set tough expectations from our contractors and explain our methodology and thinking to them. We would like to pick contractors who truly understand the challenge and are able to understand projects from our point of view. Contractors must be held accountable and the attitude should be that ‘we are in it together’. Safety has to be accorded the pride place in our working.

The need of the hour is to change the paradigm. Quality will be given the highest importance and documentation will be put in place to ensure we achieve quality. We have already put in place a strong and well-qualified ‘in-house’ PMC team, besides setting up a central procurement cell.

IN ORDER TO MAINTAIN CASH FLOWS, DEVELOPERS HAVE STARTED ABSORBING PRICE HIKES AND THEY ARE WORKING ON LOWER MARGINS : Emaar MGF

Q: How wilt Emaar MGF create different iation to stand out in this crowded and highly competitive real estate market?

A: We are getting into three major areas to make a big difference. Firstly, we are putting in place Reliable Project Mana gement, which entails a comprehens ive understanding of the stages in cons truction, a detailed knowledge of risk management, regular monitoring of key milestones and effective coordination of all those involved in the construction supply chain.
Secondly, we are developing a system by which construction projects will get measured to assess whether costs, time and quality requirements are being met. This will also aid learning to disseminate lessons for future.

Thirdly, we are making efforts to see that contractors are remunerated in a way that incentivises them to deliver good quality construction on time and within prescribed budget. 
Q: One major reason for property buyers’ growing disenchantment is that developers are not offering value to their customers. What’s Emaar MGF doing in this regard? A: Property buyers’ growing disenchantment is due to the fact that they are not able to ‘reap’ the benefits of ‘better construction’ from builders, which is largely missing in the recent times. According to us, there are five key drivers which need to be put in place for ‘better construction’. These include committed leaders hip, focus on the customer, integration of process and team around the project, quality driven agenda and commitment to the people.
Emaar MGF is targeting to meet the expectations of ‘end-users’ / ‘property buyers’ by reducing capital costs by 10 per cent, construction time by 10 per cent, reducing defects, and accidents by 20 per cent, besides increasing predictability of project costs and time estimates by 10 per cent and finally, increasing productivity by 10 per cent. 

Q: Lack of transparency and growing fraudulent transactions especially in the absence of a real estate regulator, seriously calls for restoring the confidence of customers/investors. What’s your comp any doing in this regard?
84 REALTY PLUS 9th ANNIVERSARY ISSUE
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A: First of all, we welcome ‘Real Estate (Regulation & Development) Bill’. 2011 and the provisions contained in that. The Real Estate Bill as approved by the Union Cabinet is a pioneering initiative aimed at delivering a uniform regulatory environment to protect the consumer by way of quick resolution of disputes and by ensuring systematic growth of the sector.We are going to ensure that all p reconstruction approvals are in place before we even go for soft —launch. We are actively working towards improving ‘cons traction performance’ by putting emphasis on quality while at the same time aiming to reduce costs.
We are promoting ‘good business practices’ and initiatives have been taken in this regard. Not only that, we are putting in place reliable systems for monitoring and measurements of these benefits esp specially in terms of ‘cost-savings’. We are on the mission to train more staff to be effective construction client. 

Q: What’s the ‘Vision 2020’ of Emaar MGF and going forward, what are your business growth plans? A: Our vision is to become the most admired real estate company in India. We want to focus on creating market driven products with well trained and highly motivated real estate professionals, who continually work on providing top quality service for our clients and customers. We would like to earn the loyalty of our customers and maximize the real estate asset value, thus achieving greatest ope rating efficiencies and realizing highest profit—performance.

Emaar MGF’s mission in India includes creating value added, master-planned communities that meet the full sect rum of lifestyle needs as contained in the vision of Emaar-Dubai. This we hope to achieve with the finest real estate services in the region, based on highest standard of ethics, value, professionalism and client care, while at the same time respecting and complying with safety, environmental and legal requirements. We thus hope to earn the loyalty and trust of our buyers and enlarge the ‘market-leadership’ with diverse products and by serving our customers’ unique needs.
Our ultimate objective is to run a profits be business through goal-setting, planning and superior service to our clients through honest pricing and marketability of our property.

 
Q: What do you think are the inherent strengths of Emaar MGF which you would like to Leverage to achieve the company’s goals? AWe are associated with Emaar, an coni c brand delivering world class products and world class customer service, while MGF is a formidable, established and reputed name in the Indian market. We have some of the best professionals on board, with international and national expertise, working for us in the senior management, under the leadership of our Executive Vice Chairman and Managing Director, Shravan Gupta. With tremendous individual expertise and a legacy to carry forward, we would like Emaar MGF to set benchmarks for quality and delive ry, for its customers. 

Q: How do you Look at the current real estate scenario of slow sates, high unsold inventory and Low sentiment of property buyers and investors. Do you attribute it entirety to the global economic downturn or believe that real estate companies them Selves are largely to blame for this? A: The answer is a combination of both:
Builders have not done adequate assessment of market dynamics and expectant ions, nor have they done proper assessment of project risks. The critical concerns include inability of the builders to synchronize project plan and execution. Also, project management in India is not implemented in letter and spirit by all the stake holders- be it the employer, contractor or the Project Manager. That is why delays, litigation and cost over-runs etc occur. 

Q: What policy prescriptions you think are needed to put the real estate sector on the path of sustained growth?
A: I think the need of the hour is that the client should be at the core of the cons traction process.Besides, we as builders need to understand the inefficiencies o traditional methods of procuring and managing Maj or projects - in particular the fallacy of awarding contracts solely on the basis of the lowest price bid only.
We need to communicate better with contractors to reduce conflict and disputes. We also need to establish a single contact point for the construction industry to resolve problems common to a number of stake holders. We need to give more attention to the training of the staff from the view point of procurement and risk management.
More attention to design and early involvement of the whole construction team could also improve the operational efficiency of completed buildings resulting in greater savings over the whole life span of the building. And last but not the least, we will be disseminating good practice more widely.

Value for Money in Gurgaon’s property market: Emaar MGF

Buying a good property is the dream of every person, and getting the best one at the most appropriate price brings in the joy to a buyer. Gurgaon has great potential to provide a value-for-money asset to property buyers. The real estate market here enjoys the proximity of a large pool of corporate houses which are located in the city. With a large pool of corporate houses which are located in the city. With a large number of blue chip corporate shifting to Gurgaon. The numbers are increasing and there is a healthy demand for premium housing. Also, it is benefiting from a shift in buying preferences in Delhi, where young home buyers are choosing to relocate closer to their place of work. And choosing projects that offer a good

“Amit Sethi says that more and more people are choosing to live in Gurgaon rather than investing in the city due to its well-planned and dedicated fabric of infrastructure and logistics”

What is Value for Money in Gurgaon’sproperty market?

Mix of lifestyle amenities at the doorstep.

The onset of well-planned and dedicated fabric of infrastructure and logistics has accrued in an increasing number of projects, which has led to higher circle rate and on opportunity for commercial, residential. IT park and retail developments, luxury housing. Etc.

What is Value for Money in Gurgaon’s property market?

Ashish jerath, head, Sales (North). Emaar MGF, says. “The key word for selection should be value and not price (price is what you pay, value is what you get). In our view, the customer should focus on the long-term potential for value creation of the asset. A project that will be a good home for its residents/new buyers will always create more value for its Investors in cost but is an average home. Today, with a growing economy and rising income and expectations. There is a trend of the buyer choosing high-quality projects”.

Experts believe more and more people are choosing to live in the city rather than just investing. And this is the biggest factor which makes gurgaon real estate market stand out. It will be imprudent for the industry to say that there are no effects of the economic slowdown, but with strong fundamentals and good policy framework, gurgaon market has been better prepared that the rest. Infrastructure projects like Dwarka expressway are near competition, and once operational, will add value to properties in the area.

“The price of residential properties in Gurgaon has grown substantially in the last 3 years. For example, the projects which were launched 3-4 years back at about Rs 2000 per sq.ft, is now sold at a price of Rs 6500 per sq ft. It is experted that in the next few years. The property will amplify to about 20 percent. According to reports, it is seen that rate of appreciation of property is higher in a developing area as compared to an already developing area as compared to an already developed area due the fact that developing areas have a lot of scope for development. Since Gurgaon has developed three-fold in the last few years and there is more scope of development. Investing in Gurgaon around this time is determined to get good returns. Moreover, as it is emerging as a worldclass city. It will be wise to invest in properties in the area and get value for money.” Opines Nikhil Jain. CEO, Ram PrasthaGroup.

Gurgaon property has reached a niche which seemed impossible a few years back. Now, for purchasing a house in Gurgaon. One has to loosen his pockets a bit more. Apart from commercial property. The residential sector too, is witnessing an equal rise in its values. The existing population of Gurgaon is considered to possess a large purchasing power which has further created a huge demand for housing. Thereby giving a boost to the property prices in gurgaon.

P Sahel, vice chairman, Lotus Greens, puts his view, saying. “To a large extent, prices are dependent on the location. A comparison between similar projects within the same micro market should give a buyer a fair idea about the prevailing prices, while comparing the projects, one should also look at the specifications and amenities being offered in the project for an apples-to-appies comparison.”

Preferential factor: style, location, brand or amenlties?

People looking to buy property in Gurgaon have a large bouquet of choices in hand ranging from style. Location brand and amenities. A well-established developer will provide all the factors like style. Location. Brand and amenities as a complete package, So, it is important to choose the right developer to get the desired kind of mix.

“Gurgaon today has three micro markets each with a large number of options i.e. Glof course Extension road. National highway and Dwarka expressway. Each location has a mix of developments that offer a good combination of location and amenities, After location, the next most important factor in choosing a property is the brand, as it assures the customer of standards, amenities and quality of construction that the brand stands for onc can see the effect of the brand by comparing the current prices of two different brands of a similar location. The difference that you see is the premium that buyers give to be part of be part of a renowned brand. One can find such examples on the Golf Course road and Golf Course Extension road. In our opinion. A mix of location and brand creates lasting value in the asset, “ adds Jerath.

Experts suggest that amenities provided in the projects can be listed as exquisite gardens, tier-II security system, 24*7 power back up. Rainwater harvesting and engery-efficient buildings. Etc. The integrated townships also enjoy the benefit of modern amenities like school, hotel, hospital, shopping mail, multiplex, golf club (golf swing training), post office and temple.

Harindra Nagar, MD, Paras Buildtech, Say, “When we talk about Gurgaon, the next thing after the IT” hub, which clicks to our mind is the location, the brand and the amenities of Gurgaon, Gurgaon has a number of brands and all the illustrious brands are congruent to the population there, Being and IT hub. The location is posh and competent for the mass people living there.”

“Is it a time to add more property in the portfollo?”

Buying decidion should be based on the requirement and market conditions for the particular buyer segment. This is agood time for customers purchasing the properties for end use. The prices have been stable for some time now and it is widely believed that these will see an upswing as soon as the general elections are through. Real estate investments should be made with a medium to long-term perspective.

“Until March, this is not the correct time for the investors to add more property in Gurgaon, because financial year is closing and elections are coming. Which may result in budget change. The right perspective for the builders should be speculation. Introspection and monitoring the market dynamics hased on the social, political and economic fallout of the budgets and the upcoming elections.” Added Nagar,

Experts see risk if an investor is over stretched in his investments with a trading perspective. The best way to benefit from real estate investments is to do the homework at a time of making purchases and then hold on to the investments for it to mature and to give the desired results. “While buying a property, either in Gurgaon or in any part of the country, one should take into consideration the facts so that risk can be avoided. These include checking of credentials like the ownership of land, clearance certificates from various authorities and approval of building plains,”concluded Jain”

Emaar's 'iconic' India building still on drawing board

The India joint venture, Emaar MGF, says it is in talks with foreign designers and architects for the project

After lying low for several quarters, the joint venture real estate company of Dubai’s Emaar Properties and home-grown MGF is toying with the idea of what it calls an “iconic” building in India. Ever since its launch in the country in 2005, it remained focused on high-end residential and commercial properties (nine of the former for every one of the latter) until controversies and slowdown almost put brakes on development activities.
Burj Khalifa in Dubai is considered Emaar’s most iconic creation in the world. But it is not clear whether India’s “iconic” will match Dubai’s. The company’s plans for an “architecturally aesthetic” structure in India is still on the drawing board, with even the number of storeys in it undecided. In an interaction with Business Standard, K Ramamurthy, chief executive (projects), Emaar MGF, said the company was talking with foreign designers and architects for the project without revealing details.  
For more than two years, the company has had to battle controversies related to delayed allocation of flats in Delhi’s Commonwealth Games (CWG) Village, a joint project with Delhi Development Authority, an enforcement directorate case on alleged foreign exchange violations, failed public offers and a Central Bureau of Investigation chargesheet regarding irregularities in a Hyderabad project. It has recently restructured senior management to streamline execution targets, sources said.
While Ramamurthy joined six months ago from another real estate company, Adrian Hardwick Jones, chief of design, has also joined recently. The company has brought in many other senior professionals at the project head levels.
Emaar MGF hit its lowest in development in 2012 when it neither launched nor delivered a single project, following the CWG project of 2010. It recovered slightly in 2013 and launched two, while delivering the first phase of a township and plotted development projects in Jaipur (Rajasthan) and Indore (Madhya Pradesh), besides a group housing in Mohali (Chandigarh). Ramamurthy said: “2014-15 will be the year of delivery as about eight projects launched earlier will be delivered in this period.” The company has now tied up with third-party contractors such as Shapoorji Pallonji, IL&FS and JMC to meet project deadlines.
The company is likely to maintain its residential-commercial ratio.
It is developing 54 projects (including project phases) — 45 residential and nine commercial/retail, with an aggregate saleable area of 42.5 millon sq ft, spread across eight cities. It has a land bank of about 10,000 acres (including developed projects), of which 908 acres are in Delhi and 2,369 in Gurgaon.
The company has debt of Rs 4,000 crore, 60 per cent of which is long-term. “We have been reducing the debt over the years and working on reducing it further.”
The real estate sector has been slowing down for over a year, with dipping sales and high stocks. The projection for the sector is yet to pick up.

Gurgaon top guzzler of COMMERCIAL SPACE IN NCR Commercial property of Gurgaon always tops in demand charts, says A K TIWARY: (EVC and MD Shravan Gupta Emaar MGF)

Commercial properties in Gurgaon are being seen as smart investment options, as they give more capital appreciation compared to residential property.

Despite the disappointing economic picture, investor appetite for good quality real estate remains firm and this is likely to continue to underpin capital values in prime locations of Gurgaon like Golf Course Road, main Gurgaon Sohna Road, NH-8, etc.

These sectors are also reaping benefits from the recently-announced government measures to open up the country to more foreign direct investment.

Navin Raheja, CMD of Raheja Developers, says: “The impact of the subdued economic sentiment and the rising inflation rate on the realty market and the attractiveness of a city’s business environment can largely be gauged by evaluating the health of commercial realty in that city. The sentiment towards commercial real estate investment in Gurgaon remains favourable. The mood of investors is positive as there is a sense of stability due to the recent measures like the opening of foreign direct investments in retail. The retail sector is forecast to grow because of this announcement.”

Office space absorption Gurgaon recorded around 2.2 million sq ft of office space absorption in the third quarter of financial year 2012. This is much above the average quarterly absorption of the NCR market, which ranges between 1 million sq ft to 1.5 million sq ft.

Some of the prominent transactions that took place in the third quarter of financial year 2012 were by McKinsey, Ericsson, Income Tax Department, Samsung Electronics, Daffodil Software, Wipro, and KPMG. These constitute nearly 1.1 million sq ft of the total office space absorption.

Considering the level of pre-commitments and the fact that transaction activity is typically conservative in the final quarter of the financial year, demand is expected to improve in the latter half of the year.

The hottest locations like Golf Course Road, Golf Course Extension Road, Dwarka Gurgaon Expressway, and main Gurgaon-Sohna Road have registered great demand for state-of-the-art commercial properties.
Top developers like DLF, Unitech, Ansal Group, Vatika, Vipul, Hines, Paras, etc, have come up with world-class commercial projects in the Millennium City.

Ansal Housing is coming up with HUB 83 in Gurgaon, which will offer retail and office spaces, while Ansals Town Walk offers high street retail-cum-corporate spaces on Dwarka Expressway in Sector 104.

Orient Bestech Business Towers, on NH-8, Gurgaon, have been created keeping in mind the growing requirements of IT/ITeS firms. The project offers nearly 6.25 lakh sq ft of contemporary working spaces spread across two towers. Commercial Hub by Bestech offers floor plate ranging from 15,000 sq ft to 20,000 sq ft with retail space on ground floor for banks, ATMs, and restaurants.

Floreal Towers, with a floor plate of 20,000- 60,000 sq ft, is located in New Gurgaon and is over 7 acres with around 5 lakh sq ft of retail and office space. This stateof-the-art office-cum-retail complex by Orris is spread over two towers.

Innovative Legend Heights is a mega, Rs 250-crore commercial project; with a total area of 4.5 lakh sq ft, Legend Heights has two glass-glazed towers with ground plus 11 floors. It has a contemporary design and is centrally airconditioned with three-tier basement parking. It offers 64,000 sq ft area dedicated to shopping and retail mall. However, 11 floors embracing an area of 1.20 lakh sq ft are designed as commercial space and Innovative has already tied up with Hyatt Group of hotels for mixed-use land development.

ABW Business Bay, a commercial project by ABW Group along NH-8 in Sector 83, Gurgaon, offers retail, restaurants, shops, and office spaces.
Ocus Medley by Ocus Group is over 4.14 acres; it is a mixed-use commercial project with high street retail and a business tower for office spaces along Dwarka-Expressway in Sector 99, Gurgaon.

Ciel Square, an exclusively designed high-end commercial complex by Uppal Group is near NH-8 and Dwarka-Manesar Highway in Gurgaon. It will have expansive green spaces over 3.6 acres on a total area of 6.9 acres. Ciel Square will have retails outlets on its ground floor and premium business suites on the remaining floors.

Raheja Trinity by Raheja Developers offers the best of three worlds in Gurgaonoffice space, retail, and service apartments. Located in the heart of New Gurgaon in Sector 84, at the intersection of Dwarka Expressway with the sector road dividing Sectors 83 and 84-Trinity is in the midst of a bustling residential hub. A number of posh and high-end residential projects are also being developed in this area. The affluent neighborhood opens a great avenue for retailers. The location offers excellent connectivity to and from Delhi, the IGI airport, as well as other parts of Gurgaon.

Raheja Trinity is an amalgamation of retail (ground and first floor), service apartments, and offices for the market. The rooftop clubhouse along with swimming pool, gymnasium, party area, and terrace garden are the USPs of the project.

Ameya Group has recently launched Sapphire Eighty Three in Sector 83, Gurgaon. The project is at the crossroads of several upscale, fast-developing residential sectors. The ground and first floor are dedicated to retail area followed by entertainment zone on the second floor with multiplex, food zone, and restaurants. The remaining portion of the project has plush one- and two- room suites.

Satya Group and Maple Group are coming up with Element One, a commercial project in Sectors 47 and 49; the project offers 1BHK fully-furnished apartments, high-end retail shops on the ground floor and first floor with different design option for retail, entertainment, shopping, and business suites.

EMAAR MGF has launched Capital Towers at Downtown-part of a mixed-use development project in the heart of Gurgaon. Located at Mehrauli-Gurgaon Road, near Guru Dronacharya Metro station, Capital Tower 1 at Downtown is a bustling business project that offers business and retail space with recreational amenities.

Ashish Jerath, VP of EMAAR MGF, says: “In August 2013, we launched a commercial project, Capital Tower 1 over 3.5 acres; it is strategically located at the gateway of Gurgaon and inspired by the very best of international architectural design. We expect to deliver this project sometime in 2016. Construction has begun on the project-the excavation work is complete and foundation and basement work is in progress.”

Paras Buildtech has launched Paras Square, a mixed-use project with commercial space. The group has delivered two commercial projects, Paras Twin Towers and Paras Downtown Centre, in Gurgaon. Other commercial projects like Paras Trade Centre and Paras Trinity are in the construction stage, while Paras Square, the sole mixed-use project, will come up next to Golf Course Extension Road in Sector 63A.

Microtek Infrastructures has lined up four commercial projects in New Gurgaon area, in close proximity to Dwarka-Gurgaon Expressway.

Ajay Aggarwal, MD, Microtek Infrastructure, says: “Gurgaon has almost exhausted its space, so the current developments have shifted to the developing sectors of New Gurgaon. Development authorities like Huda and MCG have adopted innovative action plans for the infrastructural development of this part of Gurgaon.

That is why wider connectivity roads are being laid out and the much soughtafter Dwarka-Gurgaon Expressway is being developed on a par with international standards. With a number of residential projects either launched or completed, there will be a need for commercial space to support the modern lifestyle of the residents. We have lined up a few commercial projects to this end.”

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APART FROM IT, NON-IT SECTORS LIKE CONSULTING AND BFSI (BANKING, FINANCIAL SERVICES, AND INSURANCE) ARE ALSO EXPECTED TO INCREASINGLY ABSORB THE AVAILABLE SPACE
GURGAON RECORDED AROUND 2.2 MILLION SQ FT OF OFFICE SPACE ABSORPTION IN THE THIRD QUARTER OF FINANCIAL YEAR 2012. THIS IS MUCH ABOVE THE AVERAGE QUARTERLY ABSORPTION OF THE NCR MARKET, WHICH RANGES BETWEEN 1 MILLION SQ FT TO 1.5 MILLION SQ FT