Touted as one of the important IT hubs, Gurgaon, ‘the millennium city’ of Haryana, is all set to witness the development of another big service center called Global City. As a part of Delhi-Mumbai Industrial Corridor (DMIC), the project will encompass multiple residential and commercial units. Of these units, the Global City business center will be an integral part.
The “Global City Plan” could be the next big thing for Gurgaon’s realty market in the middle of a slew of infrastructure projects planned, such as elevated metro link to Bawal and peripheral roads. Pinning hopes on this project, industry stalwarts opine that this development will be a game changer for the city’s realty. Comprising of financial center, residential units and other utilities, it would serve as the cynosure around which realty market is anticipated to thrive in the future.
The project at a glance
The state government has acquired 1,100 acres of land at Garhi Harsaru for the development of the project that will be a joint venture between Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) and Delhi-Mumbai Industrial Corridor Development Corporation Ltd (DMICDC). Another joint venture is signed between Reliance and HSIIDC for the establishment of special economic zone (SEZ), which will be a part of the project.
Industry stalwarts suggest that the city would thrive on world-class infrastructure, developed in accordance with the smart city concept, integrating power, connectivity, water and IT services. The project is expected to not only add to the economy of the state but also generate skilled development.
- For the global city to be a success, the government has proposed all basic amenities within its premises. The proposed model includes a business center, knowledge industries, central business districts (CBDs) and residential set-up with multiple other utilities.
- The cost of land to be acquired is estimated to be approximately Rs 2,200 crore. A special purpose vehicle has been created in which both, DMIC Trust and Haryana government will bear the equal cost of 17,500 crore to be utilized over next five years.
- The master planning of the project is anticipated to be completed by November and the construction work would commence by the middle of 2017.
“Gurgaon is already on the international map and announcement of “Global City” will further boost its visibility. Once executed, the project would lure investors and end-users from neighbouring markets. However, one of the major impediments in its way is an unconstructed northern peripheral road, (NPR). The delayed project has been facing one roadblock after another and is running behind schedule, owing to shortage of funds with the authority,” avers Harish Arora of Aspire Realtors, Gurgaon. Touted to be one of its own kind, the global city plan would thrive only when NPR is completed.
Presently, most of the working population having their offices in Gurgaon are settled in Dwarka and face severe traffic problem during peak office hours. Completion of NPR would not only provide the much-needed relief to the citizens from traffic woes but would also support investment in the residential projects planned along the stretch and in the global city. Multiple projects have been already planned along Gadoli Khurd village near Garhi Harsaru and in sectors 37 B and C, but lack of desired investment owing to non-completion of NPR is limiting growth.