Gurugram next hub for startups looking for space (Ld)

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There are overall 61,400 startups and 83 unicorns in India and the number is all set to increase steadily post the announcement by Prime Minister Narendra Modi declaring January 16 as the National Startup Day.

This also reflects the confidence that government has on startups and unicorns and their ability to change the dynamics of the Indian economy, through contribution to the GDP and employment generation.

The government had also recognised 14,000 new startups in 2021. As of January 2022, India’s 83 unicorns enjoy the valuation of USD 277 billion. Many reports also suggest that India will witness at least 50 more unicorns soon.

No wonder, India has emerged as the third largest startup ecosystem in the world after the US and China.

The startups and unicorns are constantly expanding, they have put tremendous renewed energy in the real-estate sector too, as they are seeking both office and residential space for their employees.

Besides, the institutional investments and FDIs have also been seeing upward trend in investments in real-estate sector.

Going by the latest Economic Survey 2021-22, Delhi-NCR has replaced Bengaluru as the new ‘Startup Capital of India’.

Over 5,000 recognised startups have been established in Delhi-NCR in the last two years, compared to 4,514 in Bengaluru.

Since Delhi has been witnessing shortage of space and the rentals are constantly moving upwards, Gurugram is the nearest hub for occupying office and residential space for startups and unicorns.

Once Dwarka Expressway becomes operational, which is likely by 2023, Gurugram will become closer to Delhi, also to the Delhi International airport, and this will further facilitate demand in Gurugram.

Pankaj Bansal, M3M India’s Director and a leading voice in real-estate sector had earlier said that the way Gurugram is growing and the way Dwarka Expressway is shaping up, there is no doubt Gurugram will emerge as the preferred choice for realty investors, particularly startups and unicorns.

Once Dwarka Expressway becomes operational, there is no stopping of investments in Gurugram in real-estate.

More than 250 fortune-500 companies are occupying commercial space in Gurugram.

The new projects are being built keeping in view the facilities being required by companies and same is being applied for the residential projects.

M3M India, has been one of the leading real-estate developer in Gurugram and a large contributor to the development of the city.

M3M India has delivered about 40 projects in 10 years, comprising 20 million square feet of overall space, including 4 million square feet of retail space in Gurugram. M3M Golf Estate and M3M Trump Towers have been the testimonies of the level of development Gurugram has seen in realty.

Delhi-NCR is expanding into SPR and NPR and Gurugram has been attracting substantial investments in both residential as well as commercial space. Many national and multinational companies have occupied office space and residential space in Gurugram and the trend continues to grow. The expansion of Delhi-NCR through SPR and NPR is an indication that the demand for investment in real-estate is increasing and the developers need to be prepared to address such increase in real-estate demand.

Real-estate sector is going at a steady pace and is expected to contribute about 13 per cent to India’s GDP by 2025 and is all set to reach market size of USD 1 trillion by 2030.

The reports also predicts that real-estate sector will witness market growth of USD 9.30 billion (Rs 65,000 crore) by 2040.

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