Faridabad and the millennium city of Gurgaon have successfully been forged and established as forces to be reckoned with. Their social and physical infrastructure has improved at a fiercely rapid pace and they are at the helm of NCRs barrage to greatness. Though realty arena of the entire nation has been struggling a tad bit, Gurgaon and Faridabad’s real estate have not witnessed much turbulence. But out of nowhere, the realty sector of the cities has received a massive boost. The face of Gurgaon and Faridabad will never be the same, ever again.
Merely a few days ago, the mighty Punjab and Haryana High Court took an unpredictable but right decision. It overturned the stay on issuance of CLU i.e change of land use to realty builders in order to develop state of the art commercial and residential projects. The stay had hampered the growth prospects of the region in the recent past but things seem to be on a better track now.
The mighty blow was initially delivered way back in January 2014 and the stay had been kept right until now. Haryana government was asked not to issue CLU approvals to any developer whatsoever along with a stop on acquisition of land after listening to a petition which alleged unregulated construction in these parts of NCR. The vibrant government of the Haryana state argued fiercely in front of the High Court that it is not at all necessary for Haryana to seek any approvals whatsoever from the NCRPB that is National Capital Region Planning Board, related to issuance of change of land use licenses. They stated that the reason behind it is the fact that the state has already prepared a strategic sub regional plan for the entire NCR area which are in conformity with the reasonable observations of the planning board.
The state government’s hard work finally paid off when on Monday, 20th April 2015, the High Court, in a highly anticipated and much needed move lifted the ban on granting of CLU licenses. The two cities, as a result will be put on fast track to growth. The move has been welcomed by all real estate developers without exception and a wide smile has been spread on their otherwise unhappy faces. The entire landscape of Gurgaon and Faridabad will change for the better as more cutting edge and world class commercial and residential projects will take off as a result of this ground breaking decision.
The two juggernauts of Haryana are on a barrage impossible to stop. Their real estate markets are especially on their way towards a boom of epic proportions. Thus there is no time like today to explore these wonderful cities. End users, can and should look for their dream homes here while investors should invest immediately to avail high return on investment prospects.