Gurgaon has emerged as the preferred destination for investment in property and post-retirement life for civil servants from the Haryana cadre.
The city has been preferred over Chandigarh, Panchkula and Mohali, when it comes to possession of immovable properties by Indian Administrative Services (IAS) and Indian Police Services (IPS) officers of the state cadre.
Proximity to Delhi and the airport, metro rail connectivity, increasing property prices and facilities like malls, banks etc are cited as some of the reasons for choosing the city over others.
The Immovable Property Return (IPR) submitted by the IAS and IPS officers for 2015 shows that 45% of IAS and 58% IPS officers have properties in Gurgaon. Most of these properties are residential, but in some cases, officers have also invested in commercial properties in upscale areas along the Mehrauli-Gurgaon (MG) Road.
A total of 150 serving officers have submitted the return. Of these, 67 have purchased properties in Gurgaon over the year. Among these officers, 18 have more than two properties in the city.
Similarly, 79 serving IPS officers have submitted the report and 46 of them have properties in Gurgaon. Of them, 10 have more than two residential and commercial properties registered in their or spouse’s name.
A number of officers, especially IPS, also have properties in Panchkula and Mohali.
Former Haryana chief secretary MC Gupta, who owns a house in Sector 15-II, said, “Gurgaon is a good place to live, not just for retired officials. It is near Delhi and has many facilities.”
Former IAS officer MK Midha, who also owns a house in Sector 15-II, however, has a different view.
“Though property prices have risen here, the quality of life is poor. Benefits of big cities are missing here. There is no infrastructure development, civic amenities are not good and there is no place for cultural and leisure activities,” said Midha.
Midha gave an interestingly insight about the factors that govern investment in property by government officials.
He said officers usually have beforehand information about the development plans of an area and they invest accordingly.
“The same thing happened with Gurgaon. This is a builder-driven city. It is the best place for investment,” he said, adding that rising property prices have not only lured bureaucrats but also other people.
Director General of the Haryana Institute of Public Administration, SP Gupta, said Gurgaon is a city of opportunities.
“Even civil services trainees prefer coming to Gurgaon for better exposure. Being close to Delhi is a big advantage and the city is suitable for living and investment,” he said.