The outsourcing boom has led to a rapid growth in employment prospects and local wages, leading to a mushrooming of shopping malls, swank restaurants and entertainment facilities. Demand for such lifestyle options is driven by the demographic shift to a younger, more cosmopolitan, more affluent and better educated population.
In the real estate market residential units at DLF Royalton also managed an appreciation of 4-5 per cent in 2007 over the preceding year. According to industry sources, the units at this project launched in 2004 were selling at Rs 3,250 during the launch year and moved up to Rs 4,700 per sq. ft in 2006, marking an appreciation of about 45 per cent in two years.
Creative and media companies have also moved into Gurgaon attracted by the increasing spending power, demographic sophestication and boom in construction. Multinational firms like Indigo Design & Engineering Associates PLC., UTV, Adidas have studios based in Gurgaon to service clients around the country.
Today, Gurgaon is the regional head-office of Alcatel-Lucent, Niksun,Nagarro IBM, Opera Solutions and Bain & Company. Most of them are IT companies. Gurgaon is also the headquarters of two biggest automobile manufacturers in India: Hero Honda and Maruti Udyog.
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