An oasis far from the madding crowd
'Live Abroad in India' screams a full-page advert in a national newspaper, promising the country's up-and-comers the opportunity to live in plush housing developments.
Sridharan Ramakrishnan is one of millions of Indian professionals to have turned their backs on the congested, polluted lifestyles the country's cities now offer. The 34-year-old magazine editor moved from New Delhi to an affordable luxury three-bedroom flat in the satellite town of Gurgaon, 25km southwest of the capital, in July 2003 as the country teetered on the cusp of a growing housing revolution.
His new home, which he shares with his wife Bala, 29, and son Atreya, three, is in DLF City.
The 1,215-hectare development is the largest private township in Asia, a purpose-built oasis which provides around 50,000 people with an 18-hole golf course, swimming pool as well as a library, restaurant and bar facilities.
He says: 'There's no doubt about it, I am happier here [than in Delhi]. It's a nightmare for people living in Delhi, no water, power shortages. I have full power back-up in Gurgaon, security 24 hours a day and water, organised parking, parks for my children to play in.' The flat, which he bought for 1.6 million rupees ($284,000), is now worth more than 4 million rupees, he adds.
The growth in middle-class spending power, increasing numbers of mortgages given by banks and a 20 million shortfall in homes on the subcontinent has fuelled an upward spiral of property prices and with it a rise in the number of real estate developers diversifying into the residential market.
DLF, India's largest property developer, has investments in 14 Indian cities and plans to double the size of DLF City in the next two years to cater for increasing numbers of middle-class families looking for homes.
Recent research carried out by real estate service firm Cushman & Wakefield Asia reveals that current demand for residential space in seven Indian cities, including Delhi, is 90 to 100 million sq ft. The figure is set to leap to between 600 and 800 million sq ft by 2010.
But while the subcontinent's middle classes, as well as property developers, are reaping the rewards of this new-found growth, they are only too aware that unprecedented levels of forced evictions mean increasing numbers of the poor and homeless are being pushed to the margins of society.
Mr Ramakrishnan says: 'I think the solution is to have prosperity that is well spread instead of just a minority getting richer...the long-term trickle down will happen. It's already happening...[But] the government should also set up standards and guarantee things like a minimum wage for a building worker. The government must enforce the laws.'
