DUBBED the Millennium City for its malls and highrises, Gurgaon is undergoing a slow changeover. Construction, going through a boom phase in the first few years of this millennium, have taken a different turn.

The reason, according to market analysts and experts in the real estate sector, is multifold: the saturation point for malls — as many as 32 mall projects were taken up in Gurgaon in 2005-06 — opening up of space for builders by Delhi, liquidity crunch, and topped by the slowdown effect.

The result: DLF, a major player in the real estate business, has indefinitely postponed its Mall of India, touted to be Asia’s biggest mall-cum-commercial complex. Instead, the company is building “affordable” housing in the new sectors, under Gurgaon’s Masterplan 2021.

This is not an isolated case, and experts say the focus would remain on budget housing in the next few years.

Market analysts say developers would rather consolidate present infrastructure than expand. They give at least three years to budget constructions before the focus shifts back to malls.

According to realtors, simple demand-supply economics saw as many as 32 mall projects getting the green signal in 2005-06 alone — these are besides commercial complexes and office spaces. By 2012, Gurgaon is expected to have 20 malls operating.

What also put a check on the construction spree, so far as malls are concerned, is that Delhi auctioned prime land to builders for malls. Result: the already limited number of retailers and shoppers opted for the Capital.

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