As demand for residential real estate in Gurugram grows exponentially, the town is fast becoming a hub for prime residential projects.
According to ANAROCK Research, apartment sales in the Millennium City increased threefold in the period January to September 2022 compared to the same period last year – from 7,725 units sold in January to September 2021 to almost 24,500 units in the first nine months of this year. Interestingly, the number of new launches has increased by 51% over the same period – from 9,700 units in 9M 2021 to 14,635 units this year. Even in terms of unsold inventory, the city saw a nearly 14% decline during that period — from 63,860 units in Q3 2021 to 54,980 units at the end of Q3 2022. The main reason is robust commercial demand in the city.
Industry experts attribute the sharp rise in home sales in the millennium city to a variety of factors, including a weaker base effect and positive consumer sentiment.
Santhosh Kumar, Vice Chairman of ANAROCK Group, said: “Gurugram has been one of the most active real estate markets in the entire national capital region (both in terms of new openings and apartment sales) for the past decade and beyond. In fact, it has won Noida as the most popular investment target in NCR. And while relatively more expensive than its neighbor Noida, housing demand remains at the forefront.”
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Amarjit Bakshi, CMD, Central Park, commented, “Gurugram has emerged as a shining place for the housing market across all categories and the latest industry report reflects the strengthened market sentiment. Between January and September of this year, Gurugram’s home sales tripled to 24,482 units. This demonstrates the growing awareness of home ownership, with Gurugram being the preferred choice among investors and end users.”
This year there has been a noticeable increase in the supply of housing in all categories, from the ultra-luxurious to the more affordable.
He added: “Responding to ever-increasing demand, developers are also introducing amenities-rich projects, which are increasingly attracting potential buyers and investors. Aside from UHNIs and HNIs who prefer larger homes with high-end amenities, world-class hospitality and nature-inspired living, NRIs are also keen to buy luxury real estate in Gurugram as the Millennium City offers a typical lifestyle. Additionally, Gurugram and its micro markets, mainly Sohna, are prime investment targets due to their high return on investment.”
Gurugram is one of the most desirable real estate hubs due to its strategic location and excellent access to Delhi-NCR and other key locations. The seamless connectivity is a great advantage for buyers looking to invest in real estate in this city. Home sales in Gurugram have risen sharply due to a number of factors including a lower base effect and a resurgence in demand.
Increasing real estate demand in Gurugram has prompted developers to launch a variety of residential projects in the area including high rise residential buildings, villas and penthouses.
Aakash Ohri, Group Executive Director & Chief Business Officer, DLF Ltd, said: “Since the beginning of the year there has been continued revenue growth across major Indian metropolises, including NCR, which has seen a significant increase in luxury property demand. Over the past two years, the Gurugram housing market has become a popular destination for real estate investment, with annual price growth reaching record highs. Within the Millennium City, in particular, Golf Course Road and its neighborhoods such as DLF5, which offer some of the best residential addresses in the country, have seen record growth in capital appreciation and rental yield, as well as demand for new project launches. For example, DLF5 Golf Links residences on Golf Course Road are now generating some of the highest luxury and super luxury rental yields in the country.”
Due to the growing job opportunities in Gurugram, many people are moving to the city from other parts of the country. Consequently, the city has developed in a decentralized and structured manner, encompassing several upscale districts, townships and IT parks. Much of this growth is due to the growing IT industry which has made Gurugram the IT hub of North India. Aside from the excellent logistics and amenities, the region also offers an exceptional return on investment which adds to its overall appeal.
Pradeep Aggarwal, Founder and Chairman of Signature Global (India) Ltd said: “Gurugram’s apartment sales have surged this year due to growing demand at all price points from affordable apartments to independent floors. As Gurugram is one of the top 5 IT hubs in Asia Pacific, countless people flock to the city throughout the year to seek work and other career opportunities. Most of these migrant workers are ambitious home buyers looking for housing projects with reasonable amenities near major transportation hubs. Abundant housing opportunities available in Gurugram in strategic locations are attracting potential homebuyers, creating a healthy pattern of growth in the city’s housing market.”
In terms of social infrastructure, Gurugram has a distinct advantage over many places in Delhi-NCR. A wide range of luxurious amenities are available in the city to provide residents with an unparalleled lifestyle. Additionally, it offers world-class educational institutions, renowned hospitals, classy restaurants, retail destinations, and much more.
Gurugram and its micromarkets provide a favorable environment for homebuyers and are therefore a good choice for home buying. Millennium City has something for everyone that makes it stand out on its own.