With the demand for residential property growing exponentially in Gurugram, the city is fast emerging as a nexus for prime residential projects.
As per ANAROCK Research, the millennium city saw its housing sales jump up three-fold in the January to September period in 2022 against the corresponding period last year – from 7,725 units sold in Jan-Sept 2021 to nearly 24,500 units in the first nine months this year. Interestingly, new launches in the same period have seen 51% rise – from 9,700 units in 9M 2021 to 14,635 units this year. Even in terms of unsold stock, the city saw a decline of almost 14% in the period – from 63,860 units in Q3 2021-end to 54,980 units as on Q3 2022-end. The key reason is the robust commercial demand in the city.
Industry experts attribute the sharp rise in housing sales in the millennium city to various factors, including lower base effect and positive consumer sentiment.
Santhosh Kumar, Vice Chairman, ANAROCK Group, said, “Gurugram has been one of the most active real estate markets within the entire national capital region in the last decade and more (both in terms of new launches and housing sales). In fact, it won over Noida as the most favourite investment destination in NCR. And even while it is relatively more expensive than its neighbour Noida, yet residential demand remains on top.”
Commenting on the same, Amarjit Bakshi, CMD, Central Park, said, “Gurugram has emerged as a shining spot for the residential real estate market across categories and the recent industry report reflects the strengthened market sentiments. Between January and September this year, Gurugram’s residential sales rose threefold to 24,482 units. This shows the growing awareness of homeownership with Gurugram being the preferred choice amongst investors and end-users.”
A noticeable increase in housing supply across all categories has been witnessed this year, ranging from ultra-luxurious to more affordable.
He further added, “In response to the ever-increasing demand, developers are also introducing amenities-rich projects that are increasingly attracting potential buyers and investors. Apart from UHNIs and HNIs who prefer bigger homes with high-end amenities, best-in-class hospitality, and nature-inspired living, NRIs are also keen on buying luxury properties in Gurugram as the Millennium City offers a quintessential lifestyle. Additionally, Gurugram and its micro-markets, mainly Sohna, are prime investment destinations due to their high return on investment.”
Gurugram is one of the most highly desired real estate hubs due to its strategic location and the excellent connectivity it offers to Delhi-NCR and other key locations. The seamless connectivity is a major benefit for buyers looking to invest in homes in this city. Housing sales in Gurugram have increased sharply due to several factors, including a lower base effect and a resurgence in demand.
Increasing property demand in Gurugram has spurred developers to launch a myriad of housing projects in the area, including high-rise residential apartments, villas, and penthouses.
Aakash Ohri, Group Executive Director & Chief Business Officer, DLF Ltd, said, “Since the beginning of the year, there has been sustained sales growth across major Indian metropolises, including NCR, which saw a sizeable jump in demand for luxury homes. In the past two years, the housing market in Gurugram has emerged as a hot real estate investment destination, with annual price growth reaching record highs. Within the millennium city, specifically, Golf Course Road and its neighbourhoods like DLF5, offering some of the finest residential addresses in the country, have seen record growth in capital appreciation and rental yield, as well as demand for newly-launched projects. For example, today, DLF5 Golf Links residences on Golf Course Road command some of the highest rental yields in the luxury and super-luxury segment in the country.”
Due to growing employment opportunities in Gurugram, a large number of people from other parts of the country are moving to the city. Consequently, the city has developed in a decentralized and structured manner, encompassing several upscale neighbourhoods, townships, and IT parks. A large part of this growth can be attributed to the growing IT industry, which has transformed Gurugram into the IT hub of North India. Furthermore, aside from the excellent logistics and outstanding amenities, the region also offers an exceptional return on investment contributing to its overall appeal.
Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd, said, “Gurugram’s housing sales have risen sharply this year due to growing demand across all price points, from affordable housing to independent floors. Since Gurugram is one of the top 5 IT hubs in Asia Pacific, countless people migrate to the city seeking employment and other career opportunities throughout the year. Most of these migrant workforces are aspirational homebuyers looking for residential projects with adequate amenities close to major transit hubs. Ample housing options available in Gurugram, across strategic locations, attract the interest of potential homebuyers and thus maintain a healthy growth pattern 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 is available in the city to provide residents with an unmatched lifestyle. Additionally, it features top-tier educational institutions, renowned hospitals, posh restaurants, retail destinations, and much more.
Gurugram and its micro markets offer a conducive environment for homebuyers and are, therefore, a good bet for buying a house. Millennium City has something to offer to everyone, which makes it stand on its own.