Gurugram, being the fastest emerging real estate region, attracts remarkable buyers to the city with massive investments in its projects, and the credit goes to the incredible connectivity that it enjoys with the national capital, Delhi, and other significant cities in and around NCR. It is vital to remember that developments across every segment, including affordable, luxury, residential and commercial, are becoming more popular in Gurugram since they fit purchasers’ budgets and choices and provide easy access to key locations via roads, expressways, and other forms of transportation.
As some recent researches have been depicting, NCR has emerged as the most preferred realty hub with efficient projects in every city. However, Gurugram has witnessed a major rise in the sale of luxury projects as buyers depict an incline towards a luxury lifestyle.
Every zone of Gurugram is critical from investors’ point of view as it has projects developed as per the choice of buyers and laced with all the facilities that buyers wish to enjoy in their residences. Sectors 62, 63 and 65 are some of the prominent regional locations with vast opportunities for developers and buyers. Situated in close proximity to Golf Course Extension Road, Southern Peripheral Road (SPR) and Sohna Road, all these sectors are the most profitable destinations for real estate investors as they host the most prominent developers offering significant projects. It is also connected to the network of Delhi metro, allowing access to residents across the capital.
Employment hubs are also located within reach, offering economic opportunities to buyers at reachable distances. Though the regions are developing as sound hubs for both residential and commercial projects ranging from plots to built-up developments in the form of apartments, independent floors, villas, shopping centres, office spaces, mixed-use projects, etc., luxury projects are the talk of the town for their exclusive features. The sale of luxury residential projects in Gurugram has massively increased as compared to the figures announced before the Covid era. Prominent location, vast facilities and access to amenities other than just the residence are the primary reasons for major customers shifting towards luxury real estate.
The luxury property market in India has recently seen a rise in activity. According to a recent analysis by Anarock, showing a significant post-pandemic recovery, its sales share has doubled and grown by 7% in the first half of 2022 compared to the first half of 2019. In the first half of this year, luxury RE sales made up 14% of all sales across seven cities, as opposed to sales records, which represented for only 7% of all dwelling units sold. The sharp increase in sales demonstrates consumers’ preference for luxury properties. The rise in demand for luxury properties is largely due to NRIs and High Net-worth Individuals (HNIs) entering the real estate market. Investment in luxury real estate by HNIs and NRIs has dramatically increased recently.
Developers are working with well-known interior designers to provide customers and homebuyers with the ultimate in luxury living in order to support the luxury real estate markets. Luxury projects include both low-rise and high-rise establishments, developed with unique infrastructures and one of its kind interiors. Most of the projects are formed keeping in mind the comfort of different age groups, making them fit for investment by all sections of investors. Luxury real estate is becoming a buyer’s paradise. It has played on people’s common sentiments and profited from market trends, promoting the expansion of luxury real estate. Luxury real estate markets have seen a significant expansion in terms of market size, consumer base, sales, and launches which depicts that its share in the real estate sector is also projected to grow smoothly in the coming years.
(By Ritu Ahlawat, CEO, InvestinPRO)