The real estate market in the millennium city- Gurugram has experienced unprecedented growth over the last two decades. Thanks to its immense commercial appeal and strategic location, Gurugram has become a magnet for homebuyers and investors alike.
Gurugram's popularity stems from its robust infrastructure and burgeoning in IT & ITeS industries. The surge in demand for sustainable living and commercial spaces has catalysed the development of state-of-the-art residential and commercial properties.
Commenting on Gurugram's real estate profile, Mr.Vijay Jain, Managing Director, Star Estate said, Gurugram specially the Dwarka expressway region has been increasingly attracting a large number of workforce seeking high-quality housing and commercial options. The city has experienced a quarter-on-quarter growth rate of 28.9%, which is higher than the national average growth rate of 10.4%.
Mr. Jain noted that the surge in demand for properties in Gurugram can be attributed to several factors contributing to Gurugram's raising prominence as a commercial and technological hub. This growth is driven by Gurugram's reputation as centre for businesses, particularly in technology, finance, and other service sectors.
In FY 2023-24, the millennium city witnessed enormous capital appreciation in completed and under construction properties. The year-on-year increase for these segments stood at 35% and 25% respectively.
Mr. Jain added, "Most people looking for homes in Gurugram want three to four-bedroom apartments priced between Rs. 10,000-12,000 per square foot. However, it has become challenging as the prices for premium apartments have sky-rocketed and have reached even Rs. 23,000 per square feet."
Mr. Jain is highly optimistic about the growing prospects of property markets along Dwarka expressway in Gurugram. "Dwarka Expressway has garnered robust growth with apartment's prices reaching as high as Rs. 15,000-25,000 per square foot, he said, adding that Dwarka expressway alone has fuelled a considerable real estate boom in the city." "While the expressway has improved connectivity, the high-quality residential and commercial projects from leading real estate developers have transformed the Dwarka Expressway property market into a focal point for Gurugram's residential growth."
Real estate capital markets and investment banking expert Mr. Mayank Jain said, "Gurugram's realty market has showcased excellent performance due to ever-growing high demand in all segments. Also, the major real estate projects in the millennium city have adopted several notable trends. The new millennials in the city are influencing the ongoing real estate trends, whether in residential or commercial sectors. These projects are incorporating sustainable features and green technologies such as solar panels, rainwater harvesting system, and energy-efficient appliances. If we talk about the city's overall performance, New Gurugram along the Dwarka Expressway is emerging as a center of attraction due to its robust infrastructure."
Hence, the real estate market of Gurugram reflects the dynamic blend of opportunity and challenges for the developers. The city's thriving business environment makes it attractive for real estate seekers. Gurugram is poised to remain at the forefront of India's real estate sector with sustained growth and development, promising a bright future for all stakeholders involved.