Since the third quarter of 2021, India's real estate business has experienced extraordinary development. The country's thriving real estate industry provides a plethora of investment options with a long-term development trajectory that appears to be fairly promising. The strong demand trend in key Indian cities suggests that house sales would certainly surpass the 2014 record. The Delhi-NCR region, in particular, had robust sales growth throughout the year. The fact that the first nine months of 2022 outpaced 2019 also suggests that house sales in the region have reached pre-pandemic levels, which is undoubtedly a positive indicator for the residential segment's future prospects.
In 2022, Gurugram, in particular, will continue to perform well in the growth graph of the Delhi-NCR residential real estate markets. Several industry studies have emphasised the improved market attitude among investors and homebuyers. A real estate companyâ€™s most recent analysis predicts a threefold increase in Gurugram's property market sales between January and September 2022. In the same time period, the city had a 51% increase in new project debuts compared to the same period in 2021.
This year, Gurugram and its micro markets, particularly Sohna, have fared remarkably well across all categories. Sohna, commonly known as South Gurugram, has excellent investment opportunities due to its strategic position. It is also adjacent to numerous significant business centres along Southern Peripheral Road, making it a highly desirable location for prospective buyers, investors, and developers. Infrastructure improvements such as Sohna Expressway, the beginning point of the Delhi-Mumbai Expressway, Western Peripheral, and IMT, among others, will make Sohna an ideal location for decent living with world-class social infrastructure and many job prospects in the coming years.
Home Buyers are seeking more Luxurious Properties
Gurugram draws homeowners and investors looking for luxury homes because of its high-end flats, bungalows, villas, world-class hospitality, and picturesque scenery. Modern homebuyers are picky, seeking not just exquisite interiors but also high-quality amenities, wellness facilities, and high-tech security within their property; Gurugram is the ideal location to meet their requirements. As a result of its wealthy living environment, new-market lifestyle alternatives, and proximity to nature, the city is preferred by luxury-buyers such as NRIs, UHNIs, and HNIs.
It is good sign that NRI investments in Gurugram have been continuously increasing, and this trend is projected to continue in the future year due to the devaluation of the Indian rupee as well as favourable regulatory measures. According to a joint poll conducted by two real estate companies, NRIs prefer to buy a house in Delhi-NCR, particularly in Gurugram. Furthermore, NRIs account for 10-15% of all house transactions per quarter.
Increase in Growth
The desires of new-age homebuyers to enjoy a lavish and healthy lifestyle are also fueling Gurugram's luxury property industry. Luxury and ultra-luxury apartments in Gurugram will continue to grow their market share in the following year. Luxury home sales in Millennium City and its surrounding districts, particularly Sohna, are expected to climb further.
The market and office space are quickly catching up.
The spike in demand has spread beyond the housing sector to include office space and service space. Gurugram has always been a popular leasing location for startups, MNCs, and corporations. NRIâ€™s have also visited to India in response to the country's expanding economic might and more international investment. With Gurugram being one of their preferred locations, service apartments combined with world-class hotels and cutting-edge office spaces will continue to fuel demand.
Gurugram is quickly becoming a hotspot for outstanding residential and commercial buildings as property demand in the city develops at an exponential rate. The year 2022 reflected increased confidence among homebuyers, investors, and developers. As we approach 2023, the real estate sector's prospects in Gurugram and its key micro-market, Sohna, are fairly bright and positive. We expect the industry to sustain its economic pace and post fresh growth figures.