In 2023, Gurugram will be the undeniable leader in India’s rapidly expanding real estate sector. A number of industry-changing forces are combining to drive the city’s rapid expansion and modify the landscape.
Developers are coming up with creative solutions to meet a wide range of tastes, from opulent private levels to eco-friendly co-living areas and enormous mansions. Gurugram is at the epicenter of this transformation, with a growth in creative ventures aimed at meeting shifting consumer wants.
“Gurugram has outpaced other cities to become the leader in India’s real estate space, shaping the industry’s future in extraordinary ways,” says Vivek Singhal, CEO of Smartworld Developers.
The residential sector is expected to spearhead this unprecedented expansion, reflecting changing consumer demands. Prices in the Gurugram market have increased by 20% year on year, with Dwarka Expressway, Golf Course Extension, and New Gurgaon at the top of the list.
Why Should You Invest in a Golf Course Extension Road?
“In fact, a flurry of infrastructure developments, luxury residential projects, office spaces, retail spaces, entertainment options, and recreation options has made the Golf Course Extension Road the nerve center of Gurgaon,” he goes on to say.
The average monthly rental price of 2,000 square foot luxury homes in the Golf Course Extension increased by 18% between 2019 and 2022, rising from Rs 49,000 to Rs 58,000.
The revelation of a massive Rs 100-crore purchase involving a gigantic 10,000 square foot flat at DLF’s The Camellias on Golf Course Road has created quite a stir in the Gurugram real estate industry.
Residential property prices in India increased by 6% year over year in the April–June 2023 quarter, with Gurugram leading the way with a whopping 12% year over year growth. Magicbricks has released new data that further emphasizes Gurugram’s phenomenal rise, with a spectacular quarter-on-quarter growth of 28.9%, well above the national average of 10.4%.
“The surge in demand helps Gurugram growing status as a global hub for industries, start-ups, MNCs, and an extensive high-quality workforce in search of superior housing options,” says Mohit Malhotra, Founder NeoLiv.
Why Are House Prices And Rents Increasing Rapidly In Gurgaon?
This increase in demand is being further fueled by the NCR’s emphasis on infrastructure expansion and upgrade, particularly in Gurgaon, which has a very high standard of living. Given that NCR is having trouble keeping up with the supply of mid- to premium-class housing and that there is a lot of potential in this market, this momentum is predicted to continue.
In an extraordinary turn of events, residential sales in Delhi-NCR surged to a 10-year high in the first half of 2023, with Gurugram claiming an astounding 52% share, or more than half of the units sold. The Rs 7,000–7,200 per square foot pricing range indicates the city’s enormous growth potential.
“Gurugram’s allure now extends to both first-time and seasoned homebuyers in pursuit of an elevated lifestyle,” remarks Kunal Rishi, COO of Paras Buildtech, in response to this. The increase in apartment alternatives in high-rise buildings is in line with post-pandemic tastes, and the real estate market Gurgaon is recovering thanks to improved connectivity.
What Makes Gurugram A Residential And Industrial Hub?
Gurugram is a key residential and industrial hub that draws discerning buyers from all over the world. It has the third-highest per capita income in India and the highest in Haryana. Other advantages include excellent connectivity, first-rate infrastructure, and a wide variety of contemporary projects, such as independent floors, gated plotted developments, and towering apartments.
Gurugram’s ascent looks unstoppable as the years go by, offering even greater heights of success and creativity. Once a blank canvas, the skyline is now home to architectural wonders that are revolutionizing urban life.
Experts in the field say that Gurugram is a city of the future as well as the present, proving the boundless potential of human endeavour in the real estate sector. It inspires us more and more every day, and we can’t wait to see what this incredible journey will bring.