Gurugram emerges as real estate powerhouse in 2023

The Gurugram real estate market has experienced an impressive 20% year-on-year price surge, with prime areas such as Dwarka Expressway, Golf Course Extension, and New Gurgaon emerging as the frontrunners in this remarkable trend. These localities have taken the lead, attracting significant attention from investors and homebuyers alike.

In 2023, Gurugram stands out as the indisputable front-runner in India’s thriving real estate sector. The city’s rapid expansion is redefining the real estate landscape, thanks to a blend of factors that are revolutionizing the industry.

With a spectrum of offerings ranging from upscale independent floors to eco-friendly co-living spaces and capacious homes, developers are pioneering innovative solutions that cater to a wide array of preferences. Gurugram finds itself at the heart of this evolution, experiencing a surge in groundbreaking projects designed to meet the ever-changing demands of the market.

Sharing his insights, Vivek Singhal, CEO, Smartworld Developers, says, “Gurugram stands tall, not only as a city of promise but as an indisputable leader in India’s real estate space, shaping the future of the industry in unprecedented ways. The residential segment is expected to spearhead this phenomenal growth, reflecting the changing preferences of homebuyers. The Gurugram market has witnessed an astounding 20% year-on-year price appreciation with Dwarka Expressway, Golf Course Extension and New Gurgaon topping the charts.”

He adds, “In fact, the Golf Course Extension Road has become the nerve center of Gurgaon due to a flurry of infrastructure developments, luxury residential projects, office spaces, retail spaces, entertainment options, and recreation options. According to reports, between 2019 and 2022, the average rental price for luxury homes of approximately 2,000 square feet in the Golf Course Extension increased by 18 per cent, rising from Rs 49,000 per month in 2019 to Rs 58,000 per month in 2022.”

Notably, the Gurugram real estate landscape has been abuzz with the news of a significant Rs 100-crore transaction, involving a sprawling 10,000 square feet apartment at The Camellias by DLF on the Golf Course Road. In the April-June 2023 quarter, residential property prices across India experienced a commendable 6% year-on-year increase, with Gurugram leading the pack with an impressive 12% year-on-year growth. Recent data from Magicbricks only serves to underscore Gurugram’s meteoric ascent, boasting a remarkable quarter-on-quarter growth of 28.9%, far surpassing the national average of 10.4%.

Mohit Malhotra, Founder & CEO, NeoLiv, says, “The demand surge can be attributed to Gurugram’s burgeoning status as a global hub for industries, start-ups, MNCs, and a substantial-high-quality workforce in search of superior housing options. The focus on infrastructure upgradation and augmentation in NCR, especially Gurgaon with its high quality living standard is adding to this demand surge. This momentum is expected to continue as NCR is grappling with housing supply in the mid to premium segment and we see huge potential building up in this segment.”

In an unprecedented turn of events, residential sales in Delhi-NCR reached a 10-year high in the first half of 2023, with Gurugram accounting for over half of the units sold, boasting an astonishing 52% share. The price range of Rs 7,000-7,200 per square foot speaks to the city’s immense growth potential.

Commenting on this, Kunal Rishi, COO, Paras Buildtech, says, “Gurugram’s allure now extends to both first-time and seasoned homebuyers in pursuit of an elevated lifestyle. The surge in high-rise living options aligns seamlessly with post-pandemic preferences, bolstered by enhanced connectivity that propels the city’s real estate resurgence. With the third highest per capita income in India and the highest in Haryana, coupled with impeccable connectivity, top-tier infrastructure, and a diverse range of modern projects including independent floors, gated plotted developments, and soaring apartments, Gurugram stands as a pivotal residential and industrial hub, beckoning discerning buyers from around the globe.”

As the years unfold, Gurugram’s trajectory seems boundless, promising even greater heights of achievement and innovation. The skyline, once a canvas of potential, now boasts of architectural marvels that redefine urban living. According to industry experts, Gurugram stands not only as a city of the present but as a beacon of the future, demonstrating the limitless possibilities of human endeavour in the realm of real estate. With each passing day, it continues to inspire, leaving us eager to witness the next chapter in its extraordinary journey.