Gurugram’s real estate market has been a steady rise with the residential units sale increasing from less than a third in 2019 to more than half of the total residential units sold in NCR now. This is despite the stiff competition from the other regions of NCR such as Noida, Greater Noida and Faridabad.
According to a report by realty consultant Anarock at the end of 2022, 51 per cent of the 63,710 units sold in the NCR in 2022 were in Gurugram. It was a significant increase from the previous years, where the city’s share of the total residential units sold in the NCR was 39 per cent in 2021, 31 per cent in 2020, and 28 per cent in 2019.
The city witnessed a total of 32,620 (out of 63,710 in NCR) new residential units sold in 2022. In terms of new launches of residential units as well, Gurugram, at 19,100, was way ahead in the tally of the total number of new units launched in the NCR (25,355).
Gurugram witnessed the sale of 15,590 residential units in 2021, which was 39 per cent of the total 40,040 units sold in the NCR. In 2020, it was 31 per cent (NCR 23,210 units; Gurugram 7,240 units). In 2019, it was 28 per cent (NCR 46,917 units; Gurugram 13,244).
Rohit Mohan, senior vice-president of BPTP Group, said, “Gurugram has established itself as a globally recognised investment destination, thanks to the strong presence of multinational corporations (MNCs) and Fortune-500 companies. The thriving real estate market in the city is a testament to its growth and development. There is a growing inflow of capital investments in Gurugram across the residential and commercial real estate sectors.”
Mohan added that the optimum growth in job markets has allowed investors to envision their future life in the city on the substratum of so many growth opportunities symmetrically rising in every domain.
Nayan Raheja of Raheja Developers said, “Dwarka Expressway has become the most valuable residential investment corridor in Gurugram. The capital appreciation potential of the region has shot up by high proportions. The Haryana government’s big-ticket global city project located along the Dwarka Expressway which will be built as a futuristic business hub, has also scaled up the value of the region.”
Ashwani Kumar of Pyramid Infratech said, “Homebuyers in North India prefer plots they can customise as per their requirements. With the DDJAY opening up opportunities for owning a plot or independent floor in the city, the demand for real estate in Gurugram will likely increase further. The amendment has paved the way for more real estate development, leading to increased job opportunities, economic growth, and overall development in the city.”
Rajesh K Saraf, MD of Axiom Landbase, said a factor contributing to the rise of Gurugram is the return of investors to key micro-markets such as Sohna Road, Golf Course Extension Road, and the Dwarka Expressway.
“These areas have been attracting buyers and investors due to the completion of long-delayed infrastructure projects, such as the Sohna Elevated Road, the soon-to-be-ready Dwarka Expressway, and a crucial stretch of the Mumbai-Delhi highway,” Saraf said.
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