Gurugram to witness 31 per cent growth in housing sales in 2021, with 8,400 units sold.
The real estate market in Gurugram has witnessed significant growth in recent years, with property prices increasing by double digits.
Gurugram is a bustling metropolis in the National Capital Region of India and one of the most preferred destinations for real estate investment in the country. The real estate market in Gurugram has witnessed remarkable growth in recent years, with property prices increasing by double digits. This is due to the favorable economic climate in India, which has helped boost investor confidence and stimulate demand for real estate properties.
Despite rising housing prices, the city has attracted significant foreign investment with companies such as Blackstone, Brookfield and GIC investing in the area’s real estate market. The rising demand for housing is expected to continue in the coming years, with several prominent developers planning new projects.
Pradeep Agarwal, Chairman and Managing Director, Signature Global, said, “Gurugram has witnessed a significant influx of people driven by the growth of the IT and corporate sectors in recent years. This has led to an increase in demand for housing, especially among the middle and upper-middle-income groups, which has put pressure on property prices. New Gurugram, Dwarka Expressway, Sohna Road, and Gurgaon Sectors 92, 93, and 79B are some of the ideal locations for homebuyers looking to purchase property in Gurgaon.”
He said that these areas have witnessed significant development in recent years, with several residential and commercial projects being launched. Availability of quality infrastructure, schools, hospitals and retail facilities have made these areas especially attractive for families and professionals.
According to a recent report by JLL India, Gurugram is set to experience a 31 per cent growth in housing sales in 2021, with 8,400 units sold. The average price of residential properties increased by 9 per cent, with an average price per square foot of around ₹6,600 ($88). The demand for green buildings in the luxury segment is expected to grow at a CAGR of 30-35 per cent over the next few years, as developers are incorporating sustainable and eco-friendly features in their luxury projects, such as solar panels, rainwater harvesting systems, and energy efficient appliances.
Gurgaon’s proximity to Delhi and other major cities in the NCR region has resulted in a shift in preference towards larger homes with more open spaces. The Real Estate (Regulation and Development) Act (RERA) has brought in more transparency and confidence in the real estate sector, which has led to increased investment by NRIs and increased confidence among home buyers. Infrastructure development has also been a major driver of the real estate market in Gurgaon, thereby improving the quality of life of its residents.
Major infrastructure projects in the National Capital Region (NCR) include Rapid Rail Transit System (RRTS), Dedicated Freight Corridor, Delhi-Mumbai Expressway, Southern Peripheral Road (SPR), Dwarka Expressway and DMIC. These projects have improved connectivity and boosted the real estate market in the region, creating lakhs of jobs and attracting significant investment.
The development of better infrastructure in Gurgaon has resulted in significant improvement in the quality of life of its residents. The city has become more accessible with better transport network, better connectivity, creating employment opportunities and boosting the economy. Industry experts predict that the real estate market in this region will continue to grow in the years to come. Government’s focus on infrastructure development, rising demand for affordable housing and emergence of new growth centers are expected to propel the market further.
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