Gurugram saw a 31 per cent growth in housing sales in 2021, with 8,400 units sold.
The real estate market in Gurugram has seen remarkable growth in recent years, with property prices experiencing double-digit appreciation
Gurugram is a bustling metropolis in India’s national capital region and one of the most preferred destinations for real estate investment in the country. The real estate market in Gurugram has seen remarkable growth in recent years, with property prices experiencing double-digit appreciation. This is due to the favorable economic environment in India, which has helped to boost investor confidence and encourage demand for real estate assets.
Despite the increase in housing prices, the city has attracted significant foreign investment, with companies like Blackstone, Brookfield, and GIC investing in the region’s real estate market. The increasing demand for housing is expected to continue in the coming years, with several major developers planning new projects.
Pradeep Aggarwal, chairman and managing director of Signature Global, said, “Gurugram has seen a significant influx of people in recent years, driven by the growth of the IT and corporate sectors. This has led to a surge in demand for housing, especially among the middle and upper-middle-income segments, which has put upward pressure on property prices. New Gurugram, Dwarka Expressway, Sohna Road, and Gurgaon Sectors 92, 93, and 79B are some of the ideal destinations for homebuyers looking to purchase properties in Gurgaon.”
He added that these areas have seen significant development in recent years, with several residential and commercial projects being undertaken. The availability of quality infrastructure, schools, hospitals, and retail facilities has made these areas particularly attractive for families and professionals.
According to a recent report by JLL India, Gurugram experienced 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 the average price per square foot at around INR 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, with developers 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 led to a shift in preferences toward larger homes with more open spaces. The Real Estate (Regulation and Development) Act (RERA) has brought greater transparency and trust to the real estate sector, leading to increased investments by NRIs and increased trust among homebuyers. Infrastructure development has also been a key driver of the real estate market in Gurgaon, leading to an improved quality of life for its residents.
The improved infrastructure projects in the National Capital Region (NCR) include the Rapid Rail Transit System (RRTS), Dedicated Freight Corridor, Delhi-Mumbai Expressway, Southern Peripheral Road (SPR), Dwarka Expressway, and the DMIC. These projects improved connectivity and boosted the real estate market in the region, creating millions of job opportunities and attracting significant investment.
The development of better infrastructure in Gurgaon has led to a significant improvement in the quality of life for its residents. The city has become more accessible, with better transportation networks, improved connectivity, created job opportunities, and boosted the economy. Industry experts predict that the growth of the real estate market in the region is set to continue in the coming years. The government’s focus on infrastructure development, growing demand for affordable housing, and the emergence of new growth centers are expected to drive the market further.
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