The COVID-19 pandemic’s intensity has decreased, and India has emerged as the fastest-growing global economy, which has brought attention back to real estate as an evergreen asset for investment.
The rising demand from purchasers and investors for both residential and commercial properties reflects the boom. Gurugram and its growing markets are quickly emerging as the top real estate locations in the NCR, where trends can change quickly.
Real estate markets in Gurugram and its growing micro markets, including New Gurgaon, South Gurgaon, Sohna Road, Golf Course Road, Golf Course Extension Road, and the Southern Peripheral Road, have shown tremendous growth since businesses resumed after the COVID-19 outbreak.
There is an upsurge in demand for both residential and commercial properties in Gurgaon. Additionally, a number of investors and companies are interested in establishing a presence in the Grade A retail areas.
Here Are Some Reasons Why Buyers And Investors Are So Interested In Gurgaon Real Estate
High Demand For Expensive And Exclusive Residences
After the epidemic, sales of upscale and luxurious properties have progressively increased in Gurugram. The demand for luxury residences has grown along with the number of dwelling units sold since the outbreak.
There are 15,590 housing units that were sold last year, with almost 30% of those properties costing more than Rs 80 lakh. It is more than 24 % of the overall sales of 13,250 units for luxury residences priced above Rs 80 lakh in the pre-pandemic year 2019.
Home Sales Have Increased
In the first quarter of 2022, Gurugram’s supply of new home units increased by about 158 percent, to 7890, over the same quarter the year before. Only 3060 new units were available between January and March 2021. In the first quarter of 2022, Gurgaon accounted for 85% of the supply of new house units across the whole Delhi-NCR region.
The Most Favored Option For Modern Home Buyers
The Gurugram micromarkets have caught the interest of home seekers seeking a contemporary lifestyle. New Gurgaon is quickly becoming the top choice for young and first-time homebuyers due to its excellent social infrastructure, which includes nearby schools, hospitals, retail shops, and business establishments.
The Newest Commercial Hub In NCR
The micromarkets of Gurgaon provide professionals wishing to invest in commercial real estate with a wide range of options because of their advantageous location halfway between Gurugram and the Manesar automobile hub.
Large industries are prevalent, and business is booming in the area. The thriving micro-markets of Gurugram, including New Gurgaon, are teeming with commercial and real estate activity and are quickly becoming the hub of commerce in the area.
Possibility Of Development
With over 250 Fortune 500 businesses based there, Gurugram is already one of India’s IT clusters and is quite well-liked among young people. Even ultra-high-net-worth people (UHNWIs), corporate tycoons, and NRIs are searching for opulent living quarters like those in Gurugram.
The micromarkets have seen a rise in real estate activity as older parts of the city approach saturation. The rapid growth of office buildings in the area has unavoidably increased social infrastructure and other commercial ventures, including dining establishments, entertainment venues, and more.
Gurgaon: In Making Of A New Start-up Hub
According to a survey by the international real estate consultancy firm Saville, Gurugram’s micro-markets like the Golf Course Extension Road and SPR have become the headquarters of many start-ups, including edu-tech and fintech firms, because of the area’s affordable rents. Active regulatory initiatives, such as the New Integrated Licensing Policy (NILP-2015), have also assisted in maximising the potential for growth across the city.
Retail Mixing Hotspot And Civic Amenities
After the epidemic, the retail industry has recovered and witnessed India’s greatest operational retail asset acquisition in recent years. Retail real estate is expanding significantly in Gurugram’s newly constructed areas.
The key industries in New Gurugram are experiencing growth in a variety of commercial activities, and retail companies are considering setting up shop there. The growth prospects of the retail sector are highly promising, especially given the surge in demand for housing and office space in Gurugram’s new micromarkets.
Various Modes of Transportation And Connectivity
The three roads—NH48, Kundli-Manesar-Palwal Expressway, and Dwarka Expressway as well as the Delhi-Mumbai Industrial Corridor and Dedicated Freight Corridor’s opening have given Gurugram’s micro markets an advantage over other areas in Delhi-NCR.
A new peak in real estate activity is anticipated in the area thanks to the projected metro link along the Dwarka Expressway, an extension of the Gurugram metro, the relocation of the Kherki Daula toll, and connectivity with the SPR.
The GMDA has announced plans to build a road, making it even easier for residents of new sectors to connect to the Dwarka Expressway. The Central Peripheral Road (CPR) and the Dwarka Expressway interchange will have a 15-km-long service road built on either side.