While discussing India’s most prominent real estate hub, we can’t ignore Gurugram. Gurugram has always been one of the country’s most attractive property investment destinations. With the highest per capita income, best road connectivity, and upscale infrastructure, the real estate market of Gurugram continues to grow. The city has grown into a significant residential and IT hub, attracting buyers worldwide.
The real estate sector of Delhi NCR, along with Gurugram, is quite pervasive. New launches of properties in Gurugram alone accounted for 52% of the total pie. In comparison, the number of units launched in the Delhi NCR increased significantly in 2018. The demand for properties in Gurugram remained relatively stable in 2018. In 2019, there was an increase in property inquiries, but infrastructure delays, such as the Dwarka Expressway, caused a slight decrease in demand.
Increasing Property Rate
The previous rate of 55,000 per square yard has increased by approx. Rs. 5000 in sectors along the Golf Course Road, including sectors 27, 28, 43, and 42. The rate in the new sectors along the Dwarka Expressway has risen from Rs. 30,000 to Rs. 36,000 per square yard. This hike will raise the cost of upcoming residential projects and property registration in Gurugram. It is expected that the circle rates in a few sectors might be increased by as much as 25%.
Expansion of Commercial Hub
The commercial hub expansion is another reason for Gurugram’s real estate growth. The market is rising due to an increase in working professionals and the elite business crowd, as they are willing to pay any price for lavish homes in gated communities. As a result, many reputed developers such as DLF, Godrej Properties and Tata Housing are constructing luxury residential properties with the best features and amenities.
Better Investment Opportunities
Due to high investment by Ultra-high-net-worth individuals (UHNWIs), and NRIs in commercial and residential properties, the real estate market of Gurugram is flooded with opportunities. According to some reports, the NRI investments in the Indian real estate market were approximately $14.9 billion in 2022. A major portion was invested in the north Indian real estate market, with Gurugram being the top choice. The weakening of the Indian rupee, lower interest rates, and inclination are the major factors that motivate NRIs to invest in Gurugram’s real estate market. Implementing the RERA Act 2016 and other policies has also opened the investment window.
Infrastructure and Accessibility
The infrastructure of the city is rapidly revolutionizing. With well-known schools, numerous colleges, renowned hospitals, and big shopping malls, entertainment facilities are greatly complimenting the future of Gurugram for hassle-free living. The Haryana government has also launched many projects to establish it as a global city. The city now has the best road and metro rail connectivity, which plays a vital role in accelerating the city’s real estate market.
If you are looking for real estate investment in Gurugram, Property Epicenter can help you find the best commercial and residential properties in the perfect location.