Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants
Gurugram Residential Real Estate
The Millennium City of Gurugram has a very prominent place on India’s residential real estate map and is considered a bellwether of the state of the market for NCR.
If we study what happened in the city’s housing market in the first quarter of 2018 against the same period in 2017, some interesting changes emerge.
- Q1 2018– The weighted average price for housing properties launched between January to May in 2018 is INR 4580/sq.ft.
- Q1 2017– The weighted average price for housing properties launched between January to May in 2017 was INR 4,300/sq.ft.
In other words, we are seeing an uptick in pricing for newly-launched housing projects in Gurugram, in line with the returning end-user demand as a result of improving market transparency.
- In Q1 2018, approximately 4,100 new units have been launched in Gurugram,
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Anuj Puri, Chairman – ANAROCK Property Consultants
Gurugram is home to around 1,500 start-ups and is the 4th largest start-up hub in India. As the city hosts the behemoths of the start-up industry, it makes sense to delve a little deeper into this fascinating new office space sector in Millennium City.
Emerging commercial office locations in Gurugram, as also in Bangalore, Navi Mumbai and Hyderabad, have benefited significantly from the Indian start-up euphoria. This trend is likely to continue for some time given the availability of large talent pool and availability of real estate spaces.
The start-up eco-system in India has been a key contributor to the rise in investments and job creation. Many start-ups that commenced operations in later part of the previous decade have already become medium-sized or large companies, particularly if we look at some of the popular e-commerce companies in India today.
From zero contribution to office space take-up, the e-commerce sector today contributes over 3% of the total office space absorption on an annual basis. We expect the growth in this sector to increase over time.
The government initiatives,
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