Between 2016 and the first half of 2021, corporate and national developers like Godrej Properties Ltd., TATA Housing, Hero Realty, Sobha Ltd., Shapoorji Pallonji Group, Birla Estates and Mahindra Lifespaces took centre-stage.
Tag: Gurgaon Real Estate
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.
Pricing
- 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.
Launches
- In Q1 2018, approximately 4,100 new units have been launched in Gurugram,
Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants
The Golf Course Extension Road has emerged as one of the most sought-after residential corridors of Gurugram.
While not being priced as high as the neighbouring Golf Course Road, it offers multiple apartment options for the upper-mid segment moving up the value chain to luxury housing options as well.
This residential corridor has seen more than 8,500 residential apartment units launched overall, and many of them are in advanced stages of construction. Around 2,500 residential units have been delivered here with another 2,600 slated for completion by 2019-end.
This residential market has a good mix of end-user as well as the investor segment who have in the past achieved healthy capital appreciation across their investment/purchases. The healthy completions pipeline had also resulted in a robust secondary sales market in this corridor.
The consistent price appreciation on Golf Course Extension Road caused sales to dampen slightly, and the overall slow market for high-ticket sized apartments has also impacted the sales velocity in this corridor.
Anuj Puri, Chairman – ANAROCK Property Consultants Pvt. Ltd.
The suburb of Gurgaon has been an essential contributor to the urban sprawl that comprises of prime Delhi NCR. The region has become synonymous with a viral-like growth in the past decade and has assumed a homogeneous nature being a well-established business, housing and leisure hub.
The new residential growth comprising of multistoried apartments initially started along its major arterial roads of MG Road, Golf Course Road and later spread down along the main highway connecting it to Delhi–NH-8.
Further along the way as the city started to grow its wings, newer areas were opened up along the Golf Course Extension Road and newer sectors opened up along the proposed Dwarka-Gurgaon Expressway and both sides of the NH-8, beyond the second toll plaza.
Each of these residential precincts has their own set of specifications, price points, and target segments. Gurgaon boasts of one of the highest white-collar workforces and with its homogeneous industry mix, it caters to all categories of home buyers – from affordable to ultra-luxury.
The city now has its own default CBD comprising DLF Cybercity and prime roads of MG Road and Golf Course Road.