Gurugram residential market on the rise
The Gurugram residential market has been a prominent and dynamic sector within the Delhi NCR. Over the past few decades, Gurugram has transformed from a dusty suburb to a thriving urban centre with a booming real estate market. Gurugram’s reputation as a city with modern amenities and a cosmopolitan lifestyle has attracted a diverse group of homebuyers, including young professionals, families, and NRIs. The city offers a wide range of housing options, from affordable housing projects to luxury villas, catering to the varying needs and budgets of prospective buyers.
The city’s proximity to the national capital has made it an attractive destination for both homebuyers and investors. Its well-connected road network and easy access to the Indira Gandhi International Airport have further enhanced its appeal. It houses numerous multinational corporations, IT companies, and commercial centres, which have led to an influx of professionals seeking employment opportunities. As a result, the demand for residential properties, especially in the form of high-rise apartments and gated communities, has soared.
In the recent quarter Q2 2023 alone, Gurugram saw a significant growth of 15 percent YoY, in new supply of residential units.
So, where exactly are these upcoming developments taking place in Gurugram?
A substantial number of new residential units were introduced in the areas of Sector 79, Sector 36A, and Sector 63 during Q2 2023, their prices ranging between INR 5,500/sqft to INR 8,500/sqft.
Several factors have led these neighbourhoods in Gurugram to come to the fore, one of them being the establishment of the Gurgaon-Manesar Master Plan in 2021, that has provided a clear vision for the city's development, promoting organized and sustainable growth. The plan focuses on expanding the city's infrastructure, enhancing transportation facilities, and creating more green spaces. This has instilled confidence in both developers and homebuyers, leading to an increased number of new launches in the aforementioned locations in Gurugram.
The residential real estate market in Gurugram has witnessed interesting trends in terms of sales and buyer preferences as well.
Among the various micro-markets, Sector 79, Sector 81, and Sector 92 emerged as the top-performing areas in the recent quarter, attracting most homebuyers.
These localities have been favoured for their strategic location, amenities, and overall liveability. In terms of property configurations, 3BHK units took the lead - accounting for 45 percent share in sales, their popularity attributed to the increasing demand from both nuclear families and young professionals looking for more space and comfort.
Evolving trends dictating market growth trajectory
The trend of these micro-markets and property configurations reflects the changing preferences and priorities of homebuyers in Gurugram. The city's real estate landscape continues to evolve, driven by factors such as urbanization, economic growth, and an influx of working professionals. Developers are also adapting their offerings to cater to the changing demands. While the market showcases positive growth and buyer interest, it is essential for developers and stakeholders to keep a close eye on market dynamics and consumer behaviour.
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