The residential real estate market in the Delhi National Capital Region (NCR) exhibited a strong performance in 2023. In recent years, the region has rapidly evolved in its economic, demographic and lifestyle aspects, experiencing a notable population increase due to individuals migrating from different regions in search of improved economic opportunities. Modern infrastructure, elevated living standards, and enhanced connectivity in the region have attracted this influx, leading to a heightened demand for residential properties.
With a total of 21,364 residential units sold, the NCR residential market recorded an annual growth rate of 11%. Among the various sectors contributing to this robust market, Gurugram emerged as the front-runner, claiming a significant 38 percent share of the overall sales pie.
Gurugram’s dominance in residential sales can be attributed to a combination of factors, including strategic location, infrastructural development, and a burgeoning job market. The region has evolved into a preferred destination for homebuyers due to its proximity to major business hubs, excellent connectivity, and a slew of world-class amenities.
Hotspots of Sales Activity in Gurugram
Zooming in on Gurugram, three specific sectors stood out as the key hubs of sales activity in 2023 – Sector 62 (Extended Golf Course Road), Sector 63 and Sector 79. These sectors experienced maximum traction, attracting a considerable share of the homebuyers’ interest in the NCR.
Let's delve into the reasons behind their heightened popularity.
Sector 62:
Sector 62, specifically the Extended Golf Course Road, emerged as a prime destination for homebuyers in Gurugram, attracting attention for various compelling reasons. Home to a burgeoning corporate landscape and employment opportunities, Sector 62 became an ideal choice for those seeking proximity to their workplaces. The infusion of modern infrastructure and amenities further enhanced its appeal, providing a conducive environment for comfortable living. Additionally, the Extended Golf Course Road's proximity to educational institutions, healthcare facilities, and entertainment hubs contributed to the overall desirability of the sector. The residential prices here hover around INR 17,000/sqft to INR 18,000/sqft.
Sector 63:
Sector 63 in Gurugram attracted homebuyers due to its strategic location and well-planned infrastructure. The sector's proximity to key employment centers such as Cyber City and Golf Course Road, educational institutions, and entertainment hubs has made it a sought-after destination. Additionally, the availability of a wide range of housing options has catered to diverse buyer preferences. The seamless connectivity further enhances the attractiveness of Sector 63, making it a standout performer in the residential sales landscape. Presently, the residential prices here are quoted in the range of INR 17,000/sqft to INR 18,000/sqft.
Sector 79:
Another key player in the residential real estate scene of Gurugram is Sector 79. This sector witnessed a surge in demand, driven by a combination of factors such as well-designed residential projects, green spaces, and proximity to essential amenities. The development of social infrastructure, including schools, hospitals, and shopping complexes, has further contributed to the appeal of Sector 79. Thus, the sector's well-planned urban design, and the availability of housing options in varied budget segments, contributed to its popularity among both developers and homebuyers. Residential properties here currently range between INR 9,000/sqft to INR 10,000/sqft.
Conclusion
The residential real estate market in the Delhi NCR region experienced a notable surge in 2023, with Gurugram emerging as the leader in sales. Within Gurugram, Sector 62, Sector 63 and Sector 79 emerged as the frontrunners, witnessing heightened buyer activity. These sectors, characterized by well-planned infrastructure and a mix of housing options, reflect the evolving preferences of modern homebuyers.
As the real estate landscape continues to evolve, understanding these trends becomes crucial for both developers and homebuyers looking to make informed decisions. Gurugram's dominance in residential sales and the emergence of specific sectors as hotspots highlight the dynamic nature of the NCR real estate market, setting the stage for exciting developments in the years to come.
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