April 25, 2024 |
Gurugram Emerges as India’s Real Estate Powerhouse: Unveiling a Decade of Growth and Innovation
A reflection of India’s growth story for about a decade or so, Gurugram has claimed the Numero Uno position on the national map. No wonder, the city has become the launch pad for residential and commercial real estate, with approximately 25000 units expected to be launched in the next six months.
Key Highlights:
- With over 60 per cent total inventory sold in National Capital Region both, in terms of volume and value, Gurugram seems to be driving the real estate sector in the country.
- With an unprecedented demand and unsold inventory getting dried up, the demand for new launches and under-construction properties has been scaling up
- The total estimated number of units, as part of new projects, coming up in the next six months, is 25000 units.
- The total estimated value of new projects coming up in the city over the next six months is 1,00,000 Cr.
Housing and infrastructure will continue to be the engine of India’s growth, as the sector witnesses an annual housing demand of 1 crore, and an additional demand of 7 crore by 2030. Sales volumes in the primary market have grown at an extremely healthy annualised rate of 29%, since 2020, and culminated in a 10-year high in 2023. The residential market stepped into 2024, with sales growing at 9% YoY in Q1 2024. 86,345 units were sold in Q1 2024, a level exceeded only in Q4 2023 over the past six years.
The major contributor to this growth story in Gurugram. which continues to witness immense action on the real estate front. With over 60 per cent share of the total inventory being sold in the National Capital Region both, in terms of volume and value, the region continues to be driving the real estate sector in the country. In fact, with an unprecedented demand and unsold inventory getting dried up, the demand for new launches and under-construction properties has been scaling up in the city.
While last year, approximately 12,500 housing units were sold on Dwarka Expressway resulting in sales worth Rs. 25000 crore, which was 66% of total sales in Gurugram. This year, the total estimated number of units, as part of new projects, coming up in the next six months, is 25000 units. And, the total estimated value of new projects coming up in the city over the next six months is 1,00,000 Cr.
Talking about the trend, Vishesh Prakash, Lead, R&R, says, “The real estate players and developers are leveraging this opportunity where the demand for residential realty has just shot up, and offering plans and schemes to attract more investors and buyers. In what can be termed as a rare phenomenon, recently, a newly-launched inventory was sold in a day, and saw buyers/investors queuing up for its allotments. This was unimaginable trend. On the part of consumers, guess the FOMO (Fear of Missing Out) is making many jump the gun, thereby, propelling developers to create newer opportunities and launch new projects. If all goes as anticipated, Gurugram is all set to script new records in the next fiscal.”
The new residential launches will be catering to various segments of the market, including luxury apartments, affordable housing, and integrated townships. Interestingly, this time around, the new launches are getting takers not because of any ‘hyped promises’, but because to visible infrastructural developments that have improved city’s connectivity, such as the expansion of highways, metro rail connectivity, and the development of peripheral roads. These initiatives have enhanced the city’s internal as well as external accessibility, and are driving the real estate growth not just within the city, but also its adjacent areas.
The Growth Story: Key Trends
- Housing and infrastructure will continue to be the engine of India’s growth, as the sector witnesses an annual housing demand of 1 crore, and an additional demand of 7 crore by 2030.
- Sales volumes in the primary market have grown at an extremely healthy annualised rate of 29%, since 2020, and culminated in a 10-year high in 2023.
- The residential market stepped into 2024, with sales growing at 9% YoY in Q1 2024. 86,345 units were sold in Q1 2024, a level exceeded only in Q4 2023 over the past six years.
- With ongoing projects like the Dwarka Expressway and Metro expansion, improved connectivity and infrastructure, Gurugram is positioning itself as the Number One city of attraction for buyers and investors alike.
Source : ANI News
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