Source : TOI
February 12, 2025 |
Gurugram Realty Boom! Cost of Real Estate Launches in Gurugram Doubles in 2024
Gurugram’s real estate market saw a significant boost in luxury project launches, reaching Rs 88,000 crore in 2024, reflecting demand for upscale lifestyles. Major developers like DLF and Godrej Properties focused on larger, high-end flats. Meanwhile, Noida led in project costs, and Lucknow had the most launches in Uttar Pradesh.
Gurugram, a premier real estate market in India, experienced a significant increase in new project launches, reaching Rs 88,000 crore in calendar 2024, compared to Rs 45,000 crore in 2023, with developers concentrating on upmarket luxury projects featuring larger flats.
According to Haryana RETA data, whilst 239 projects worth Rs 64,000 crore were launched in Gurugram in 2017, the number decreased to 124 projects in 2024, yet the total value increased substantially to Rs 88,000 crore.
Notable developers including DLF, Signature Global, Godrej Properties, Sobha, TARC, and M3M introduced projects in Gurugram during the previous year.
“Over the past year, we have witnessed a remarkable surge in project costs in Gurugram, doubling to unprecedented levels,” SK Narvar, group chairman, Trident Realty told ET.
“This escalation is driven by strong demand from buyers seeking luxury properties and spacious homes, reflecting their desire for an upscale lifestyle. As the economy flourishes and infrastructure develops, our focus as developers has shifted towards creating large-scale luxury projects that meet these evolving preferences.”
In the NCR region, Gurugram dominated the luxury segment launches, representing 87% of such developments.
“This growing demand for high-end developments signals a maturing market, where homebuyers and investors alike prioritise expansive, well-designed living spaces. The increasing value of real estate projects reflects strong confidence in Gurugram’s long-term growth potential, driven by infrastructural advancements, global corporate presence, and evolving lifestyle preferences,” said Aman Trehan, executive director, Trehan Iris.
In Uttar Pradesh, whilst Noida led in project costs, Lucknow recorded the highest number of launches with 258 projects in 2024, according to UP RERA data.
Noida’s development comprised 51 projects with 109,075 units, attracting Rs 20,929 crore in investment. Lucknow registered 61 project launches totalling 53,655 units with Rs 6,150 crore investment.
Noida’s superior statistics in units, dwelling dimensions, and investment stem from its numerous high-rise developments and substantial upper-middle-class demand. Ghaziabad secured the third position in UP regarding flat dimensions and unit numbers.
“We are now witnessing a growing preference for apartments in small and medium cities, driven by the development of educational, healthcare, employment, and infrastructure facilities outside metropolitan areas,” said Sanjay Bhoosreddy, chairman, UP RERA. “Additionally, we can discern the positive impact of government policies aimed at attracting more investment to the state.”
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