September 22, 2024 |
Are People Preferring Luxury Apartments Over Affordable Housing in South of Gurugram?
The Sohna Road area, located south of Gurugram is now emerging as the new real estate hub of Delhi-NCR. The increasing demand for flats and plots in this area has even thrown a surprise for real estate developers.
A recent report by property consultant ANAROCK shows a sudden increase in the demand for luxury property in the Sohna Road area of Gurugram. According to the report, about 32,200 housing units have been sold in Delhi-NCR in the first half of 2024. Surprisingly, more than 45 percent of these units were from the luxury segment while 24 percent of the units were from the affordable segment. In comparison, the sale of luxury units was only 3 percent and the sale of affordable units was 49 percent in 2019.
This shows that home buyers are now moving away from affordable or cheap houses towards luxury apartments or houses. This change of investment has become more pronounced especially after the pandemic.
Real estate developers are also engaged in construction in the luxury segment instead of affordable houses. This is why affordable housing projects have decreased drastically in Gurugram in the last one year, while the number of luxury and ultra-luxury residential projects has increased rapidly.
The Dwarka Expressway, also known as the Northern Peripheral Road, stretches for about 29 km, connecting Dwarka in Delhi to Gurugram in Haryana. The number of commercial, residential and retail projects has also increased rapidly in this area, which has direct access to the Indira Gandhi International Airport and the Delhi-Mumbai Expressway.
Pradeep Aggarwal, the Founder and Chairman of Signature Global (India) Limited, said that due to seamless connectivity to the Gurugram-Sohna Elevated Road, the area has becoming a top choice for people.
Currently, the Sohna area offers much scope for construction, and it is transforming into a prosperous suburb. It also enjoys the benefit of proximity to commercial centers like Delhi-Mumbai Expressway, Cyber City and Golf Course Road.
Due to adequate space and greenery, the area is attracting a lot of buyers. The middle class from the south of Gurugram now prefer low rise floors.
Madhur Gupta, CEO of Hero Realty Private Limited, emphasized that not only South of Gurugram, the Dwarka Expressway has also seen a 79 percent increase in prices in the last five years. There is a plethora of high class residential and commercial projects in the area.
Pankaj Pal, Managing Director of Whiteland Corporation, said that the prices of luxury homes in Dwarka Expressway and South of Gurugram have seen a significant increase of 30 per cent annually, which is an excellent return in itself.
Source : News 18
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