June 4, 2024 |
Gurugram Sees Surge in Demand for Premium Real Estate Projects
The premium housing segment continues to raise the bar of living in the Delhi-NCR region. A report by Cushman and Wakefield for Q1 2024 states the region captured 61% of high-end and luxury housing total launches, with the Gurgaon region leading the way. Moreover, the capital values in the NCR witnessed an increase of 1%–2% on a Q-o-Q basis and 12-15% on a Y-o-Y basis. This upsurge reflects a growing trend among affluent buyers towards more spacious and opulent living solutions.
The increasing demand for premium projects in Gurgaon not only positions the city as an epitome of premium living but also highlights the changing buyer preferences. Homebuyers seek properties that offer them spacious living options with premium amenities. The developers catering to the region have shifted their focus to the high-end segment of the market and are keen on curating premium projects.
Furthermore, various infrastructural developments, including road and metro connectivity in the city, have also boosted the demand for residential properties. The SPR corridor witnessed 3,614 units of new launches during Q1 2024, with the luxury segment accounting for 61% of the share. This further highlights the growing demand for premium living in this region.
Commenting on the same, Devendra Aggarwal, co-founder, and joint managing director, of Signature Global (India), expressed, “The demand for premium homes in Gurugram is experiencing a significant surge, particularly in emerging hotspots like the Dwarka Expressway and Southern Peripheral Road (SPR). This trend is fueled by Gurugram’s strategic location, improved connectivity, and proximity to major corporate hubs. Buyers are increasingly drawn to premium properties for their state-of-the-art amenities, spacious layouts, and premium living experiences. Moreover, the city’s robust infrastructure development, including the expansion of metro lines and enhanced road networks, further elevates its attractiveness. The influx of multinational companies also contributes to Gurugram’s growing appeal, making premium homes a sought-after investment for discerning buyers.”
From sustainable living spaces and premium high-rise projects to independent houses, villas, or bungalows, real estate developers focus on building visionary solutions catering to the emerging preferences of buyers.
“The swift expansion of luxury residential real estate in Gurugram is not just reshaping living spaces but also fuelling investments in the residential sector. This boom presents remarkable opportunities for expansion, positioning the area as a premier location for pioneering residential projects and flourishing neighborhoods. Consequently, this rising trend reflects a promising momentum for the market, suggesting prospective growth and advancement in the real estate sector of Delhi-NCR,” states Gurpal Singh Chawla, managing director of TREVOC.
Hence, the rise in demand for premium/luxury housing in Gurugram signifies more than just an evolution in real estate preferences; it marks the city’s transformation into a prime destination for both residential and commercial opportunities. As the development enhances, the city is anticipated to transform into the most coveted destination in the Delhi-NCR.
Source : Construction Week Online
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