March 2, 2024 |
India’s Top Developers Buy Up Land to Join Gurugram Realty Rush
Developers from across the country, including Godrej, Oberoi, Adani and DLF, have recently acquired land in Gurugram to set up residential projects, while Prestige and Sobha also have their sights set on land parcels in the area, indicating keen interest in the city’s real estate market.
As prices have peaked on prime Golf Course Road and MG Road, developers have shifted their focus to Golf Course Road Extension, Gwal Pahadi, Dwarka Expressway and the Southern Peripheral Road (SPR).
Local developers have also lined up projects across micro-markets, with Signature Global and Raheja focusing on Dwarka Expressway and SPR, while TARC, M3M, Smartworld, and Anant Raj have launches planned on Golf Course Road Extension.
“As developers across the country seek to capitalise on Gurugram’s real estate boom, we are also contributing to this booming ecosystem,” said Amar Sarin, MD and CEO of TARC.
In November last year, Oberoi Realty announced the acquisition of 14.8 acres of land for ₹597 crore in Sector 58 of Gurugram.
Adani is planning a project in Gwal Pahadi, near the Delhi border, which it acquired through the insolvency process of a Gurugram-based developer.
DLF, India’s biggest real estate company by market value and area developed, has acquired 29 acres of land on Golf Course Road Extension for ₹825 crore.
“The recent acquisitions by real estate developers signify a collective commitment to fuel the city’s growth,” said Pradeep Aggarwal, founder and chairman of Signature Global. “The influx of real estate developers, with a shared goal of shaping Gurugram’s skyline, epitomises a collaborative spirit that transcends competition.”
Signature Global has a 30% market share in key micro-markets of Gurugram. In the National Capital Region (NCR), it holds a 19% market share in affordable and mid-segment housing.
“Gurugram’s residential market has witnessed exponential growth, boasting some of the finest projects, with a thriving luxury segment capturing 47% of Delhi NCR’s market share in Q4-2023,” said Shalin Raina, managing director of residential services at Cushman & Wakefield. “Premium submarkets like Golf Course Road Extension, NH8 region, and Sohna Road are attracting significant attention, both from developers and home buyers, due to the availability of all necessary social amenities and facilities.”
Source : ET
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