March 19, 2024 |
JLL Report Reveals Dwarka Expressway-new Gurgaon as a Top Selling Location With 66% of Gurugram’s Housing Sales in 2023
The residential cluster the corridor has garnered significant buyer interest due to improved infrastructure and the availability of high-quality residential offerings
According to research by JLL, the Dwarka Expressway-New Gurgaon cluster is poised to witness comprehensive real estate development, driven by the operational expressway. The recent emphasis by the government on enhancing connectivity between important hubs in the country is a key factor contributing to this development.
The residential cluster along the Dwarka Expressway-New Gurgaon corridor has garnered significant buyer interest due to improved infrastructure and the availability of high-quality residential offerings. With renowned developers launching projects in the area, it has become a focal point for residential growth in Gurugram.
The construction of the Dwarka Expressway by the government underscores the region’s potential for expansion. This infrastructure project has facilitated the development of residential clusters along the expressway, facilitating seamless connectivity between Delhi and Gurugram. As a result, the area has evolved into a priority development zone, driving the overall expansion of the cluster.
In the CY 2023, a total of 12,409 housing units were sold in this submarket which was 66% of the overall sales in Gurugram. Sales were up by 67% as compared to 2022. These homes were worth a whooping ~Rs25,000 crore. Interestingly, out of these 12,409 units, 97% were under construction at the time of sale. This shows the increasing consumer confidence in under construction projects as they are getting delivered on time.
“The Dwarka Expressway–New Gurgaon cluster has become the new hotspot for premium launches in Delhi NCR. In 2023, a total of 11,270 housing units were launched in this submarket, which was 69% of the overall launches in Gurugram. Launches were up by 166% as compared to the previous year as 4,231 units were launched in 2022. Notably, high-end projects are also getting launched in this submarket. 38% of the new launches in this cluster were priced at Rs 2.5 crore or above. The project launches garnered good traction in terms of demand and few of them were fully sold in few days of the launch” said Dr Samantak Das, chief economist and head research & REIS, India, JLL.
Country’s top developers are present in this cluster. Various mixed use projects having retail options for the residents are also coming up in these micro markets which would provide daily convenience options to the residents such as daily needs stores, pharmacy, and F&B outlets.
“Around 175 acres of land across 17 separate deals valued at over INR 3,100 crore have been acquired by real estate developers since 2022 in this submarket. Apart from outright purchases, developers have signed JDAs/JVs for over 30 acres in last year in this submarket to develop real estate projects” said Ritesh Mehta, senior director and head (north and west), residential services and developer initiative, JLL India.
Over 11,000 housing units were completed in 2023 in this cluster. This submarket holds 29,742 under construction units in the pipeline. Notably, 45% (13,476) of the under-construction inventory is likely to get completed in 2024. This shows the dynamism of construction activities in this region and the opportunities for buyers to select from new stock.
This submarket’s average capital value in 2023 was approximately Rs.10,000 per sq-ft, a 15% rise from 2022. A more reasonable price increase should be anticipated as the launches in each of the submarket’s segments continue to roll out. Given the strong demand from buyers, new phases of previous projects are entering at greater prices.
In the coming years, we will continue to see the launch of commercial and retail projects, as well as a growing supply of high-quality residential properties. Developers will keep on purchasing land parcels to start new residential developments in line with increasing demand. Residential launches will continue to gain momentum across all price bands.
Source : Construction Week Online
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