April 6, 2024 |
Realty Hotspot: Gurugram Emerges as a New Luxury Real Estate Destination
Abhishek Trehan, executive director, Trehan Iris highlights Gurugram’s emergence as the luxury homes hotspot.
The National Capital Region (NCR) has established itself as a bustling centre for business and commerce, with New Gurugram emerging as the epitome of luxury real estate. Strategically positioned next to Delhi, Gurugram offers a distinctive blend of elements that entices discerning homebuyers and investors in pursuit of an unparalleled living experience.
Gurugram, often dubbed as the ‘Millennial City,’ is experiencing rapid growth, supported by ambitious infrastructure development initiatives. The government’s urban planning endeavours aim at the needs of the city’s populace, promising a bright future. Initiatives such as the Global City project and the expansion of transport networks in Gurugram are set to further propel growth in the luxury residential segment.
Moreover, Gurugram’s adjacency to the Delhi-Mumbai Industrial Corridor opens doors to abundant employment opportunities, further enhancing its appeal. The Kundli-Manesar-Palwal Expressway complements this connectivity, ensuring hassle-free travel within Gurugram and beyond. Key thoroughfares like the Southern Peripheral Road and Sohna Road augment accessibility, offering residents easy access to entertainment, dining, and shopping options. Additionally, the Dwarka Expressway, spanning 29 kilometers, stands as a hub of connectivity, linking Gurugram to Delhi and providing easy access to the Indira Gandhi International Airport. This arterial route also connects Gurugram to prominent business hubs, making it an ideal location for professionals seeking luxurious residences with easy access to work and travel options.
Anticipating a surge in population, with Gurugram’s numbers projected to reach 55 lakhs by 2041, the Gurugram Metropolitan Development Authority is working on an extensive infrastructure development roadmap, prioritizing key aspects such as education, healthcare, public safety, recreation, and socio-cultural facilities. By focusing on these vital areas, the authority aims to ensure that Gurugram continues to evolve as a vibrant city while maintaining its status as a premier destination for luxury living.
The city’s commitment to sustainable development is evident in its incorporation of green spaces, eco-friendly features, and sustainability initiatives in luxury real estate projects. As environmental consciousness gains prominence among buyers, developers are prioritizing eco-friendly amenities to cater to discerning preferences.
The recent data released by real estate consultants’ underscores Gurugram’s surging real estate market. Savills’ report reveals a notable rise in completed housing unit prices, with increases ranging from 28 to 45 percent over the past year. Anarock’s data further highlights the city’s robust real estate performance, indicating a 13 percent uptick in residential property sales, reaching 36,970 units in 2023 from 32,615 units in the previous year.
Many luxury developments in Gurugram prioritize exclusivity and privacy, offering gated communities with round-the-clock security and concierge services. High-end recreational facilities such as swimming pools, fitness centres, spa facilities, and landscaped gardens ensure residents enjoy a life of comfort and indulgence. Moreover, luxury real estate projects in Gurugram often incorporate smart home technology, allowing residents to control various aspects of their homes remotely. From automated lighting and climate control systems to integrated security features, these smart homes epitomize modern luxury living.
Additionally, the New Gurgaon region emerges as the premier destination for upscale launches in Delhi NCR. This submarket witnessed the launch of 11,270 housing units, representing 69% of Gurugram’s total launches in 2023, as per the JLL report. New Gurugram, SPR Region encompassing sector 80, embodies the essence of community and convenience. Strategically situated between Gurugram and Manesar, this dynamic hub not only offers ample opportunities but also drives the demand for real estate in emerging sectors that previously lacked easy and quick accessibility. Moreover, the Dwarka Expressway has stimulated residential development and enhanced connectivity between Delhi and Gurugram. This area has now become a focal point for development, leading to overall expansion. Notably, high-end projects are emerging in this submarket, attracting significant demand.
In addition to luxurious interiors and amenities, Gurugram’s upscale residential projects focus on creating sustainable and environmentally friendly living spaces. Developers integrate green building practices, energy-efficient appliances, and renewable energy sources to minimize environmental impact and promote eco-conscious living. As the city continues on its path of growth and prosperity, it remains a prime destination for those seeking the pinnacle of luxury living in the National Capital Region.
Source : Construction Week Online
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