Indian real estate market has registered significant growth in 2023 by navigating through multiple challenges including home loan interest rates. In this context, Haryana’s Gurugram emerged as the focal point of the real estate revolution in Delhi-NCR. Recognized mainly for corporate hubs and rapid urban growth, the city underwent a huge transformation with ambitious infrastructure upgrades such as the expansion of new metro lines, improvement of road networks, etc.
The cyber city witnessed some of the major infrastructure upgrades and connectivity such as the Dwarka Expressway, Delhi-Mumbai Expressway, Clover-leaf extensions, and Vatika Chowk underpass, among others. These developments are not only a symbol of aspirations but also transforming once remote areas into improved accessibility. The changes have made the travel within the city and to adjoining areas much more convenient leading to a surge in investor interest.
Vineet Dawar, Sr Vice President of Sales and Strategy at Elan Group said, “In the NCR region, Gurgaon emerged as the most sought-after location, complemented by booming infrastructure developments. Within Gurgaon, the Dwarka Expressway stood out as the most preferred micro-market, especially for the residential segment.”
Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd. said, “As the final curtain descends in 2023, the real estate industry witnesses an impressive surge, with Gurugram’s mid-housing sector taking center stage. The year-end reflection unveils a YOY upswing, showcasing a strategic prowess in meeting the escalating demand for affordable yet quality residences.”
Amar Sarin, CEO & MD, TARC Ltd said, “The luxury housing market witnessed a remarkable surge in 2023, marked by a noteworthy increase in sales of residential properties across seven major cities. Despite facing challenges such as price appreciation and higher mortgage rates, the year proved to be exceptional for the real estate sector, reflecting resilience and success.”
The latest Anarock research data has highlighted that the luxury housing demand has outperformed itself, attracting the attention of buyers. “The resurgence of in-person work post-pandemic has heightened the appeal of homeownership, propelling a quest for more expansive living spaces. This trend extends beyond residential domains, encompassing a surge in commercial real estate, notably mixed-use complexes,” Kunal Rishi, COO of Paras Buildtech said.
Mohit Malhotra, Founder and CEO of NeoLiv, said, “2023 was a landmark year for the Indian residential real estate market, with continued consumer demand resulting in strong annual sales. The evolving residential development market in Gurugram demonstrates an increased need for top-quality, on-time developments providing a community of joyful living.”
The development of residential apartments near Golf Course Extension Road and Dwarka Expressway will emerge as one of the prominent destinations. With the development of connectivity in these areas, the real estate landscape will flourish. “Ongoing infrastructure development and urban planning initiatives have further enhanced the appeal of these areas. Notably, the 151% YoY sales increase in luxury residential properties during Q1 2023, with Delhi-NCR witnessing a staggering 216% surge in high-end unit sales, reinforces this trend,” Vivek Singhal, CEO of Smartworld Developers added.
Source : ET NOW News