The National Capital Region (NCR) is one of India’s major real estate markets, with a high housing demand.
In the first quarter of 2023, the region witnessed the addition of around 12,450 new housing units, of which 28 per cent were added to the affordable segment, according to the latest research report by real estate consultants Anarock. However, the region’s real estate market was not uniform, with some areas witnessing a surge in new launches. In contrast, others reported a decline in sales.
With 9,940 new units launched, Gurgaon, also known as Gurugram, was the clear winner in new launches in Q1 2023, constituting a staggering 80 per cent share of the total new launches in the NCR. Greater Noida and Faridabad followed it with 1,500 and 1,010 new units, respectively.
On the other hand, Delhi, Noida, Ghaziabad and Bhiwadi witnessed no new launches. The affordable housing segment also witnessed a significant addition, with over 2,200 new units added in Q1 2023, as per the report. Why Gurugram is ahead of the rest in NCR?
This can be attributed to a multitude of factors, including the emergence of new regions south of Gurugram, like Sohna Road, Dwarka Expressway, and Golf Course Extension Road (Southern Peripheral Road). These areas have played a pivotal role in shaping Gurgaon’s development. BPTP Amstoria & BPTP Terra, located strategically on Dwarka Expressway, embody a sophisticated lifestyle. Likewise, BPTP Astaire Gardens is a premium township in Gurugram, benefiting from excellent connectivity via NH-8, Sohna Road, and the Golf Course Extension Road.” says, Rohit Mohan, Senior Vice-President, BPTP Group.
“Gurgaon’s peripheral regions have witnessed a surge in new residential, plots / plotted development and commercial projects such as Shop-Cum-Offices, attracting a large number of buyers and investors. Sohna Road, in particular, has emerged as a hotspot, with several new projects catering to the mid-income segment. Dwarka Expressway and Golf Course Extension Road have also witnessed a significant increase in new launches, attracting buyers and investors looking for premium and luxury housing options,” says Nayan Raheja, Raheja Developers.
“Rajjath Goel, Managing Director, MRG Group said, “Along with the opening up of new regions, improvement in connectivity has also played a significant role in keeping Gurgaon ahead in the real estate race. Developing new roads and expanding existing ones have improved connectivity within the city and with neighbouring areas. The upcoming Dwarka Expressway is set to become a major growth driver for the region, connecting Gurgaon with Delhi and providing easy access to the airport.” Metro connectivity boosts Gurugram’s real estate market
Metro connectivity has also significantly boosted Gurugram’s real estate market. The extension of the Delhi Metro’s Yellow Line to Gurugram has improved connectivity between the city and the national capital, increasing demand for housing and commercial spaces. Furthermore, Gurugram’s reputation as an IT and corporate hub has also contributed to its growth as a real estate destination. The city is home to several multinational companies. It is a preferred location for several startups, leading to a surge in demand for commercial spaces.
Source : Zee Biz