In an exclusive interview, Naveen Kumar of Navraj Group talks about the residential real estate market of Gurugram and shares his business outlook.
Being home to Fortune 500 companies and as a global IT hub, Gurugram attracts high-value investors and millennials seeking a futuristic and luxurious lifestyle. The city’s focus on sustainability further adds to its allure. Consequently, Gurugram’s residential real estate market has become increasingly popular among affluent individuals and ambitious millennials, leading to diverse housing developments, says Naveen Kumar, Director, Navraj Group.
In an exclusive interview with Sanjeev Sinha, Mr Kumar talks about the residential real estate market of Gurugram and shares his business outlook. Excerpts:
How is Gurugram reinforcing its position as ‘the Millennium city’ and its appeal to high-value investors and millennials in the residential real estate market?
Gurugram’s status as ‘the Millennium city’ can be attributed to its prominent features and offerings. Being home to Fortune 500 companies and as a global IT hub, Gurugram attracts high-value investors and millennials seeking a futuristic and luxurious lifestyle. The city’s focus on sustainability further adds to its allure. Consequently, Gurugram’s residential real estate market has become increasingly popular among affluent individuals and ambitious millennials, leading to diverse housing developments.
Among Gurugram’s micro-markets, which regions have witnessed a surge in investor interest, and how have infrastructure projects in these areas played a role in this resurgence?
Investor interest in Gurugram has been revitalized by key micro-markets, including Sohna Road, Golf Course Extension Road, and Dwarka Expressway. These regions have garnered attention from buyers and investors due to the successful completion of long-awaited infrastructure projects. Notable examples include the Sohna Elevated Road, the imminent completion of the Dwarka Expressway, and the development of a significant segment of the Mumbai-Delhi highway. These infrastructure advancements have significantly contributed to the resurgence of investor interest in these micro-markets.
As per Savills’ recent report, there has been a substantial increase in luxury rentals in Gurugram. How does it impact premium and luxury projects along the Dwarka Expressway?
The rise in luxury rentals in Gurugram can be attributed to the preferences of affluent individuals seeking spacious and comfortable residences with world-class amenities, providing a sense of safety and security. Therefore, the launch of new premium and luxury projects along the Dwarka Expressway adds to the supply of high-end rental options, catering to the discerning preferences of those seeking luxurious living experiences in Gurugram.
What factors have contributed to the growing preference for larger homes in the Indian real estate market during the pandemic in both Tier 1 and, Tier 2 & 3 cities?
After the pandemic, there has been a notable shift towards larger homes driven by families seeking spacious, comfortable residences that provide safety and security. Reports indicate a high demand for apartments exceeding 1,500 sq ft, with a specific interest in 4 BHK and 4 BHK + space, catering to the need for home office setups. Furthermore, customers now also prioritize large balconies, a criterion that has gained significance recently. This surge in demand for spacious homes has coincided with developers introducing new premium projects, generating increased interest in such properties across both Tier 1 and, Tier 2 & 3 cities.
Dwarka Expressway has emerged as a prominent real estate destination in Gurugram. How do its connectivity to key areas and proximity to the Delhi-Mumbai Expressway enhance its potential for capital appreciation?
Dwarka Expressway has established itself as a sought-after real estate destination. The expressway’s seamless connectivity to important areas such as Sohna Road, Golf Course Extension Road, and Manesar has amplified its potential for capital appreciation. Furthermore, its proximity to the Delhi-Mumbai Expressway, part of the Delhi-Mumbai Industrial Corridor, has further boosted the region’s real estate growth and development prospects.
Please share your views on the impact of the Haryana government’s plan to establish a residential and commercial hub along the eight-lane Dwarka Expressway and how will it contribute to the growth prospects of residential properties in the region?
The Haryana government’s vision to develop a sprawling residential and commercial hub spanning 1,003 acres, with a significant portion situated along the eight-lane Dwarka Expressway, is expected to impact the residential property market profoundly. The inauguration of the Gurugram section of the expressway is poised to substantially boost residential properties in the area, presenting new opportunities for growth and development.
As a real estate developer, how does Navraj Infratech aim to establish itself as a visionary brand in the dynamic real estate landscape, particularly in and around Gurugram?
Navraj Infratech is dedicated to offering customers larger, sustainable projects in prominent locations, positioning itself as a visionary brand in today’s dynamic real estate industry. Through its commitment to transparency, exceptional facilities, and meticulous attention to detail, Navraj Infratech is on a path to becoming a renowned name in Gurugram and its surroundings, redefining the standards of excellence in the field. Given Gurugram’s vibrant real estate market and its potential for growth and development, Navraj Infratech remains focused on delivering excellence, aiming to become a household name in the region. With remarkable facilities, sustainable practices, and a transparent approach, the company distinguishes itself, earning buyers’ and investors’ trust and admiration.
Source : FE