The primary driver behind the expansion of the real estate sector in Gurugram is the Dwarka Expressway, also referred to as the Northern Peripheral Road, which enhances connectivity between Gurugram and Delhi, thereby reducing travel time.
The Dwarka Expressway, which represents a significant infrastructural advancement within the National Capital Region (NCR), has been a primary catalyst for the expansion of multiple sectors in the real estate market of Gurugram. Notably, New Gurugram has emerged as a prime location for real estate investment and a center for luxury developments.
The primary driver behind the expansion of the real estate sector in Gurugram is the Dwarka Expressway, also referred to as the Northern Peripheral Road (NPR), which enhances connectivity between Gurugram and Delhi, thereby reducing travel time. This 29-kilometer corridor has attracted numerous prominent developers who have initiated luxury residential projects, significantly contributing to the swift development of the region. According to a recent report by JLL, the Dwarka Expressway-New Gurgaon area has emerged as a burgeoning real estate hotspot within the NCR. In 2023, 69% of all property in Gurugram occurred within this micro-market. Additionally, a report from Savills India indicates that properties under construction in New Gurugram and along the Dwarka Expressway experienced annual growth rates of 53% and 34%, respectively, over the past year.
Commenting on the same, Sandeep Chhillar, Founder & Chairman, Landmark Group, says “The real change in Gurugram’s realty landscape has been infrastructure development and the supply of quality living luxury projects. This is evident from the healthy growth witnessed by the developing sectors of Dwarka Expressway and New Gurugram. The constant infrastructure upgradation along with economic activity has solidified Gurugram and its micro-markets as stand-alone urban centers fostering growth for luxury living and Grade A commercial, and retail businesses. Buyers and investors are eyeing these emerging hotspots for luxury living propelling the growth of luxury housing demand in the region. The realty investment potential of Dwarka Expressway and New Gurugram markets is very promising and is likely to witness new growth numbers in the future.”
By enhancing connectivity between Gurugram and Delhi and cutting down travel time, Dwarka Expressway has enabled Gurugram to turn into a self-sustaining location with robust infrastructure supported by impressive commercial and retail development. Due to the bustling economy, and increased demand, the region has seen a heap of new developments in the real estate market.
Sachin Gawri, Founder and CEO, Rise Infraventures, says, “Gurugram has stood out in the NCR real estate market, offering a unique allure compared to its peers. New developments have made previously underdeveloped areas more accessible and attractive for investment and living, contributing to a diversified and dynamic real estate landscape in Gurugram. The city’s appeal is further enhanced by its strategic location, making it a preferred destination for affluent buyers and investors. Buyers looking at the city outskirts and new areas are drawn towards Dwarka Expressway which is a promising luxury housing hub.”
According to the MagicBricks 2024 Q2 report, Gurugram has seen an over 19.6% increase in demand in its residential market, with a significant uptick in demand for mixed-used commercial spaces. This upward trajectory is further bolstered by ongoing infrastructure developments, such as the expansion of metro lines and new expressways spurring the emergence of new micro-markets and start-ups due to the good connectivity to established MNCs and IT hubs.
Rajjath Goel, Managing Director, MRG Group, says, “Gurugram has exhibited exceptional growth over the last few years through its residential and commercial realty developments. The ease of commuting and the emergence of newly-formed micro markets have made the bustling realty market of Gurugram more lucrative for buyers and investors alike. The region has immense potential, especially developing areas along the stretch of ongoing infra projects. Dwarka Expressway and New Gurugram are key areas to vouch for lucrative investment options and luxury living addresses.”
Moreover, individuals are now more drawn to the luxury segment in Gurugram, with properties priced at above 10,000 per sq.ft and accounting for 91% in demand in the segment. As per MagicBricks 2024 Q2 report, this trend shows that there is a strong sense of how the consumer-buyer perspective has changed in the past decade and will further change and enhance the development of Gurugram.
Rapid urbanization, presence of high-end developments, and sophisticated lifestyle options have created a burgeoning demand for luxury housing in the city.
Sehaj Chawla, Managing Director of TREVOC, says, “The Dwarka Expressway has revolutionized Gurugram’s real estate landscape, establishing it as a prime investment destination. The robust infrastructure in the vicinity and rapid residential development along this corridor have catalyzed growth in the commercial and retail segments. Meanwhile, New Gurugram is quickly emerging as a coveted destination for luxury living, with high-end residential options offering comfort, convenience, and contemporary design. We envision this rapid urban expansion and the substantial investments being made along the Dwarka Expressway will likely enhance its appeal and firmly establish the area as one of the most preferred destinations for investors and end-users.”
As ongoing infrastructural developments and enhanced connectivity continue to progress, Gurugram’s real estate market looks set for a prosperous future. The city’s growth trajectory bodes well for both investors and residents, promising a vibrant and dynamic urban environment.
Source : FE
