As per ANAROCK research, average property prices in New Gurugram have appreciated by nearly 5% over the last four years.
Situated between Gurugram and Manesar in Haryana, New Gurugram has emerged as an alternate real estate option for property seekers from Gurgaon and beyond. Comprising of Sectors 76-86, 89-93 and Sectors 82A, 88A, 89A, 95 and 95A, New Gurugram offers a range of residential properties at rates more affordable than neighbouring Gurugram. In the last one-and-a-half years, the area has also witnessed new launches of independent floors following high consumer demand.
Various factors driving demand here include:
Connectivity: New Gurugram enjoys good connectivity to Gurugram and Delhi via NH-48 and the Dwarka Expressway.
Availability of Ready-To-Move-In Properties: The micro market scores high with end users due to ample ready-to-move-in and near-to-completion projects. As per ANAROCK research, New Gurugram has more than 19,000 units available for sale presently.
Social Infrastructure: The area has a robust social infrastructure in the form of schools, hospitals and shopping complexes in the vicinity.
Affordability: “New Gurugram is favoured by many buyers and investors as residential prices are still affordable compared to highly priced properties in neighbouring Gurugram. As of H2 2022, the average property prices in this area are at INR 6,275 per sq. ft. as against Sohna Road where average property prices are around INR 6,920 per sq. Ft,” says Prashant thakur, Sr. Director & Head – Research, ANAROCK Group.
Demand for Rental Properties: The micro market offers several ready-to-move-in properties that created a healthy market for rental properties in the pre-Covid period. The rental demand was impacted due to the pandemic and currently average monthly rentals for standard 2-BHK apartment of 1,000 sq ft is between INR 12,000 and Rs 17,000.
Future Growth Prospects: As per ANAROCK research, average property prices in New Gurugram have appreciated by nearly 5% over the last four years – from INR 5,980 per sq ft in 2017 to nearly INR 6,275 per sq ft presently in comparison to a few markets that saw prices fall during the period.
Keeping these factors in view, developers say New Gurugram is the beating heart of Delhi NCR. With its unparalleled connectivity to critical infrastructure, the logistical advantage this area has is second to none. The exponential rise in demand for real estate in the region has led to massive development of projects in and around the region.
Vivek Singhal, CEO Smartworld Developers, says, “New Gurugram is the most promising micro-market in Delhi NCR. Close proximity to working hubs is a major advantage with Delhi, Neemrana, Bhiwadi, and Manesar being in close range. With over 37000 families already residing, New Gurugram has state-of-the-art schools, hospitals and shopping centres. Both end-users and smart investors can expect a price appreciation of 10% in the next 12 to 18 months. Infrastructure is developing at a fast pace such as revamping the Southern Peripheral Road (SPR), Clover Leaf between New Gurgaon and SPR and the upcoming Regional Rapid Transit System.”
New Gurugram also has the unique distinction of being the home of the most valuable IT companies in India. With commendable tax subsidies and government incentives to boost the MSME sector, entrepreneurial enterprises have reshaped the landscape. Families are keen to find residence close to their workplace and continue to fuel the rising demand in the real estate sector in New Gurugram.
A DLF spokesperson says, “The Millennium city Gurugram has surfaced as a template for future cities and not just a real estate hub. As a bold and future-focused city, it is a strategic location which facilitates excellent connectivity. With most of India’s Fortune 500 companies calling it home, it is asserted to become the IT hub of India. New Gurgaon will become the new nerve centre and the sub-business district of Gurugram. IT and manufacturing companies have dominated this region, leading to an explosion of residential hubs around these commercial developments, gentrifying the changing landscape.”
Nestled in the verdant greenery of New Gurgaon, the premium township DLF Gardencity spans across 243 hectares adjacent to a 1000-acre green expanse and offers deluxe living. It has been designed by the world-renowned architect Hafeez Contractor while the landscape designing is done by Paul Friedberg. This township is a residential hub with 100% power back-up, 24×7 water supply and round-the-clock security for its residents. It houses more than 2700 families in several condominiums.
In recent years, the most prestigious real estate developers have come up with offerings in every price bracket. From affordable apartments close to Tech parks to luxurious gated condominiums presenting the best amenities in the world, New Gurugram has a home for everyone. The investment opportunities in this area continue to diversify as the next generation of homebuyers look enthusiastically to call this place their home.
Shashank Vashishtha, Executive Director, eXp India, says, “Prominent real estate companies are celebrating the surging demand in New Gurugram. This is a testament to the tremendous opportunity in the region. Developers and end users are excited to invest in the future of this region. Developers are offering spaces in every category – luxury, premium and affordable. New Gurugram is a well-planned city and has accessibility to many desirable locations. With robust social infrastructure like educational institutions and hotels, it has also reinforced prospects of the micro market. These commercial hubs are fuelling residential developments and attracting the end users to invest in the next nerve centre of Delhi NCR.”
With its matchless connectivity and world-class amenities, New Gurugram has thus become the toast of Delhi NCR. As the new engine of real estate growth in North India, this area continues to be a magnet for families looking to own their dream home in the heart of Gurugram. A hotspot for the most coveted real estate projects, the meteoric rise in demand for property will continue to drive property price appreciation in the foreseeable future.
Source : FE