In a notable development reshaping the real estate landscape, Sector 63, Golf Course Extension Road Gurugram, is emerging as a prominent micro-market for both homebuyers and investors. Once a typical residential area, Sector 63 has transformed into a symbol of modern living in the NCR, witnessing a remarkable 77.3% surge in property rates over the last year.
According to industry experts, this transformation signifies a pivotal shift in the area’s status, evolving from a residential zone to an aspirational hub of luxury real estate and high-end investments, reflecting broader urban development trends. This surge has significantly contributed to the area’s economic revival, highlighting the resilience and potential of Gurugram’s real estate sector, while setting new standards in urban living and attracting a diverse range of stakeholders.
The landscape of Sector 63 underwent a significant transformation with the entry of the real estate giant, DLF. The company launched a luxury high-rise project, The Arbour, in 2023. This launch brought this micro-market to the center stage, sparking excitement and driving demand. Despite its premium pricing of Rs 18,000 per square foot, the project was fully sold out within three days even before its launch, according to the company. Spread over 25 acres, the project comprises 1137 4 BHK units, with prices starting from INR 7 crore onward per unit. This response to the project surpassed the market’s average rate, indicating renewed interest and confidence in the area’s real estate market.
The success of The Arbour did not just elevate the appeal of Sector 63 but also played a crucial role in rejuvenating the local real estate market, setting a precedent for growth and investment in the post-pandemic era.
Ajay Pal Singh Sethi, a real estate consultant operating in Gurugram, highlighted this change, noting that the entire area’s infrastructure and aesthetic appeal improved dramatically following DLF’s project launch.
Commenting on the appreciation of that area, Shashank Vashishtha, Executive Director, Exp Realty India, said, “The enhanced infrastructure positively affects the local residential real estate market. The ongoing expansion of the Golf Course Extension Road is a prime example of how infrastructure development significantly shapes the real estate market. Due to the improved accessibility to transportation, amenities, and other essential services, properties near Golf Course Extension Road are becoming more desirable to prospective buyers and investors. The increased demand for these properties drives up prices and allows developers and builders to construct new homes and communities, positively affecting the area’s overall liveability and quality of life. In addition, the improved accessibility to amenities and services can increase the area’s appeal to families and those seeking an excellent place to raise children.”
Developers like Emaar have followed the success of The Arbour with their high-rise projects, such as The Urban Oasis, in Sector 63. These new developments signal a trend towards upscale real estate in the area, indicating sustained growth. Other projects in and around Sector 63, including Adani Samsara Avasa, Dhoot Time Residency, and Pioneer Urban Presidia, have also witnessed price appreciation.
The transformation of Sector 63 from a conventional area into a hub of luxury real estate underscores the strength and potential of the sector. With these projects setting new standards, Sector 63 has not only recovered from the pandemic-induced downturn but has also emerged as a sought-after destination for high-end living. This evolution has attracted diverse investors and residents, solidifying the area’s reputation as a dynamic and evolving real estate market.
Source : FE