The sale of premium and luxury homes in the Millennium City has been rising steadily, especially post pandemic.
Luxury housing sector has many amenities and those who can afford them will find their investment worthwhile. The pandemic has initiated a significant increase in demand for premium and luxury homes in Gurugram. Latest ANAROCK data indicates that of a total of 15,590 units sold in Gurugram in 2021, approximately 30 percent were homes priced above 80 lakh. In pre-pandemic 2019, of 13,250 units sold, the share of these homes was 24 per cant Santhosh Kumar vice chairman, ANAROCK Group, says, “The trend in 2020 almost matches that of 2019; the pandemic struck at a time when housing trends in Gurugram were beginning to improve. The sales share of affordable housing was similar to 2019 – of 11,170 units sold, around 65 per cent was of affordable housing, while homes priced more than 80 lakh had a mere 15 per cent share.”
Size does matter
One of the defining features of premium and luxury homes is their larger size, which became the new imperative because of the WFH culture. Low interest rates, developers discounts and offers, and homebuyers’ prefence for state-of-the-art amenities further contributed to this momentum. Following the new consumer demand, developers began increasing the supply of homes priced more than 80 lakh. ANAROCK data shows that of 18,540 units launched in Gurugram in 2021, approximately 6,040 units (33 per cent) were priced more than 80 lakh. In 2019, 4,080 units out of a total of 19,350 (21 per cent) launched in Gurugram were In the premium and luxury categories denoting an increase of 48 per cent in the supply of the homes priced more than 80 lakh in 2021 as against 2019.
Talking about the luxury market Karan Kumar, CMO, DLF Ltd, says, “Being a National Capital Region and owing to the strategic location, excellent connectivity; and robust infrastructure, Gurugram has emerged as a preferred residential address. Especially for luxury and super luxury development in areas like Golf Course Road. The presence of commercial hubs such as Cyber City Sohna Road, Golf Course Road and Udyog Vihar among others have over a period of time led to social and infra-structural evolution around these areas in the form of residential and commercial development.”
The area is going to be next residential hub with several projects both ready to move in as well as under construction. Thousands of families are already living and experiencing hassle free living with Modern infrastructure, amenities, retail and signal free drive.
The social infrastructure of the area has also got a major boost in the last couple of years. Super speciality hospitals, top class schools, and other educational institutes cater to the needs of hamebuyers of all categories. Leading hospitals are catering to the medical requirements of the residents of the area.
Anupam Varshney, head- sales and marketing, Vatika Limited, says, “Gurugram remains the most preferred location for young buyers as it has a bit to offer in all the categories ranging from affordable to ultra-luxury. The growth in the millennium city’s luxury and ultra-luxury segment has been fuelled by the young working population with high incomes, changing lifestyles and. global exposure. The most sought-after locations preferred by young buyers include New Gurgaon, Sohna Road, Dwarka Expressway, and Golf Course Extension Road. Most of the young generation prefers a high standard of living which Gurugram has to offer. With its improving infrastructure, commercial growth, connectivity etc. properties in Gurugram will offer a good return on investment in the coming years.”
Therefore, it is a win-win deal for the buyers to invest in a hilly equipped city near Delhi, supporting modem day living, and matching up with the needs of the urbanites.
Pankaj Bansal, direceir, M3M Group points out, “Gurugram is home to more than 250 of the fortune 500 companies and continues to be one of the largest hubs of economic activity in entire North India. With presence of large number of corporates, Gurugram provides most of the white-collar jobs, hence a preferred destination of the young workforce. Gurugram also boasts of one of the finest qualities of both physical and social infrastructure like schools, colleges, hospitals, shopping malls, cafes, mult-plexes, etc Gurugram is also the most cosmopolitan city in entire North India and has presence of a lot of credible developers with proven track record.
The growth, particularly in luxury and ultra-luxury segments, has been boosted largely by young working population, with their high disposable incomes, lifestyle aspirations and international exposure. Locations such as Golf Course Road, Golf Course Road Extension and Dwaraka Expressway, are in constant demand, as projects here offer 24×7 security, futuristic designs, and state-of-the-art lifestyle features. Metro and Rapid Metro System have also played a huge role in the city’s growing importance in the corporate world, where most of the young population is. In fact the trend is likely to stay and gain impetus as Gurugram’s rapidly growing infrastructure and quality of construction, up-to-the minute lifestyle facilities, specifications and proximity to social infrastructure will continue to act as drivers for improved demand momentum.”
Snalin Raina, managing director, Residential Services, Cushman & WakeField, concludes, “Gurugram has earned tag of the millennium city owing owing to the accelerated growth the city has witnessed over the last decade. The presence of fortune 500 companies, evolving infrastructure, international standard healthcare facilities, the presence of top educational irseetens make Gurugram a compelling proposition for first time hornebuyers. The overall sentiment for the Gurugram market has been upbeat owing to the appreciating prices with prices of apartments at the rate of 10 to 15 per cent and a staggering 30 to 50 per cent for plots over the last one year. So, purely from an investment perspective too, the market is right for first time home-buyers with prices expected to head northwards In the corning few years.”