Gurgaon has always been an attractive property investment destination in Delhi-NCR, and the demand is soaring in recent years. The city was projected as a poster boy for an IT city since the country opened its economy to international investments. With the highest per capita income, optimal connectivity, and upscale infrastructure, the millennium city has become a significant residential and industrial hub luring buyers from across the globe over time.
Known for its futuristic charm and extravagance coupled with sustainability, it is always on the radar of high-value investors as well as millennials who want to own a home in this global city. As a result, the residential real estate market here is rapidly becoming a hot favourite of not only ultra-rich but fast upwardly moving millennials, thus propelling the growth of all formats of housing development.
The current government’s proactive policy initiatives, such as the New Integrated Licensing Policy (NILP-2015), have also helped unlock the significant development potential of the city, by utilising the unused land parcels, thus providing impetus to the real-estate development potential of the city.
Let’s take a look at some of the major driving factors –
Broader choices and better investment opportunities
The residential market is brimming with opportunities as UHNI’s, Ex-pats, corporate honchos, and even the NRIs are looking for upscale residential spaces from branded and reputed developers. As a result, sales in plots, flats, villas, residences etc. have sprung up, owing to low-interest rates and higher ROI. According to an industry report, the NRI investments in Indian real estate were approximately $14.9 billion in FY22. A significant portion of this investment found its way to the north Indian real estate market, with Gurgaon being the top choice. The weakening of the Indian rupee, all-time low-interest rates and an increased inclination to owning a property back home have motivated NRIs to invest in real estate markets in India. The implementation of the Real Estate (Regulation and Development) Act 2016 (RERA) and various other policies further stimulated the realty landscape in Gurgaon to a great extent.
The demand is high in Gurgaon as the city houses over 250 Fortune 500 companies and has an entrepreneurial culture. Moreover, it is one of the major IT hubs of India; therefore, it’s quite popular among working professionals looking for a comfortable living spot.
CII-ANAROCK Consumer Sentiment survey conducted last year said that a substantially higher percentage of NRIs are also looking for premium apartments. According to the survey, at least 53 per cent of NRI respondents who plan to acquire property in India will do so for personal use, and 47 per cent for investment. These trends are very promising for the residential realty market.
Infrastructure for wellness and socialisation
Lifestyle shift has been a key driver behind the acceleration of luxury housing, and the well-off are looking at these spaces to escape the mundane life and go for spaces that mirror comfort and opulence. According to Sotheby’s Luxury Housing Outlook-2022, up to 67 per cent of high-net-worth individuals intend to buy luxury houses in 2022. The demand for gated condominiums with round the clock security, state-of-the-art amenities such as a clubhouse, gym, spa, tennis court, badminton court, and swimming pools have emerged as sought-after offerings.
Modern amenities, accessibility, and sound connectivity
Gurgaon’s vibrant business districts, developed social infrastructure with renowned international schools, modern hospitals, numerous shopping malls, entertainment facilities, restaurants and hotels, cinema halls, etc. are perfectly complimenting the city’s future-forward charm for a hassle-free living. Other contributors adding to this cosmopolitan city’s glory include immersive lifestyle, accessibility, outdoor sporting amenities, greenery, walking and cycling tracks and others. Moreover, the ‘walk to work’ concept is a catalyst, and the preference for staying close to workplaces has also shaped the city into a desirable residential real estate hotspot.
The city boasts excellent connectivity and has an excellent road infrastructure and metro links. It enjoys seamless connectivity to Delhi’s international airport and major railway stations and easy access to Faridabad, Delhi and key areas of the NCR region. NH-8, Southern Peripheral Road, Central Peripheral Road, SPR Extn. and KMP Expressway, among others, are the key lodestones for the rising businesses in the region. In the near future, the upcoming Dwarka Expressway will add great value to the region’s real estate.
The future is promising
Recently, there has been a massive shift in consumers’ approach toward the residential real estate market, and large spaces nestled amidst verdant greenery have gained prominence. The residential sector registered robust growth in January-March 2022 as demand rose 4.6 per cent quarter-on-quarter (QoQ) across 13 Indian cities. Gurugram registered 9.6 per cent growth according to the Magicbricks PropIndex Report. Moreover, the pandemic has reaffirmed the significance of comfort and luxury in residential real estate, which is promising. Going forward, Gurgaon real estate market will benefit the most from the positive trends and environment acting in its favour.
Source : TOI
