Gurugram Emerges as India’s Real Estate Powerhouse in 2023

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    In 2023, Gurugram has cemented its position as a dominant force in the nation’s thriving real estate sector. The city’s unprecedented growth is reshaping the real estate landscape, driven by a convergence of factors that are redefining the industry.

    Developers are responding to a diverse range of preferences, offering visionary solutions that range from luxury independent floors to sustainable co-living spaces and spacious homes. Gurugram is at the forefront of this transformation, witnessing a surge in innovative projects designed to meet evolving market demands.

    Vivek Singhal, CEO of Smartworld Developers, emphasizes Gurugram’s leading role, stating, “Gurugram stands tall, not only as a city of promise but as an indisputable leader in India’s real estate space, shaping the future of the industry in unprecedented ways. The residential segment is expected to spearhead this phenomenal growth, reflecting the changing preferences of homebuyers. The Gurugram market has witnessed an astounding 20% year-on-year price appreciation, with Dwarka Expressway, Golf Course Extension, and New Gurgaon leading the way.” He adds, “The Golf Course Extension Road has become the nerve center of Gurgaon due to a flurry of infrastructure developments, luxury residential projects, office spaces, retail spaces, entertainment options, and recreation options. Between 2019 and 2022, the average rental price for luxury homes of approximately 2,000 square feet in the Golf Course Extension increased by 18%, rising from Rs 49,000 per month in 2019 to Rs 58,000 per month in 2022.”

    Notably, Gurugram’s real estate landscape is buzzing with news of a significant Rs 100-crore transaction involving a sprawling 10,000 square feet apartment at The Camellias by DLF on the Golf Course Road. In the April-June 2023 quarter, residential property prices across India experienced a commendable 6% year-on-year increase, with Gurugram leading the pack with an impressive 12% year-on-year growth. Recent data from Magicbricks underscores Gurugram’s meteoric ascent, boasting a remarkable quarter-on-quarter growth of 28.9%, far surpassing the national average of 10.4%.

    Mohit Malhotra, Founder & CEO of NeoLiv, attributes the demand surge to Gurugram’s growing status as a global hub for industries, start-ups, MNCs, and a high-quality workforce seeking superior housing options. He highlights the focus on infrastructure upgrade in the National Capital Region (NCR), especially Gurgaon, and states, “This momentum is expected to continue as NCR is grappling with housing supply in the mid to premium segment, and we see huge potential building up in this segment.”

    In an unprecedented development, residential sales in Delhi-NCR reached a 10-year high in the first half of 2023, with Gurugram accounting for over half of the units sold, boasting an astonishing 52% share. The price range of Rs 7,000-7,200 per square foot reflects the city’s immense growth potential.

    Kunal Rishi, COO of Paras Buildtech, comments, “Gurugram’s appeal now extends to both first-time and seasoned homebuyers seeking an elevated lifestyle. The surge in high-rise living options aligns seamlessly with post-pandemic preferences, bolstered by enhanced connectivity that drives the city’s real estate resurgence. With the third highest per capita income in India and the highest in Haryana, coupled with impeccable connectivity, top-tier infrastructure, and a diverse range of modern projects, Gurugram stands as a pivotal residential and industrial hub, attracting discerning buyers from around the globe.”

    As the years progress, Gurugram’s trajectory appears limitless, promising even greater achievements and innovations. The city’s skyline, once a canvas of potential, now boasts architectural marvels that redefine urban living. According to industry experts, Gurugram stands not only as a city of the present but as a beacon of the future, showcasing the limitless possibilities of human endeavor in the realm of real estate. Each day brings new inspiration, leaving us eager to witness the next chapter in its extraordinary journey.

    Also Read: Office Space Supply in India’s Top Cities Expected to Exceed 165 Million Sq Ft by 2025

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