Residential transaction in Gurugram increases by 10%.

 

Rapid growth of the Dwarka Expressway, increased availability of RTM homes, and the involvement of reputable builders boosted inquiries

According to a recent study by 99acres.com, residential transactions in Gurugram increased by more than 10% due to spillover demand from the previous quarter and developers' flexible payment schemes. Due to the limited number of new home buyers in the market, residential enquiries in Gurgaon fell by about 15% QoQ in January-March 2021.

“Gurugram has a high job potential, based on its consistently improving ranking because both the service and manufacturing sectors are thriving. Many reputable builders and developers are bringing groundbreaking residential and commercial projects to this area. There are developments where buyers can enjoy green acres away from the pollution of the area,” says Pawan Sharma, Director, Value Homz.

According to the Proptiger.com data, the city saw the launch of 448 units in Rs 3-5 crore, nine units above Rs 7 crore, and 300 launches in Rs 1-3 crore. In 2020, Gurugram was the only city among the trio cities of NCR (Gurugram, Noida, Greater Noida), which has launched projects in Rs 3-5 crore and above Rs 7 crore. The data also revealed that maximum launches in the last four years were in Rs 1-3 crore with Gurugram having 5992 units, which is way higher than other areas of NCR.

“South Gurugram's bright future is assured by its expanding infrastructure and proximity to major corporations. South Gurugram would be the most desired address for millennial homebuyers looking for luxury flats in Gurugram, as it ranks high on several primary livability index parameters. South Gurugram is, of course, an appealing choice for people who want to enjoy the facilities of a modern city without being subjected to the city's cacophony,” says Pradeep Aggarwal, Founder & Chairman, Signature Global Group and Chairman, ASSOCHAM- National Council on Real Estate, Housing and Urban Development.

The rapid growth of the Dwarka Expressway, increased availability of ready houses, and the involvement of reputable builders, according to 99acres.com, boosted inquiries in residential Sectors 102-115 along the stretch. Housing plots were also in demand, but resale homes priced between Rs 1 crore and Rs 1.5 crore drew nearly 60% of the demand in Gurugram.

“The majority of buyers in this sector choose a two-bedroom setup, which accounts for more than half of all sales. Dwarka Expressway is also close to the current Gurugram-Manesar-Bawal Metro Project and the Delhi-Alwar Regional Rapid Transit System (RRTS). This is the lifeline for those who live in Dwarka and work in Gurugran. Developers have invested over Rs 60,000 crore in residential and commercial projects along the 150-meter-wide expressway. The Dwarka Expressway's construction has been a boon to the real estate sector, facilitating the Gurugram area's long-term growth. The completion of the stretch would reduce travel time between New Delhi and Haryana while also providing world-class opportunities for the region's expected commercial and urban growth,” says Nagaraju Routhu, CEO, Hero Realty.

The 99acres report says, Because of the news about the removal of the Khekri Daula Toll Plaza, ample residential options, and proximity to the Southern Peripheral Road and NH-8, New Gurgaon and Golf Course Road Extension remained prominent. Residential apartments in the areas were marketed at around Rs 7,000-11,000 per sq ft on average. “In this region, property prices have steadily increased. For example, the prices of newly launched projects were around Rs 2275 in 2010, but currently, prices are hovering around Rs 6,500. Prices will certainly increase as the area's infrastructure improves; it's difficult to estimate, but historical data provides a clear indicator of the future,” adds Vikas Garg, Deputy Managing Director, MRG World.