In an exclusive interview, Neeraj K Mishra of Ganga Realty talks about the growth prospects of luxury housing in Gurugram and shares his business outlook. Excerpts:
In an exclusive interview with Sanjeev Sinha, Mr Neeraj K Mishra, Executive Director, Ganga Realty, talks about the growth prospects of luxury housing in Gurugram and shares his business outlook. Excerpts:
As per a recent Knight Frank and NAREDCO joint report, India’s real estate sector is likely to expand to $5.8 trillion by 2047, contributing 15.5% to the GDP from the existing share of 7.3%. What’s your view?
The Indian real estate sector has seen a pivotal upshift in demand and sales across the residential and commercial property markets after the countervailing effects of the global pandemic on the Indian economy and its gradual decline. However, the good news is the restoration of normality which has brought a consistent rise in the real estate traction and we have not encountered a shortfall situation in case of either existing inventories, user demand, or new supply additions of new residential and commercial properties. On the other hand, real estate investments have become a reliable source of income, rental generation and dissemination of comprehensive knowledge outlining the benefits of investing in them which have emboldened buyers to make favourable decisions for long-term profit inflows. We hope the real estate sector will contribute a larger portion of the share of the country’s GDP and contribute further to the consolidation of the Indian economy.
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Please name some of the swiftly-growing realty corridors in Gurugram and what are the reasons for their extensive growth?
Gurugram, a popular realty belt hosting rapidly-growing corridors such as Dwarka Expressway, Southern Peripheral Road (SPR), Golf Course Extension Road, and Sohna Road, has been witnessing bulks of investments in recent times. These sub-regions are experiencing multi-fold developments in various growth markets that are essential prerequisites for real estate prosperity. There are innumerable factors that are interplaying which makes them the ultimate property purchasing destinations, notably, proximity to employment hubs and job locations, improved infrastructure, and connectivity robustness. Proximity to the soon-to-be-operational Dwarka Expressway plays a key role in elevating the standards of physical infrastructure and real estate growth in these realty hotspots. The overarching presence of commercial developments, educational institutions, and recreational facilities has also contributed to their growth.
How can ‘luxury’ be defined by Ganga Realty? Which aspects do you focus on the most while seeking to create the best living experience for your customers?
Ganga Realty embarks ‘Luxury’ as the creation of a sustainable and eco-friendly environment that metaphorically highlights uplifting, sustainable and culturally connected developments with a broader scope of interaction between human beings and natural resources. We, being a responsible real estate developer, have interlinked luxury living with the establishment of core principles of a well-built environment facilitating design aesthetics, environmental harmony, ethical practices, technological integration, wellness and health. We are aiming to redefine luxury by creation of sustainable environment aiming to meet the needs of the present without compromising future generations.
Do you believe that Gurugram has become a luxury realty powerhouse? What are the reasons?
Gurugram has always been portrayed as a luxury real estate hotspot. The spectacular increase in luxury property demand can be predicated on the successive emergence of numerous housing corridors, namely, Dwarka Expressway, Southern Peripheral Road, elevated Sohna Corridor, among other numerous networks. The fast-paced originations of new residential belts exhorted the prospects of launching new luxury projects and catering to upcoming consumer bases, namely, millennials, HNIs, and even NRIs. The accreditation of Gurugram as a Millennium City has also solidified its position as the second-largest IT hub and third-largest banking and financial hub, attracting scores of high-earning talents to the city. They are more than willing to make investments in luxury property due to their personal wealth amassment and strengthening the luxury real estate fulcrum of the city.
Has the systematic growth of luxury housing put affordable homes on a decline in Gurugram?
Luxury housing is currently blossoming heavily in Gurugram. Homebuyers are more inclined towards investments in luxury homes owing to lower depreciation values, high rental income source, enjoyment of personal freedom, individualistic privacy, peace and security which are the most valued and attainable features for young buyers nowadays. The advent of new luxurious property categories providing high-end amenities and recreational facilities is an insatiable urge for luxury buyers seeking to invest in the best offerings. It has not produced an offset effect on the affordable housing sector. However, luxury housing continues to be the top demand for homebuyers in Gurugram.
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Where do you see Ganga Realty in the next 5 years?
Ganga Realty is set to shine bright not only in Gurugram, but across the nation. Our ongoing projects, including the construction of breath-taking skyscrapers, will reach their full glory within this timeframe towards defining the new skyline of city. We are unwavering in our dedication to creating homes redefining luxury while embracing sustainability, offering an unparalleled living experience. Our mission is to be renowned for our unwavering commitment to excellence, trust, and the happiness of our homeowners and investors. Ganga Realty is not just a name; it’s a promise of an extraordinary future.
