Gurugram with its new residential pockets has decisively taken a lead over competing zones in the national capital region.
With regular momentum now coming back to the real estate business after Corona-led large scale disruption, the Delhi/NCR market has once again become one of the most happening turfs. And the action is quite broader in nature covering all realty segments.
Read More: Huge Relief To Home Buyers! Decks Clear For House Registry, Stalled Projects In Noida, Greater Noida
If the affairs of the Delhi/NCR market have to be examined minutely, a clear distinctive point would be the growing prominence of Gurugram as a residential hub. It is no secret to anyone that Gurugram, the biggest working hub of white-collar workers in Delhi/NCR and the prime seat of the leading domestic and international firms, has traditionally been a top-notch residential hub too. It has, however, faced stiff competition from some other pockets particularly from Noida (Greater Noida is a prime addition to its growing ambit) owing to its development and evolution as another major commercial and residential hub in the pockets adjacent to the national capital in the recent decades. The residential market in and around Noida has also been considered as a value-for-money proposition, its key USP.
But there are now indications that Gurugram residential market’s profile is undergoing a major churning which will further add to its magnetism, giving it an unquestionable and decisive edge in terms of offering vibrant housing pockets located adjacent to the national capital. The newfound strength of Gurugram’s residential landscape stems from evolution of vibrant pockets which can practically be looked at as greenfield developments. These pockets had taken off more than a decade back and had somewhat gone off the track due to Corona-led closure for a while but now they are evolving very fast, almost at a breakneck speed.
Read More: Home Affordability improve across Indian cities in 2023: Knight Frank India
There are at least three new pockets in Gurugram that have emerged as new points of attraction for home buyers – New Gurugram (particularly sectors 92 and 93), Dwarka Expressway, Central Peripheral Road (CPR), and Sohna Road. While the first two are almost Greenfield pockets in terms of the creation of residential assets, Sohna Road’s consolidation as a housing hub is more like the expansion of an existing pocket. These pockets today have a commendable mix of ready-to-move as well as projects under development that will join the supply chain in the near run.
Many projects fall under the category of affordable housing which seems to be successfully diluting the perception that when it comes to the pricing point, Gurugram lacks modest tag dream home offerings. And each of these pockets has its own location-centric advantages as well as well-developed infrastructure facilities and basic amenities. These include proximity to the commercial hubs as well as being in the vicinity of massive infrastructure upgrades initiated in the recent years.
In a traditional sense, Gurugram has always been known for its superior infrastructure vis-à-vis other pockets in the national capital region. And the new developments and projects now seem to be upping the ante on this front. Take the case of the Dwarka Expressway location which has the inherent benefit of the Central Peripheral Road (CPR) as the dynamic component for easy access on all sides (sector 36 A is the fulcrum of over 8 km long stretch which has been built at a cost of around Rs 2,000 crore). CPR is just few minutes of drive from the city’s prime corporate hubs like Cyber City or Udyog Vihar, thanks to significantly improved road access. The key calling card of these pockets is offering buyers (first timers as well as investors) housing units in different pricing brackets but with improved living standards.
Read More: Mumbai’s realty market to drive India’s real estate growth – Here’s why
Nothing surprising, the new housing pockets which are redefining Gurugram’s expanding realty landscape have seen maximum action in the recent past in terms of new launches and transaction volume. According to a report released by a leading agency early this year, the first quarter of 2023 saw a tremendous surge in new launches amounting to 12,450 units in NCR cities with Gurugram notching the lion’s share – as much as 80 percent (9,940 units). It was followed by Greater Noida which had a relatively paltry figure of around 1500 units.
On a quarterly basis, the actual sales in Gurugram marked a double-digit uptick as against flat trends witnessed in other NCR cities. In 2022 on a full-year basis, Gurugram had actually seen over a 100 percent jump in the actual sales with 32,617 units being handed over to buyers as against 15,590 units a year earlier. Other vibrant pockets in NCR like Greater Noida and Noida had mostly seen the actual sales growing by 15 percent in the same period. These numbers strongly underline that Gurugram with its new residential pockets has decisively taken a lead over competing zones in the national capital region.
