In 2023, a total of 11,270 housing units were launched in this submarket, which was 69% of the overall launches in Gurugram, while 12,409 residential units, with a sales value of ~INR 25000 crore, were sold in this submarket.
With the Gurugram section of Dwarka Expressway having been recently inaugurated by PM Narendra Modi and theHaryana Government greenlighting a project worth Rs 99.5crore to construct eway service roads on both sides of the Dwarka Expressway, the region is likely to witness a beeline of residential as well as commercial investments by topline developers and property buyers.
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According to JLL, the Dwarka Expressway-New Gurgaon cluster has become the new hotspot for premium launches in Delhi NCR. In 2023, a total of 11,270 housing units were launched in this submarket, which was 69% of the overall launches in Gurugram, while 12,409 residential units, with a sales value of ~INR 25000 crore, were sold in this submarket.
The 9,000-crore Dwarka Expressway has been one of the most ambitious yet delayed projects which is being helmed in four packages —two in Delhi, and two in Gurugram, connecting Dwarka in Delhi to Kherki Daula in Gurugram. With time, especially the last five-six years in particular, the region has undergone immense development in terms of colossal investments by Grade-A developers, delivering diverse property offerings such as high-rise societies, gated communities, independent floors, and affordable residentials.
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Ongoing Luxury Realty Boom
Post-pandemic, luxury residences are selling like hotcakes. Despite the price rise, luxury demand has continued to remain stable nonetheless. The idea of luxury home ownership has swept the minds of young and ambitious homebuyers. It is not only seen as a status symbol or a yardstick of a lifestyle upgrade. In fact, luxury homes are also seen as a chief investment that will bring long-term appreciation returns. Luxury homes and condominiums with sale prices starting from Rs 1.5 crore onwards have undergone an average price uptick of 24% in the last five years across the top seven cities of India, namely National Capital Region (NCR), Hyderabad, Mumbai Metropolitan Region (MMR), Bengaluru, Pune, Chennai, and Kolkata, as per a recent report by Anarock. The average price has increased from 12,400 per square foot in 2018 to Rs 15,350 per square foot till the first half of 2023. In NCR, the prices of luxury residential properties have appreciated by 22% over the last five years.
The Anarock price escalation data underscores an outstanding demand rise for luxury residences in both pre and post-pandemic years bought in great numbers, especially by Millenials and Gen-Z home buyers. Initially spelled out to be a ‘short-lived fad’ or a ‘housing bubble’ phenomenon by fence-sitters and naysayers about the robust demand for luxury homes, the continued progression in sales for luxury properties has caused the doubts to dissipate.
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In addition, the property appreciation values of new realty corridors in Gurugram, especially on Dwarka Expressway, have experienced a significant upshift, as per a report by Geetanjali Homestate. The study drew a comparative analysis of the overall average property price on Dwarka Expressway between Q4 2023 and Q4 2022 which ranged between Rs 11,300 and Rs 11,700 per sqft in Q4 2023 compared to Rs 9,600 to Rs 10,000 per sqft in Q4 2022.
The study further elaborated on the average price accentuation in the micro residential markets of Dwarka Expressway. For example, Gururgram’s Sector 84 has gone through a colossal 27% year-on-year growth in Q4 2023. The average prices of Sector 84’s property market lie between Rs 10,000 and Rs 11,000 per sqft with the quarter-on-quarter growth levelled at 5%. The average property prices also witnessed a steady growth from Rs 7,300 to Rs 7,700 per sqft in Q2 2022 to a range of Rs 9,500 to Rs 9,710 per sqft in Q3 2023.
Talking about the same, Vikas Garg, Joint Managing Director, Ganga Realty, said, “The rapidly growing infrastructural prowess, overarching connectivity, and luxury housing projects have led the property values to escalate in Sector 85 and adjoining regions. Simultaneously, property demand has witnessed a sureshot boom in recent times. With the Gurugram section of Dwarka Expressway fully complete, the property price values in all probability will shoot up by great margins bringing more consumers to the property investment beeline.”
Saransh Trehan, Managing Director, Trehan Group, said, “The confluence of massive infrastructural projects and seasoned developers coming up with a great line up of projects are major catalysts for steady appreciation of property prices in new corridors of Gurugram. As a result of that, Southern Peripheral Road and Dwarka Expressway have become massive investment hotspots with Sector 67. 63, and 71 brimming with scalable residential options. Luxury housing continues to be the most favorable real estate asset as the wealthy and ultra-rich have developed a penchant for luxury homes and plan to expend resources in the ownership of luxury homes.”
The property prices are likely to go up with the opening of the Gurugram section of Dwarka Expressway.
Commenting on the same, Amit Gupta, Director, Orris Infrastructure, said, “Dwarka Expressway has become one of the most premium realty hotspots in Gurugram. Amid the swift infrastructural changes, the construction of service roads for commuters’ convenience, the near-completion of the Dwarka Expressway, and the Rs 5450 crore worth Gurugram metro rail corridor project connecting Old Gurugram with Dwarka Expressway will pivot new home buyers to choose residential locations close to Dwarka Expressway because of better connectivity, lifestyle, and diverse property categories.”
