Gurugram’s luxury housing market is thriving due to a host of factors, including robust economic growth, enhanced infrastructure, and a growing affluent population seeking premium living spaces.
Luxury housing in the Delhi-National Capital Region (NCR) is witnessing a remarkable surge, echoing the broader trend across India’s real estate sector. According to a recent CBRE report, the luxury segment recorded a substantial 10% year-on-year growth in sales during the first quarter of 2024.
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While luxury housing continues to dominate the real estate sector, Delhi-NCR emerged as a significant contributor to new residential launches. The country’s economic growth, general all-around prosperity, preference for larger homes, and the added pace of major infrastructural projects such as expressways and highways, metro network expansion, rail corridor, etc., have been some of the key factors.
The growth figures show that in 2023, the sale of luxury homes priced above Rs 1.5 crore increased by 6% compared to 2022. Gurugram saw a 151% year-on-year increase in luxury housing purchases, as per the latest industry reports.
In Q1 2024, NCR saw approximately 7,270 new housing units launched, with a significant portion (55%) in the ultra-luxury segment. Although this represents a 42% decrease compared to Q1 2023, it highlights the focus on high-end properties within the new supply. Luxury housing sales have shown strong performance, driven by the desire for better living conditions and advanced amenities.
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Key Growth Drivers in Gurugram
Infrastructure Development: The extension of the Metro project, Dwarka Expressway, and developments around New Gurugram have contributed to its rise as a luxury destination for corporate headquarters. Increased spending on infrastructure, roadways, and metro projects, along with the inauguration of the Dwarka Expressway, have further fuelled demand.
Appeal to Affluent Buyers: Millennials, ultra-high-net-worth individuals, and expats from India and worldwide are drawn to Gurugram due to its prominence as a hub for multinational corporations and its high-quality lifestyle. Areas like Southern Peripheral Road, Central Peripheral Road, and Golf Course Extension Road have emerged as sought-after destinations for luxury housing.
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Market Performance: While the average residential property prices in the top seven cities in India increased by 6% to 9% in Q1 2023, Gurugram’s Golf Course Road micro-market experienced an impressive 42% year-on-year appreciation and 26% quarter-on-quarter growth. This significant rise in property values underscores the area’s attractiveness and the high demand for luxury homes.
Gurugram’s luxury housing market is thriving due to a host of factors, including robust economic growth, enhanced infrastructure, and a growing affluent population seeking premium living spaces. The city’s strategic location, high-quality amenities, and significant real estate investments continue to position it as a leading destination for luxury housing in the NCR. With ongoing developments and a resilient market, Gurugram is set to maintain its momentum in the luxury real estate sector.
