The real estate sector in India has witnessed a noteworthy surge in demand and transactions over the past couple of years. The sector, which grappled with high pre-COVID inventory levels, now faces a different scenario with restricted supply in many high-demand cities and neighborhoods. Among these, Gurugram stands out as a city witnessing an upsurge in demand across the entire residential housing spectrum, encompassing affordable and luxury options, independent houses, floors, and plots.
Recent data from Magicbricks reveals that Gurugram has experienced an impressive quarter-on-quarter (QoQ) growth of 28.9% in property demand, surpassing the national average of 10.4%. This demand surge is largely attributed to Gurugram’s burgeoning status as a commercial and technological hub, magnetizing a substantial workforce in pursuit of quality housing solutions. Gurugram has firmly established itself as a primary destination for luxury residences, and several key factors have fueled its prominence in this segment.
Notably, within Gurugram, the demand focal points are predominantly the Golf Course Extension Road and the Dwarka Expressway. With the increasing demand in mind, numerous developers are gearing up to introduce real estate projects either in the near future or during the upcoming festive season to capitalize on the opportunity.
Golf Course Extension Road
Golf Course Extension Road holds exceptional allure for real estate buyers and investors due to its strategic location and upscale amenities. This road offers seamless connectivity to major business hubs and leisure destinations. Its proximity to established social and commercial infrastructure, coupled with its reputation as a premium residential locale, enhances its appeal. The area’s well-planned urban development, green spaces, and luxury housing options contribute to its high demand.
Anant Raj Limited, a listed real estate firm and a prominent developer in the NCR region, holds a substantial land bank along the Extended Golf Course Road. The company is preparing to introduce a range of luxury housing options this November, aligning with the festive season.
Aman Sarin, Director & CEO, Anant Raj Ltd, says, “There has been a substantial surge in demand and inquiries from prospective home buyers over the past few quarters. Buyers are actively seeking top-tier residential developments throughout the city. Notably, the Golf Course Extension Road has emerged as a prime choice for those interested in high-end and luxury residential properties.”
“We currently possess a well-established 200-acre integrated residential township namely ‘Anant Raj Estate’ located on Golf Course Extension Road, Sector 63A, Gurugram. This is an integrated development wherein the company offers all types of homes, be it luxury villas, luxe high rise, independent floors, fully-furnished villas and independent plots along with community sites, club houses, schools, medical facilities and commercial / retail spaces,” added Sarin.
Ishaan Singh, Director of Advance India Project Limited (AIPL) Group, another real estate developer with a significant presence across various real estate segments including Grade A office space, retail, and housing on the Golf Course Extension Road, says, “This locality has undoubtedly cemented its reputation as an eminent location, capturing attention within both the residential and commercial real estate spheres. Within this vibrant area, a rich collection of upscale residential projects, top-tier Grade A office spaces, and bustling high-street retail complexes flourishes. While several projects are already completed and are fully operational, a host of others are steadily advancing through different stages of construction, promising even more dynamic growth.”
The demand for both residential and commercial space is intense along the Golf Course Extension Road. “Evident over the past few years, there has been a remarkable upsurge in demand for Grade A office spaces and a noticeable surge in footfalls within the high-street retail mall. This trend is anticipated to continue its upward trajectory, further fortifying the area’s prominence and allure as a thriving real estate hotspot,” adds Singh.
While the Golf Course Extension Road experiences a relatively higher demand and supply for upscale and luxury properties, a similar trend is observable on the Dwarka Expressway. However, it’s worth noting that there are numerous options for mid-segment housing projects also available on the Dwarka Expressway.
One of the major attractions of the Dwarka Expressway, is that it connects Gurugram to the capital city of Delhi and offers excellent connectivity for residents. This 18-kilometer stretch not only provides excellent connectivity to the Indira Gandhi International Airport but also offers easy access to prominent business hubs, making it an ideal location for professionals seeking luxurious residences.
“With seamless connectivity to key areas like Sohna Road, Golf Course Extension Road and Manesar, Dwarka Expressway has become a real estate developers’ magnet. New projects with state-of-the-art infrastructure and modern amenities are being unveiled to capitalize on the region’s huge potential as the most lucrative micro-market in Delhi-NCR,” says Rahul Purohit, National Sales Head, Square Yards.
“In all, Dwarka Expressway is a homebuyer’s delight, especially those looking to settle in the next 3-5 years,” adds Purohit.
Numerous developers in the vicinity share Purohit’s sentiments and hold a strong optimism regarding the promising growth trajectory of Dwarka Expressway. Their collective confidence underscores the potential for significant development and investment opportunities in this area.
Mohit Jain, Managing Director, Krisumi Corporation, says, “With the demand already soaring within this micro-market, the trajectory is poised for an even steeper ascent. This momentum is expected to amplify substantially upon the completion and public accessibility of the expressway’s final phase and the connecting roads. The Dwarka Expressway emerges as a hub of potential, promising unmatched accessibility and prosperity for its residents and investors alike.
Ravi Aggarwal, Managing Director, Signature Global (India) Ltd, says, “Due to its strategically-advantageous position and seamless connectivity to key areas of Gurugram, Indira Gandhi Airport, other expressways, and Delhi, the Dwarka Expressway stands as an exceptionally attractive option for homebuyers and investors.”
“Its exceptional location, coupled with its connectivity prowess, makes it a prime choice. Additionally, the wide spectrum of property options adds to its appeal for both homebuyers and investors, ensuring a versatile range of opportunities,” adds Aggarwal.
The robust demand isn’t limited to the residential sector; it extends to the retail and commercial segments as well. Both retail and commercial spaces in the vicinity are gaining traction among investors, witnessing significant growth in demand.
Vinod Rajpaul, CEO, Ocus Group, says, “As the population influx continues and a substantial number of individuals are projected to relocate to this sector within the coming years, the demand for high-quality retail and commercial spaces is set to surge. Keen-eyed investors are already capitalizing on this burgeoning opportunity, resulting in a surge in demand. At our Ocus Medley project in sector 99, we’ve experienced significant traction, leasing out to a range of retail outlets and esteemed food chains such as Pizza Hut, KFC and Bikanerwala.”
Currently, office rentals are positioned at a lower range due to the ongoing development in the area and the influx of residents. However, businesses are recognizing the potential for gaining an early mover advantage through favourable rentals, strategic location, and the prospects of securing long-term leases.
“Beyond the retail sector, there’s an observable upswing in demand for office spaces. Presently, rentals in this area remain comparably lower than those of other Grade A offices across Gurugram. Companies are seeking long-term leases at these advantageous rental rates, tapping into the potential for substantial gains in this dynamic micro-market,” says Rajpaul.
Thus, according to industry experts, if you’re seeking to purchase property for either personal residence or investment, particularly within Gurugram, these two locations are certainly worth considering.
Source : Financial Express