Written by Devender Aggarwal:
In recent years, the real estate landscape in Gurugram has experienced significant and noticeable changes. This energetic city in the national capital region (NCR) has evolved radically, particularly in the post-liberalisation era. Traditionally, a hotspot for both residential and commercial realty, Gurugram is now witnessing a new trend in its micro markets. The emerging trend focuses on sophisticated and advanced residential units, commonly referred to as premium units, positioning Gurugram as a prime stage for this segment.
This shift towards premium residential realty isn’t limited to Gurugram alone. It’s part of a broader national trend, evident in various distinctive pockets across the country. However, Gurugram, often called the Millennium City, is at the forefront of this transformation. While the price tag for premium units varies by region, market experts agree that the most significant activity is seen at the entry level of this category, typically units priced above Rs 2 crore.
Statistics underscore Gurugram’s growing dominance in the premium residential sector. Market analysts widely predict that Gurugram will further solidify its position as the premier housing hub in India. Within the NCR, the city is expected to widen the gap with other regions, capitalising on the opportunities presented by this growing segment. Several factors contribute to Gurugram’s dynamic residential landscape, including continuous infrastructure improvements like metro connectivity, a robust road network, and proximity to the Delhi-Mumbai Industrial Corridor. Over the past decade, new large-scale residential areas such as Dwarka Expressway, Golf Course Extension, North and South Peripheral Road, South of Gurgaon, and New Gurgaon have emerged, bringing with them massive development in amenities.
Specific sectors, such as Sector 37 D, sectors 81 and 84 in New Gurugram, and Sector 71 on South Peripheral Road, have become high-growth zones, attracting buyers seeking their ideal homes. Gurugram’s status as a hub for manufacturing (led by the automobile industry) and high-end services (technology, consultancy, and headquarters of many MNCs) continues to drive demand for premium housing units.
For high-net-worth individuals (HNIs), non-resident Indians (NRIs), and top to mid-tier professionals, investing in high-end housing in Gurugram is now a lucrative proposition. Reports from leading realty consultancy firms suggest a high rate of return, between 30-40 per cent, for early investors in Gurugram’s new premium residential hubs. This trend is expected to gain more momentum in the coming years.
Infrastructure development remains a crucial advantage for Gurugram. The recently unveiled DMIC (Delhi Mumbai Industrial Corridor) stretch near Gurugram has improved access to residential hubs along the Sohna-Dausa stretch. The opening of 18 km of the Dwarka Expressway (Gurugram portion) has ensured seamless connectivity between the national capital and Gurugram, enhancing the area’s appeal as a premium housing hub.
Additionally, ongoing projects such as the expansion of metro services and the Rapid Rail Transit System (RRTS) will further bolster Gurugram’s infrastructural profile. The metro is set to cover an additional 28 km, with a government-approved investment of over Rs 5,000 crore. By 2028, Gurugram will also be part of the Delhi-Alwar corridor, the country’s second major RRTS project, spanning 164 km.
With a solid foundation in the high-end housing segment, remarkable infrastructure improvements, high returns on investment, and its status as a formidable economic hub, Gurugram’s future in premium real estate looks bright. The city’s premium signposts are set to shine even more in the coming years.
(The author is co-founder and joint managing director, Signature Global India Ltd)
Comments
0 comment