Tag Archives: Gurgaon’s real estate

Gurgaon and Dwarka are leading the premium real estate boom, with prices rising by up to 53%

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The average capital values of completed and under-construction properties in Gurgaon reached a new high of 30% and 37%, respectively, with year-over-year growth recorded at the city level. 

According to an analysis by global consulting firm Savills India, the top-performing micro real estate markets in the nation are New Gurgaon and Dwarka Expressway, with average capital values of under-construction properties growing by 34% and 53%, respectively, annually over the past year. 

The consulting firm also noted that due to the rise in “work from anywhere” or remote working and relatively high rental yields, North Goa, the second home location, saw a sharp increase in villa prices of 28% over the year. 

The average capital values of completed and under-construction properties in Gurgaon reached a new high of 30% and 37%, respectively, with year-over-year growth recorded at the city level. The average capital value of residential plots increased by 43%, the Dwarka Expressway saw the biggest price increase. 

In Noida, the average capital values of completed and under-construction properties saw notable annual increases of 29% and 30%, respectively. Sector 150 in Noida had the largest growth in capital value for properties still under construction, a growth of 43 percent annually. 

With an annual growth rate of 43%, the sector 150 micro market has the biggest increase in capital value among properties still under construction. 

The average capital value of luxury floors increased by 16 percent annually in Delhi. With luxury floor prices rising by 27% annually, South-East Delhi saw the largest price appreciation. The South-West, which saw a year-over-year increase of 21%, comes next. 

At the city level, the average capital values of residential plots increased by 25% annually. The micro-markets in the South-Central and South-West regions drove this trend, registering the highest YoY growth rates at 29% for each. 

“As new launches offered newer amenities and configurations, the under-construction projects in the top 3 cities of Delhi, Gurgaon, and Noida witnessed higher price appreciation of up to 30% over the year compared to ready properties.” The premium housing market is experiencing strong demand, as evidenced by the ongoing price movement. Savills India claims that the RBI’s decision to keep interest rates unchanged for the sixth consecutive time is another element bolstering the rising demand and should support the expansion of the residential market. 

Price patterns: 

  • In Mumbai, the increase in capital values for properties still under construction is greater than that of ready properties, which saw a 3% year-over-year rise, and under-construction properties saw a 5% YoY increase. 
  • The capital values of Central Mumbai and Western Suburbs (others) experienced a noteworthy YoY increase of 12% -21% due to new launches at prices exceeding the current market average. 
  • The demand for the luxury segment saw notable growth in the market. 
  • The growing trend of hybrid working, particularly among professionals in the financial services and legal domains, made larger spaces in bungalows and premium residences more desirable. 

Bengaluru 

  • Capital values in Bengaluru’s upscale residential market increased by 5-6% YoY during the year. Due to strong demand and higher prices for newly launched projects, under-construction projects experienced higher growth, averaging 7.2% YoY, compared to just completed projects that saw an increase of roughly 5.2% YoY. 
  • After East Bengaluru, which grew by 6.2%, Central Bengaluru saw the largest increase in capital values of completed projects, at 7.5%. 
  • The main drivers of capital appreciation in these markets have been the completion of the new metro route in Eastern Bengaluru and the high demand from HNIs in Central Bengaluru. 

North Goa 

  • North Goa’s average capital villa values increased by a major 28% year-over-year increase. Due to its high rental yields, growing appeal for gated villas, and demographic shift towards younger, lifestyle-focused buyers, it is becoming increasingly popular among homebuyers as a second home location, which is why prices have increased. 
  • The market is seeing a trend of young professionals relocating to Goa, particularly from big cities like Bengaluru, Delhi, and Mumbai. These professionals frequently pursue better work-life balance as digital nomads or in creative industries. 
  • Gated villas in coastal belt areas like Anjuna, Arpora, Baga, Calangute, Candolim, and Vagator were preferred by buyers.
  • The availability of villas in North Goa has drastically changed due to growing land prices. Over the previous five years, the typical size of a villa has decreased by nearly half, from 5,400 square feet to 2,700 square feet.  

The following were the main trends these cities saw all year long: 

Mumbai 

  • Rental values increased in all micro-markets, with estimates ranging from 3% to 8% year over year. The pent-up demand for rental properties brought on by the city’s abandoned building redevelopment can be partially blamed for the increase in rental values. 
  • The market grew as more and more end users began considering renting larger homes in amenity-rich projects. 
  • Real estate near metro stations saw a sharp rise in rental values. The convenience of a quick and reliable commute to major business hubs and entertainment districts is highly sought after by homebuyers.  

Bengaluru

Premium residential developments in South and North Bengaluru witnessed a notable 3% year-over-year increase in rental income. The rate of premium property growth in East and Central Bengaluru was also 2% YoY. 

Delhi

  • At the city level, rental values rose by 31% YoY in H1 2024. 
  • The Central 1 micro market saw a 36% year-over-year rent rise, while the South-Central micro market saw the largest annual at 38%. 

Gurgaon

  • The average rental rate increased by 18% YoY in the city. 
  • The two roads with the largest rental increases were Golf Course Road and Dwarka Expressway, with 19% and 28% YoY growth, respectively. 

New launches across key cities: 

  • There were 1,300 new luxury apartment launches in Delhi in H1 2024, an X4 increase. 
  • In H1 2024, Gurgaon saw a 1–2X increase in new launches, totaling roughly 9,500 luxury units. 
  • Noida has seen a significant increase in newly constructed luxury apartments, with an expected 2,200 units added in H1 2024. 
  • With 5,632 new units introduced, Bengaluru’s premium segment experienced a 156% year-over-year growth in H1 2024. 23% of new launches occurred in North Bengaluru and 55% in East Bengaluru. 

“Buyer confidence was high in the first half of 2024, with investors showing a preference for recently launched properties and end users looking for properties ready for them to move into. Buyer and tenant demand for older developments in grade A corridors increased. Large balconies and green spaces improved the sales velocity of villas and apartments. More attention was also paid to the 4-BHK in the luxury market, which is relevant to both primary and secondary markets. A growing number of new developments in Delhi and Gurgaon indicates a rising need for luxury homes. Shveta Jain, Savills India’s Managing Director of Residential Services. “It is noteworthy that picky purchasers also pursued green buildings, indicating an increasing desire for high-end, eco-friendly living beyond conventional conveniences.” 

The Dwarka Expressway is driving the real estate revival in Gurgaon

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With the Dwarka Expressway, businesses, residents, and investors stand to gain much from the promise of better accessibility and enhanced connectivity. 

Gurgaon’s real estate market has experienced a surge in activity due to the Dwarka Expressway, drawing interest from investors and homebuyers. In the history of Gurgaon’s development, this corridor marks a critical turning point that will transform the city’s skyline and spur economic growth. In addition to increasing property values, the expressway has spurred economic activity nearby and electrified infrastructure to expand. Gurgaon is currently a leader in India’s growing real estate market, drawing interest from domestic and international markets. The Dwarka Expressway is creating a lot of talk, highlighting how important it will be in deciding Gurgaon’s status as a vibrant and future metropolis. 

The real estate market in Gurgaon is experiencing a notable upswing, primarily due to improved connectivity between Delhi and Gurgaon. Maintaining the growth pace relies heavily on the central peripheral road, which is essential between the Dwarka Expressway and Sohna Road via the Southern Peripheral Road (SPR). The recent opening of the Dwarka Expressway’s Haryana segment by Prime Minister Narendra Modi is expected to improve traffic flow and reduce congestion between Delhi and Gurgaon. Experts in real estate note that the Dwarka Expressway in Gurgaon is growing in popularity as a residential area and predict the construction of opulent residential complexes shortly. Furthermore, a rise in housing prices is inevitable due to the expressway’s operationalization, as this will reflect its increased accessibility and desirability. 

The Dwarka Expressway Gurgaon corridor has become a popular residential area, attracting buyers with its varied housing options and better infrastructure. Reputable builders have contributed to this boom by starting several projects nearby, enhancing Gurgaon’s standing as a top destination for real estate investment. 

Over the last ten years, the area has witnessed the arrival of about 53,000 new housing units, of which more than 80 percent have already been snatched up by eager buyers, according to data from real estate consultancy Anarock. The primary residential market along the Dwarka Expressway has experienced a surge in average property rates due to strong demand. As of the end of 2013, the rates have risen from Rs 4,530 per square foot to Rs 8,300. This demonstrates the corridor’s appeal and bright future for successful real estate endeavors. 

The Dwarka Expressway passes through several important Gurgaon sectors, including 81 to 115. Its catchment area includes sectors 36A, 36B, 37D, 88B, 99, 102, 103, 104, 106, 107, 108, and 109. It is noteworthy for having connections to the Delhi Mumbai Expressway, Manesar Road, and Pataudi Road. With the completion of the Haryana section of the expressway, developers are hopeful that their recent investments will finally pay off. This corridor is said to have delivered about 150 residential projects, and more high-end projects are expected to be launched soon. The opening of this crucial road infrastructure is expected to have a major effect on neighboring Delhi, especially on the residential zones in different villages, as well as revitalize areas within Gurgaon. 

The Dwarka Expressway may also be of major benefit to the economy, directing the development of Gurgaon. Its revolutionary effects on the real estate industry and the broader economy highlight the significance of infrastructure in prompting growth and prosperity. Gurgaon is positioned to become a model for sustainable urban development and economic prosperity in India due to the expressway’s opening up new investment and connectivity opportunities. 

Wide-ranging effects include increased economic activity, job creation, and improved liveability for the region, expected from this infrastructure project. With the Dwarka Expressway, businesses, residents, and investors stand to gain much from the promise of better accessibility and enhanced connectivity. Gurgaon is well-positioned to demonstrate its potential as a dynamic and vibrant economic hub that will propel innovation, growth, and prosperity for years as it embarks on this path of significant change. 

In FY-24, Delhi-NCR closed 29 land deals totaling approximately 314 acres, with Gurugram topping the list

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According to Anarock data, 29 land deals spanning 314 acres were closed in Delhi-NCR in FY 2024, compared to 23 land deals covering approximately 273.9 acres in FY 2023.

Among the top cities, NCR had 29 land deals for more than 313 acres, followed by MMR with 19 deals for more than 157 acres. 

In Delhi, a 5-acre residential development deal was completed. In Gurugram, 22 transactions totaling 208.22 acres were closed. These included one deal for educational, residential, and retail purposes, with the remaining 20 deals solely for residential development. In Faridabad, a 150-acre residential land deal was finalized. 

A residential development deal for 8.9 acres in Greater Noida has been secured.  A 62.5-acre township project in Ghaziabad has been signed off on. Noida closed three other deals totaling 13.96 acres for residential and commercial developments.

“About 26 separate land deals, totaling approximately 298 acres, were proposed for residential and township projects to meet the region’s growing demand for housing and urban development, “said Santhosh Kumar, Vice Chairman of the Anarock Group. 

“At least two land transactions involving more than 7 acres each were intended solely for commercial real estate projects.  A separate transaction involving about 8. 61 acres was dedicated to an educational project,” he explained.  

According to data shared by Anarock, real estate developers and entities dealt with approximately 101 separate land transactions in fiscal year 2023-24, totaling nearly 2,989 acres across the country. 

In FY-24, over 83 land deals totaling over 1,135 acres were completed in the top seven cities alone, with the remaining 18 deals totaling 1,853 acres closing in tier 2 and 3 cities as Ahmedabad, Ayodhya, Jaipur, Nagpur, Mysuru, Ludhiana, and Surat.