In a recent development, the Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) has auctioned off four land parcels for residential development in Gurgaon, fetching a staggering sum of Rs 500 crore from three developers. Eldeco, Trehan Iris, and Conscient emerged as the winning bidders in the auction, each securing prime land parcels in Gurugram.
Growing Interest in Gurgaon’s Residential Sector
Gurgaon, a prominent neighborhood in the National Capital Region (NCR), has seen a surge of interest from developers in recent times. With sales reaching record levels, both established and emerging real estate companies have actively sought out land acquisitions in residential hotspots like Gurgaon. Already, companies such as Godrej, Experion, M3M, and Trevoc, alongside developers DLF, TARC, Signature Global, and Anant Raj, have made their presence felt in the region.
Analyst Expectations and the Next Growth Area for Gurgaon
According to Mudassir Zaidi, the Executive Director of North at Knight Frank India, Gurgaon’s Sector 80 is poised to become the next growth area for residential development, attracting several major land acquisitions through government auctions. The recent auctions for the four land parcels, all situated in Sector 80, demonstrate the potential for multiple residential projects in the coming years.
Insights from Developers
Eldeco, an active player in Gurugram’s real estate market, says it plans to use the 2.7 acres of land it acquired to develop a luxury group housing project featuring golf-facing 3/4 BHK apartments ranging from 2200 to 3500 sq ft. Trehan Iris, which acquired two land parcels totaling 5.08 acres, is also strategizing its development plan to launch a premium residential project soon, according to Aman Trehan, the company’s Executive Director. Conscient Infrastructure, having secured 5.56 acres in Gurugram, views this acquisition as part of its ongoing growth and plans to leverage the land for residential development.
Rise in Housing Unit Launches in Delhi-NCR
Current market projections indicate a substantial surge in housing unit launches in Delhi-NCR during the next financial year, backed by considerable land acquisitions by multiple developers in recent months. This trend aims to meet the surging demand for housing units in the region.
Conclusion
The auctioning of these four land parcels in Gurugram represents a significant development in the residential sector of Delhi-NCR. With top developers competing to secure prime locations, Gurgaon continues to attract investment and appears set for continued growth in the coming years.
