The real estate market is one of the most prominent industries worldwide. With the rate of immigration and other factors considered, the reasons for spikes in the real estate market can be multifaceted. In India, people mostly move to metropolitan areas, big cities, IT sectors, etc. While talking about IT cities, how can we forget Gurgaon? The Financial and Technological hub, this city in the region of Delhi-NCR houses immigrants and people with ambitions from across the country. This, in turn, lays a humongous impact on the real estate market of Gurgaon.
The question here is, why is Gurgaon topping the list of housing prices?
Various factors can lead to the same, including the demand for housing, growth in Luxury housing, the constant development of sectors, etc.
According to experts, the least prices at any transfer or sale of a commercial property, apartment, or built-up house can occur. Any sale made at the start of the year will likely rise for all Gurgaon’s real estate market segments.
This is not just due to the demand for residential plots in Gurgaon but also the demand for luxury housing. Initiating the same in areas along the Golf Course Road, sectors along Dwarka Expressway, areas circumferencing the Rapid Metro Network and sectors running parallel to the Southern Peripheral Road (SPR), there has been a hike of 10-25 per cent.
The sectors along the Golf course road, including sectors like 27,28,43 and 42, have witnessed a hike of Rs. 5000 in the rate of 55,000 per sq. yard. In the novel sectors along Dwarka Expressway, the rate hiked from Rs. 30,000 to Rs. 36,000 per sq yard.
“The hike will make the upcoming residential projects of Gurgaon and registration of properties more expensive. Contrary to expectations, the circle rates in a few major markets in Gurugram are proposed to be increased by as much as 25% and even more,” said Santosh Kumar, vice chairman of real estate services firm Anarock Group. He also quotes a rise of 115% in the housing sales in Gurgaon the previous year, at 15,590 units.
Such drastic hikes in the real estate market of Gurgaon might worsen the conditions for the developers who are anticipating closing their unsold units.
These rate increments lie against the background of the much-needed market recovery since the last year. According to Ashutosh Kashyap, director of the advisory services at Colliers, “ The upward revision is pragmatic (helps in eradicating the cash component for secondary transactions); however, this will certainly dampen sentiments in resale (secondary) market transactions. The measure’s impact won’t be pronounced in the primary market segment.”
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The expansion of the commercial hub in Gurgaon is yet another factor to pin in this segment. The market is brimming with working professionals and the elite business crowd bidding for Gurgaon to be their primary and secondary residential market. With this, the need for more built-up adds to the list. Developers like Tata housing, DLF and Godrej Properties create upcoming residential projects in Gurgaon with unconventional facilities and features.
Apart from the residential plots in Gurgaon, the commercial aspect of the city doesn’t lie behind. With the advancing architecture of Gurgaon, creating unconventional office spaces is a given, and so is their hike in demand.
A hub for business growth, the IT hotspot, is one of the country’s most lux cities; leasing or purchasing real estate here is not economical. Taking the lead in commercial development and prices in commercial spaces, Gurgaon still tops the Real Estate market.
Including world-class amenities, Gurgaon can be a dream city to reside in. With the city’s increasing employment opportunities and expansion, the anticipation of Gurgaon Real Estate will only be quoting “RISE”.
However, Gurgaon is one of the smartest and most fast-paced cities, and it only deserves your investment!
