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Gurugram has developed an incredible inventory with improved infrastructure facilities and easy accessibility to the national capital and key commercial zones within the millennial city, writes Signature Global India Chairman Pradeep Aggarwal.
Apart from Gurgaon, Noida is the only hot spot where prices have moved up by more than 100% in the last 5 years. (Representative image)
Authored by Pradeep Aggarwal:
It is no secret to anybody that the business indicators and underlying sentiments are again positive for the Indian realty sector. The sector has robustly bounced back after smartly navigating the pandemic-triggered obstacles that had affected all segments for nearly two years. It is quite evident that the long pending consolidation phase has begun playing out and a modest to massive uptick in realty sales across different categories in different pockets of the country is becoming a regular trend. It is as if the Indian realty business has found a new inflexion point.
The new momentum has its own distinctive characteristics. While it is supporting the emergence of new growth pockets (location wise) in the country, there are also signs of the traditional reality powerhouses consolidating their positioning with rapid pace developments. Their portfolio of offerings has significantly expanded this time there is a clear emphasis on mid-tier to high end projects for the consumers. Gurugram, arguably the most happening national capital region (NCR), is one such pocket which has certainly consolidated its top-of-the-hill positioning and added more punch to its credentials as a realty hot spot.
On certain parameters, in fact, Gurugram is not just among the leading reality hotspots. It truly deserves to be labelled as the leading national reality turf. A recent report by a leading research and consultancy firm which monitored price upsurge trends in the leading locations in the country has reconfirmed Gurugram’s leadership positioning. The report underlines the pricing trends in the last five years in India’s top-10 cities and it underlines Gurugram leading the list with an average surge of 160 per cent in pricing between 2019 to 2024. This is almost double of the national surge of 88 per cent in the stated period. As per the report, the average housing price in Gurugram has gone up to Rs 19,500 square feet which are a staggering increase from the Rs 7,500 level in 2019.
Apart from Gurgaon, Noida is the only hot spot where prices have moved up by more than 100% in the last 5 years. Other key locations like Bangalore, Hyderabad and Mumbai which feature in the list have shown a price appreciation in the sub 100 percent range in the 2019-24 period.
For those watching real estate closely, Gurugram leading the pack in price appreciation with a decisive edge over the other national realty hotspots, however, is hardly surprising. After a brief pause caused by the pandemic, real estate developments have simply taken a skyrocketing trajectory in Gurugram. Within the millennial city, new pockets with decisive strength in residential and also commercial segments, have come up fast thanks to a robust demand push. Sectors in and around Dwarka Expressway and New Gurugram are the new vibrant pockets which have become new calling cards for the millennial city’s realty appeal.
It is again no secret to anybody that in the post-corona phase, the Indian real estate space has skipped to a more mature stage of evolution. You could even say the evolution story in the new millennium has graduated to a new tipping point wherein there is an increasing propensity among buyers to opt for projects which are truly mid-segment or entry points of luxury products. And here Gurugram has developed an incredible inventory with improved infrastructure facilities and easy accessibility to the national capital and key commercial zones within the millennial city. Needless to say, the new-age buyers are once flocking to Gurugram which seems to be all set to redefine its skyline over this decade.
(The author is the founder and chairman, Signature Global India Ltd)
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