The real estate market in Gurgaon has experienced a notable upsurge, defying previous expectations and setting new benchmarks for growth and development. In the last two years, Gurgaon has witnessed a staggering 76% property price surge. This increase in house prices has attracted significant attention from investors, homebuyers, and real estate developers in India.
Let’s explore the key factors driving the rise in home prices.
Infrastructure development
One of the primary drivers of the real estate boom in Gurgaon is its robust infrastructure and connectivity. Anticipating future value appreciation, locations undergoing infrastructural development witness a surge in housing prices as their demand goes up. Despite a moderate 9.9% rise in residential demand and an 18.3% increase in supply during the last two years, Gurgaon real estate prices have continued to rise at an accelerated rate. This upward trend is catalyzed by heightened market activity and the launch of new projects, which have generated an increase in interest and competition among developers and buyers alike.
The city is well-connected to Delhi and other parts of NCR through an extensive network of roads, metro, and highways, including the Delhi-Jaipur Expressway. Moreover, the newly launched Dwarka Expressway, which connects Gurgaon to Dwarka in Delhi, has enhanced connectivity and elevated the region’s real estate prospects. Consequently, areas surrounding
Gurgaon such as the Dwarka Expressway, New Gurgaon, and Golf Course Extension have emerged as the most sought after locations for residential development projects.
“Extensive road connectivity”
Employment opportunities
Once a simple city on the outskirts of the national capital, Gurgaon has now evolved into India’s Millennium City. Its close proximity to Delhi is a key driver of its real estate growth and, by extension, the property price surge. The proximity to Delhi offers convenience for commuters and amplifies the region’s appeal for businesses and investors alike. The flourishing city now houses over 1,000 companies ranging from start-ups like Udemy, Oxyzo, and 1mg to Fortune 500 companies like Google, Microsoft, IBM, and more. Multinational companies setting up offices in the area have made it the ideal location for professionals to live and work. This influx of businesses has boosted demand for real estate and created numerous job opportunities across various industries. From tech enthusiasts to corporate professionals, people are drawn to Gurgaon for promising career prospects. Moreover, professionals seeking a job in real estate companies have ample opportunities in Gurgaon’s thriving markets.
With the increasing number of students and young professionals in Gurgaon, the demand for co-living, residential, and commercial properties will likely grow. Real estate developers are keenly capitalising on this advantageous positioning to cater to the growing needs of homebuyers and businesses.
“Improved career prospects”
Rise in demand for luxury housing
Housing preferences in the country have shifted, becoming a quest for optimal living experiences. This shift is evident in both purchase decisions and renting choices. Luxury rentals, particularly along Gurgaon’s Golf Course Road and other prime areas of Delhi NCR, have witnessed a surge in demand. This property price surge, influenced by increased demand and limited availability of upscale accommodations, has made luxury rentals a lucrative option for landlords. This trend has also positively impacted other parts of the region, creating a spin-off effect. With the focus shifting towards optimal living and the launch of new luxury projects, the Gurgaon real estate market continues to attract high-net-worth individuals and investors seeking upscale rental opportunities. According to a report by JLL, 26% of the total residential launches of H1 2024 in Delhi-NCR belonged to the luxury segment, with Gurgaon on the lead.
India is witnessing a steady growth in the luxury and ultra-luxury housing sector and Gurgaon is one of the top contenders driving this growth. Our most recent residential development in Gurgaon, Estate 360, is a testament to this trend. Within a month of its launch, the project secured pre-sales booking worth INR 4,100 crores underscoring the growing popularity of luxury real estate and the strong market trust Max Estates has built over the years.
Estate 360, Max Estates’ latest residential development
Future growth
Looking ahead, the government’s plans to develop Gurgaon as a smart city, along with the completion of the Dwarka Expressway, will continue to enhance the city’s appeal in the eyes of investors. These strategic infrastructure developments are expected to transform the region into a major investment destination, particularly for IT companies, telecom equipment manufacturers, and data centres. The rise in property prices indicates a growing market, which is good news for buyers and investors. The city’s rapid economic growth and status as a corporate hub ensure a sustained demand for both commercial and residential properties.
The outlook for the Gurgaon real estate sector appears promising. The city has emerged as a dynamic hub within the National Capital Region’s real estate landscape with a thriving economy, modern infrastructure, and advantageous location. As Gurgaon continues to evolve and progress, it is poised to set new benchmarks for urban living, innovation, and progress in the years to come.
