Gurugram's luxe realty: Infra boosts prices 5-8% in 2 years; experts bullish on future

Gurugram's luxe realty: Gurugram's real estate sector, particularly its luxury segment, has experienced substantial growth, positioning the city as a top-tier destination for homebuyers seeking upscale living. Over the last two years, the Dwarka Expressway area in Gurugram has enjoyed notable price appreciation, averaging between 5 and 8 per cent.

Experts project further appreciation in property values, driven by ongoing infrastructure enhancements such as the imminent opening of the Dwarka Expressway, the Metro Extension, and the Delhi-Mumbai Expressway.

Connectivity spurs investments

Ravish Kapoor, Managing Director, Elan Group, highlights the strategic importance of Gurugram, citing connectivity and a thriving corporate landscape as driving factors for real estate investments.

"In Gurugram, the Dwarka Expressway area has witnessed a substantial price appreciation of around 5-8 per cent in the past two years. We foresee further appreciation in property value due to the ongoing enhancement of infrastructure, notably the upcoming opening of the Dwarka Expressway, Metro Extension, and the Delhi Mumbai Expressway." Kapoor said.

"The limited supply of luxury homes and the rising demand is another significant reason that has led to a surge in demand," he added.

DLF's luxury sellout

DLF Ltd, India’s largest listed real estate company, grabbed attention with the swift sale of all 1,113 high-end luxury residential units in their latest project, DLF Privana South, amounting to Rs 7,200 crore within 72 hours before its official launch in January this year. Situated in Gurugram's Sector 76 and 77, DLF Privana South is part of the broader DLF Privana ecosystem, sprawling across approximately 116 acres.

According to market sources, DLF Privana, also known as DLF6, is envisioned as an enhanced version of the DLF5 ecosystem. It aims to integrate residential spaces, commercial centres, and entertainment zones into a cohesive township. 

This development is anticipated to boost Gurugram's stature as a central hub due to its exceptional connectivity, strategic location near commercial sectors, and forthcoming advancements in the vicinity, including the anticipated Safari Park and Manesar Biodiversity Reserve spanning 10,000 acres. 

Responding to the favourable market reception, DLF has disclosed plans to launch Phase II of DLF Privana.

Gurugram's lifestyle appeal

Shashank Vashishtha, Executive Director of Exp Realty India, attributes the growing demand for luxury living to Gurugram's evolution into a lifestyle destination, boosted by access to corporate giants and a diverse international community. In 2023, Gurugram captured a significant market share in the NCR's residential real estate sector, with notable growth fuelled by factors like aspirational millennials and NRI investments.

"Often dubbed as the millennium city, it offers a multifaceted appeal by blending quality of life with unmatched access to corporate giants, including numerous MNCs and Fortune 500 companies. This unique combination has attracted affluent individuals globally, solidifying Gurugram's position as a nucleus of high-end living," Vashishtha said.

"With ongoing infrastructural developments, Gurugram is poised for further growth in 2024, promising a prosperous future for the luxury real estate market across India," he added.

NCR's residential leader

Gurugram leads the NCR's residential real estate sector, with a significant 38 per cent market share and a record 21,364 residential units sold in 2023, marking an 11 per cent growth. Adding to this, Kunal Rishi, COO of Paras Buildtech, said

“The real estate landscape of Gurugram is undergoing a shift, with luxury housing becoming the preferred choice for discerning buyers. Aspirational millennials, a focus on enhanced amenities, expansive living spaces, and substantial NRI investments are contributing to the surge in demand for luxury properties in the region, with the thriving markets of Dwarka Expressway, Gwal Pahari, and Golf Course Extension playing a crucial role in its growth," Rishi said.

"With the upcoming Metro Extension, Gurugram has become an even more sought-after destination for real estate investments, and we are enthusiastic about the potential for growth and expansion in the region,” Rishi added.

As Gurugram continues to attract a diverse demographic seeking sophisticated living, its luxury real estate sector remains robust according to experts.