FROM FIELDS TO SKYSCRAPERS: GURUGRAM'S URBAN LEAP

Gurugram, formerly known as Gurgaon, is also referred to as “The Millennium City”, considering the significant transformation its real estate sector has experienced, propelled by substantial infrastructural improvements and an increase in the establishment of corporate entities.

The success of this Delhi NCR market can be gauged by the fact that in FY24, Gurugram led the way with 22 land deals, totalling 208.22 acres. These included one deal each for educational, residential, and re- tail purposes, while the remaining 20 deals were exclusively for residential development

The region's evolution is owed to strategic location benefits, significant economic reforms, and the boom in information technology and outsourcing industries. Gurugram's proximity to New Delhi and its international airport became highly appealing for development. The software services sector has become the foundation of Gurugram's growth, taking advantage of global IT and BPO industry trends. Offering ample affordable land and access to metropolitan resources, Gurugram emerged as an ideal locale for corporate expansion.

HOTSPOTS OF GURUGRAM

Golf Course Extension Road, recognized as one of Gurugram's most sought-after residential micro-markets, continues to tempt investors with its luxurious offerings and top-notch amenities. Its strategic location, developed social infrastructure, and close to major business hubs have firmly established it as a desirable destination. The Southern Peripheral Road (SPR) spanning a length of 16 kilo- metres, is now considered as the newest and most sought-after realty hub in the region. The corridor witnessed 3,614 new unit launches during this period, with the luxury segment accounting for a remarkable 61% share. SPR's proximity to sectors like 68, 69, 70, 70A, 71, 72,73, 74, 74A, 75, 75A & 76 has further fuelled its appeal among homebuyers and investors. The report highlighted the positive momentum in residential launches, with Gurugram dominating entire Delhi NCR supply at 44%, through focused demands primarily on SPR and NH8.

Dwarka  Expressway  has emerged as another premier region owing to its strategic positioning and ambitious infrastructure development. The rapid pace of urbanization and infrastructural advancements has transformed the adjoining sectors into focal points for housing options from afford- able to luxury, all while ensuring seamless connectivity to Delhi and other regions of the National Capital Region (NCR).

The Dwarka Expressway-New Gurugram cluster has emerged as the prime location, capturing 66% of Gurugram's housing sales in 2023. This submarket's average capital value in 2023 was approx- imately INR 10,000 per sq. ft, a 15% rise from 2022. As many devel- opers agree, in the coming years, New Gurugram will continue to see the launch of commercial and re- tail projects, as well as a growing supply of high-quality residential properties.

AHEAD OF THE CURVE: GURUGRAM'S ROADMAP

Gurugram, today, has become a blueprint of urban development for other cities of Northern India. At present, Gurugram has outshone other cities with an impressive 28% quarter-on-quarter growth, surpassing the national average of 10.4%.

High-rise commercial towers adorn the skyline of Cyber City and Golf Course Road and Sectors 77 and 76, boast close adjacency to prominent commercial centres such as DLF Corporate Greens, TCS, the forthcoming Amex Campus, and dedicated commercial sectors covering approximately 385 acres of (Sectors 75 and 74A). In tandem with the commercial growth, the residential sector has also been advancing, focusing primarily on India's burgeoning middle and upper-middle-class demographics.

The twin forces of infrastructure and connectivity are continuing to catalyse Gurugram's ascent. One cannot overlook the monumental impact made by the Metro rail net- work in Gurugram; its introduction has not only improved the connection between Gurugram and neighbouring areas but is also stimulating further development along its routes.

THE GROWTH TRENDS

There is a marked preference for 3 BHK homes in Gurugram accounting for a considerable market share of 54%.

With over 60 per cent total inventory sold in NCR both in terms of volume and value, Gurugram is driving the real estate sector in the country.

The total estimated number of units, as part of new projects, coming up in the next six months, is 25000 units.

The total estimated value of new projects coming up in the city over the next six months is 1,00,000 Cr.

For end users and investors both, New Gurugram, Dwarka Expressway, and Southern Peripheral Road and Sector 71, sector 37 D, sector 84, sector 93 sector 92 are the potential location for investment.