Luxury Projects Demand Increase in Gurgaon

The luxury housing market of the Gurgaon is currently seeing a greater influx of end-user demand, in contrast to the previous trend of the investment-driven purchases.

Gurgaon will continue to see increased investment in the luxury housing space due to the strong demand in the region.

This is also coupled with the fact that Delhi does not create any significant housing supply in the mid-market segment, leading to a spillover for luxury housing into the peripheral locations of Gurgaon.

Gurgaon today has a growth story that mirrors India's growth over the last decade. It has become the city with the third highest per capita income in India.

The luxury housing market of the Gurgaon is currently seeing a greater influx of demand, in contrast to the previous trend of the investment driven purchase. The sale of luxury projects has risen by around 30% in the past few years, with luxury housing in Gurgaon seeing both demand and value appreciation.

Spurred by new projects offerings, greater influx of end-user demand, and a burgeoning upwardly-mobile segment, luxury and ultra luxury housing projects, are seeing higher demand in the residential market of Gurgaon like Dwarka Expressway, NH-8, Golf Course Extension Road.

On the supply side, some new luxury project launches continued to focus on cost-effective options in alternative markets, particularly in New Gurgaon.

Developers largely focused upon luxury housing in Gurgaon during the first half of 2013; while the second half saw new launches, primarily in the high rise and mid rise segments along the Dwarka Expressway and New Gurgaon area. Even though units in residential projects launched by developers attracted maximum buyer interest and purchases, developers across segments continued to adopt various strategies like further discounts to boost sales.

Sale of luxury projects has risen by 30% in the past few years, with units in this segment in gurgaon seeing demand and value appreciation developers largely focused upon luxury housing in gurgaon during the first half of 2013; while the second half saw new launches, primarily in the high-end and mid-end segments along the dwarka expressway and new gurgaon area. Another hub for premium residential projects is Golf Course Extension Road. The area has premier lifestyle projects in both residential and commercial segments. A numbers of green-rated townships and group-housing projects have been planned on this long stretch directly connecting to the main Gurgaon-Sohna Road.

Golf Course Extension Road is the next destination for premium residential projects in Gurgaon. Besides being well connected, the area offers well-developed infrastructure with 84-metre-wide roads and 24-metre-wide by lanes, which corresponds to developments in the western countries. The area also offers excellent social infrastructure with shopping malls, commercial developments, hospitals, and educational institutions.

The main objective of projects being developed along Golf Course Extension Road by private developers is to create energy-efficient, water-efficient, comfortable, healthy, and environmentally-friendly buildings and homes.

Increasing demand for luxury units, coupled with challenges like insufficient demand, inflation and lack of funding are all likely to put pressure on housing prices in the region in the short to medium term.

However, the situation can be marginally improved if new projects are launched at affordable rates. Values of Projects across most of Delhi's micro markets underwent a marginal dip due to rising preferences for apartment units over builder floors in the region, besides cautious buyer sentiments, over the last few quarters.

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Dwarka Expressway - Boost to Real Estate Market

Connectivity of Gurgaon to Dwarka Expressway bring boost to real estate project which acts as a pull for the buyers and investors. Perception of people buying properties, in terms of distances, has changed as people want to live in well planned projects, which have rapid commuting infrastructure. Properties that have come up near this expressway have seen a tremendous response.

The Dwarka Expressway is receiving more attention today. The road starts from Dwarka to the NH-8. Customers are attracting to projects located on Dwarka Expressways, as they provide good connectivity to nearby areas.

Developers and Buyers are jostling to get a fair share of the pie in this area. Reason behind the heightened expectations and interest is good connectivity, which the Dwarka Expressway will provide. It will provide faster access to the airport; connect close to the 100-metre-wide road proposed in the new master plan, and the areas will also have good connectivity with the proposed diplomatic enclave and the current Metro corridor.

Sectors near the Dwarka expressway are Sectors 99 to 113, 83 to 86. The Gurgaon-Manesar Master Plan-2012 has given a boost to the Expressway. The total stretch covered by the expressway is around 18km including a wide road, which is around 150 meters wide, starting from Dwarka and connecting to Palam Vihar. The main objective of the expressway is to reduce the travel time of people commuting from West Delhi to Gurgaon.

Dwarka Expressway is the lifeline for people who are living in Dwarka and working in Gurgaon. Development is taking shape at a very fast pace. It is developing as a hub for commercial and entertainment activities and is amongst the most preferred locations to stay in the NCR region, with its proximity to Gurgaon and link to Delhi-Noida.

The Expressway, which is under construction, will join new residential colonies, apart from the commercial corridors.

Realty experts say that the land acquisition for the expressway is nearing completion; the demolition of some houses in Palam Vihar in litigation and a final verdict is awaited. Sectors on the expressway, like Sectors 110A, 111, 112 and 113, which are near Delhi, are likely to see higher appreciation in the future. Sectors near the expressway are Sectors 37D, 83, 84, 88, 99, 100, 101, to 110 are being developed as residential and commercial, with the maximum area dedicated for residential development.

The appreciation of property prices will be good near this area. The land value of the areas adjoining the Dwarka Expressway is already being compared to that of Dwarka. Property prices are going up rapidly, having shown an increase of Rs 1,100-2,000 per sq ft in the last two years. Starting from Rs 2,800-3,500, prices have now touched Rs 3,900-5,500 per sq ft. New Gurgaon and other areas coming up here will be more expensive once the NPR is ready,

The popularity of the area has seen big names of the real estate industry entering the market of this expressway. Some of the big names are SS Group (SS Omnia-86, The Leaf-85, Almeria-84), Ansal Group (Ansal Hub 83, Ansal Amantre – 88A, Ansal Upcoming Commercial - 103).

Property in Gurgaon