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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