Gurgaon is a prime location in the development of Haryana for the last two decades. Its proximity to Delhi is an added attribute for people looking for a good life away from the hustle and bustle of the capital city. With an increasing number of lifestyle townships and retail hubs, Gurgaon is attracting buyers in huge numbers.
Despite the Corona crisis going on for the past 2 years, Gurgaon residential real estate has shown great resilience and holds great recovery promise for the housing market.
Gurgaon continues to show massive growth in two important ways, one is sales and the second is new launches. The home sales went up to 15590 units in Gurgaon, which is remarkable. This was a whopping 115% rise from last year, going up to a 39% share of the overall having sales in the entire NCR. Gurgaon has surpassed Noida, Greater Noida, and Ghaziabad which respectively registered a 68%, 38%, and 47%increase in housing sales. The home sales performance of Gurgaon is far more than the average yearly sales increase of 71% in the entire NCR.
Similarly, Gurgaon fared very well on a crucial parameter of new housing launches, a measure of real estate recovery. With a new supply of 18540 units, Gurgaon had a 66% YoY increase in new launches. This is against the launch of 1750 new units in Noida, 3930 units in Greater Noida, and 1090 units in Ghaziabad. It was greater than in Delhi, Faridabad, and Bhiwadi together, which were not even one-fifth of Gurgaon.
The flexible policies of the Haryana government for affordable housing apartments and plots with low-interest rates in housing departments and stagnant prices and likely extension of interest subsidies and other tax benefits for developers. Also, first-time homebuyers of affordable housing will continue to drive residential realty at minimum rates.
The residential segment has a variety of projects ranging from affordable to high-end, low-rise to high-rise, condominiums, huge penthouses, and villas. This is to cater to all needs of every home buyer according to their needs and budgets.
New Gurgaon, the area along with the NPR (Northern Peripheral Road) zones, also has great potential in terms of investment as its nearer to the airport and Delhi. This area is expected to develop into a posh area as there is a proposal for development in the enclave of Dwarka Phase 2 bordering Gurgaon. Thus, this means this area is favorable to all investors. Industry-specific infrastructure, commercial services, and residential units are expected to come up in the area along NH-8. This developing area is a perfect choice for trade towers, corporate offices, industrial units, and shopping malls. A flyover on NH-8 links the residential zone with the industrial zone making the real estate development all the more appealing for all homebuyers.
Also, Infrastructural developments in the development of the new NH8 corridor have given a new shape to the area and increased the growth of real estate. The road NH-8 is leading from Gurgaon to Dwarka Expressway; two major developing areas. So, there has been a significant rise in residential, industrial, and commercial growth in the whole area. NH-8 is now home to some of the biggest names in the real estate sector. It is predicted to be the next industrial hub in the Gurgaon region.
Developing areas like Sectors 80-93 are an ideal showcase of the development as one can see all the construction sites which hold the promise of turning into a residential and commercial hub. These sectors also have the advantage of good connectivity with Manesar, which is home to leading MNCs. Another important parameter is its proximity to the Dwarka-Gurgaon link expressway, which will help the residents here pass through the traffic of Gurgaon-Delhi Road during peak hours. These developing sectors are also connected to NH-8, Dwarka Expressway, and KMP Expressway.