These Micro-Markets Are Popular Among Homebuyers Looking For Luxury In Gurgaon

Potential home buyers and investors in Gurgaon or Gurugram are shattering the norms. While home buyers across other leading cities are asking for affordable properties, this national capital region (NCR) market has recorded maximum enquiries for its luxury properties. According to PropTiger.com's data, about 65 per cent of end-users and 62 per cent investors have enquired for luxury properties in the city during the financial year 2016-17, a number that makes Gurugram unique in its own way. And when over 50 per cent of enquiries in almost all Indian markets are for affordable homes, in Gurugram this number stands at 11 per cent.

Areas including Dwarka Expressway (Sector 88 A, 88 B, 84), New Gurgaon (Sector 82) and Sohna (Sector 2, 49, 68) together accounted for over 75 per cent of the total demand. Take a look at the popular sectors within these micro-markets.

As of now, there are over 1,000 projects on sale of which more than 50 are newly launching and year of completion is between the end of 2019 to 2021. Another 600 projects are ready for possession or are available in the resale market while 491 are under various stages of construction. Also, between 2013 and 2017, capital values have crawled seeing many an upturn and downturn to settle at Rs 5,520 per sq ft on an average. In 2013, average values were at Rs 6,000 per sq ft. However, with a healthy mix of investors and end-users, the decline is not upsetting. In fact, it could boost sales as well.

On an average, a 1BHK unit in Gurugram (low demand) will cost you Rs 39 lakh while a 2BHK unit will cost Rs 64 lakh. The 3BHK units command about Rs 1.30-1.75 crore and 4BHK units are priced close to Rs 3 crore on an average.

New developments in Gurugram

So what is it that makes Gurugram a popular destination for luxury residential property? Here is the slew of developments:

• A part of the flyover from Delhi to Jaipur at the Hero Honda Chowk on NH-8 is now open for public. The remaining work is scheduled to be over by end of June. A National Highways Authority of India (NHAI) initiative, this move will help decongest the new sectors of Gurugram.

• Haryana government is keen on creating new job opportunities. Last year, a memorandum of understanding (MoU) was signed between the Haryana government and China Fortune Land Development (CFLD) to develop a new industrial township in Sohna and Manesar.

• The Pod Taxi project, a form of a personal rapid transport system that will have a track from Delhi-Haryana border to Subash Chowk via Rajiv Chowk on Sohna Road has also been in talks.

• Delhi-Gurgaon Expressway and ongoing work on three major underpasses would ease the commute of those going east-west at Rajiv Chowk, Signature Tower Crossing and IFFCO Chowk. The deadline set for this development has been 15 months. In the meanwhile, traffic may pose to be a big problem.

• Dwarka Expressway or the Northern Peripheral Road may have missed seven deadlines but the NHAI has planned to connect it with NH-8 at Shiv Murti near Mahipalpur.

• A U-turn at Sirhaul toll plaza is also on cards as approved by NHAI, HUDA and others.

• The Kundli-Manesar-Palwal Expressway has been delayed although one-half (Manesar to Palwal) is already operational. It would help decongest as well as minimise the risk caused due to air pollution as all national highways have been using roads leading up to the capital as the transit.
  Besides, night markets, street infrastructure etc were on the radar of the municipal authorities.