October 3, 2024 |
Want to Buy a House by Diwali? These 5 Locations in Gurgaon Should be on Your List
Potential homebuyers in Delhi-NCR looking to invest in properties this festive season may want to consider Gurugram where real estate prices in five locations have surged significantly.
A recent report by Anarock, a leading property consultant, indicates that in the last quarter, buyers in the top five locations of Gurugram are experiencing favorurable conditions, while those yet to buy may face significantly higher costs.
The record-breaking surge in prices and the increasing demand for homes signals a positive trend for the real estate market. Anarock’s findings reveal that strong demand, high input costs, and an increases supply of luxury homes have led to a 29 per cent rise in property prices in Delhi-NCR and Bengaluru during the July-September quarter.
In India, investing in property during major festivals like Navratri and Diwali is often considered auspicious, which could further boost demand for homes this year. The Delhi-NCR market is already performing well, prompting developers to launch residential projects with attractive schemes, discounts and special packages.
In view of Navratri and Diwali, several residential projects are set to launch, particularly in Gurugram. Following the heightened demand for larger and more open living spaces since the pandemic, numerous luxury developments are expected to debut in October and November.
According to Anarock data, average residential property prices in Delhi-NCR have risen to Rs 7,200 per square ft in the July-September quarter, up from Rs 5,570 per square ft in the same period last year. However, Hyderabad has seen the largest increase, rising by 32 per cent from Rs5,400 to Rs 7,150 per square ft.
Mohit Malhotra, founder and CEO of Neoliv, notes that real estate transactions typically rise during the festive season, with an average increase of 15-20% over the past two years. This year, the outlook is particularly optimistic for both buyers and sellers.
Millennials Driving Demand
Pankaj Pal, managing director of Whiteland Corporation, observes that millennials are driving a new wave of demand in Gurgaon’s luxury residential market. They are increasingly investing in higher-end properties, influenced by rising disposable incomes, improved access to flexible financing, and a preference for modern, amenity-rich living spaces. Recent data shows that approximately 45% of luxury homebuyers in the region are now under the age of 40.
Top Locations In Gurugram
According to Yashank Wason, managing director of Royal Green Realty, five prime locations with excellent infrastructure development in NCR – Gurugram Dwarka Expressway, Southern Peripheral Road (SPR), New Gurugram, Golf Course Road, Golf Course Extension Road, and Sohna Road – are currently trending in the property market.
Gurugram’s accessibility, featuring Indian Railways, Rapid Metro, Delhi Metro, and the upcoming Rapid Rail facility, has solidified its status as a preferred choice for homebuyers.
Future expectations
Madhur Gupta, CEO of Hero Realty, expresses optimism regarding the demand for homes and commercial spaces in the Delhi-NCR real estate market, particularly during the festive season. The growing infrastructure, prime locations, and exceptional projects in Gurugram, Faridabad, Sonipat, Noida, and Delhi are propelling this market to new heights creating significant opportunities for investor and buyers alike.
Source : News 18
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