Gurugram Shines as a Beacon of Luxury Homes 

By Roshy Chhillar, Gurugram, Decmber 26, 2024: The year gone by marked an exceptional year for India’s real estate market, with massive growth across various segments. The sector saw record-breaking sales fuelled by a combination of factors, including accelerated urbanization, rising disposable incomes, and a favorable policy environment that encouraged both domestic and foreign investments. Additionally, infrastructure advancements and a renewed focus on sustainability and technology have redefined the housing landscape in India.

According to an industry analysis report by JLL, approximately 2.29 lakh units were sold, and 2.28 lakh units were launched across the top seven key cities during the first nine months of the year. The number of units sold increased 17 per cent compared to the same period last year, and the new supply was the highest ever recorded in the first nine months of the year.

Delhi-NCR’s Contribution to India’s Growth Trajectory

As per a recent CBRE report, sales of properties priced over ₹4 crore surged by 38 per cent from January to September 2024 across major Indian cities, with Delhi-NCR taking the lead. Delhi-NCR saw a surge in demand for luxury properties, driven by a burgeoning class of High-Net-Worth individuals, increasing investments by non-resident Indians, and overall rising disposable incomes. In addition, strategic infrastructure developments like major expressways and highways, large high-speed rail network projects, and resilient urban development projects have strengthened NCR’s appeal as a leading real estate hub.

Gurugram: Epicentre of NCR Luxury Housing Market

In 2024, Gurugram cemented its position as the most sought-after luxury housing destination in NCR, setting benchmarks in architectural design, offering world-class amenities, and promising returns on investment. The extensive infrastructure upgrades and a rising interest in luxury housing are prime attributes that support the city’s growing appeal. As per a JLL report, the city emerged as a top performer in the luxury segment in Delhi-NCR, with 88 per cent of all launches concentrated in the Dwarka Expressway and Southern Peripheral Road corridor. This impressive growth reflects the increasing demand for luxury residences in the new markets.

Factors Propelling Luxury Living in Gurugram 

Gurugram’s rise as a luxury living destination in NCR stems from its strategic advantages, infrastructural growth, and evolving buyer preferences. Average prices in the city surged 76 per cent in two years and 15.5 per cent quarter-on-quarter to INR14,650 per square foot as of Q3 2024, according to Magicbricks’ PropIndex Report. Besides, proximity to Delhi and Gurugram’s position as a corporate hub, hosting numerous MNCs and businesses, has fueled demand for office spaces and high-quality residential options. This growing professional population seeks premium homes, boosting the city’s real estate market. Further, connectivity through expressways like the Delhi-Gurugram Expressway and Dwarka Expressway, along with IGI Airport, enhances its appeal for NRIs and global investors.

Additionally, a significant migration from Delhi to Gurugram is driven by the desire for spacious homes, superior infrastructure, and luxurious amenities. Hence, high-rise apartments and gated communities with world-class facilities have become top choices for these buyers. As wealthy elites prioritize lifestyle and well-being, the sector will see a significant rise in demand for properties offering premium amenities and panoramic city views.

Emerging Micro-Markets as Luxury Hotspots

Gurugram continues to strengthen its position in the luxury housing market, certain micro-markets have become hotspots for premium and ultra-luxury developments. Dwarka Expressway has rapidly become a key investment zone, with several high-end residential projects launched due to its strategic connectivity between Delhi and Gurugram. The corridor is expected to see even greater demand in 2025, solidifying its position as a luxury destination. Meanwhile, Southern Peripheral Road (SPR) has gained momentum due to its improved connectivity and upcoming developments, attracting luxury projects in its nearby sectors.

The Sohna submarket has also seen consistent price growth, driven by infrastructure improvements and constantly rising demand. This is especially significant as the city increasingly focuses on luxury and ultra-luxury segments in the post-pandemic era. These micro markets stand out in this evolving landscape, combining growth potential with accessibility.

2025 Outlook: Sustained Growth and Innovation

For the upcoming year, Gurugram will continue leading the luxury real estate market, driven by consistent strong demand from HNIs, NRIs, and domestic buyers seeking opulence in quality of life and highly potential investment properties. Developers are expected to continue embracing innovation through the adoption of smart home technologies, sustainable designs, and green building practices aligned with GRIHA and IGBC standards. Solar energy integration and eco-friendly construction techniques will also gain momentum as sustainability becomes a priority. In addition, government policies such as RERA will streamline processes, strengthening transparency and enhancing investor confidence. This collaborative approach between developers and the government underscores a commitment to creating efficient, sustainable urban environments that appeal to both domestic and international stakeholders, positioning Gurugram as a key destination for luxury living and global investments in India.

The author is Director of the Landmark Group

x