New Gurugram becomes hot spot for property buyers

Gurugram, Jan 10 (IANS) With excellent connectivity to other important cities of NCR, New Gurugram is fast becoming a hot spot for property buyers.

Due to increasing demand, the property prices are increasing by 4-5 per cent every quarter here in Gurugram.

The real estate sector in Gurugram has been growing rapidly over the last decade with better connectivity through metro networks, highways, and expressways.

Gurugram has witnessed spectacular infrastructure development, especially in the Dwarka Expressway, SPR Road, cyber hubs, MG Road, DLF Phase 3 & 4, sectors 37-D, 71, 76, 77 and Sector 84.

Real estate players said Gurugram has become a property hotspot due to the Delhi-Mumbai Expressway and the ambitious Global City project of the Haryana government.

There has been an increase in demand for residential and commercial properties in Gurugram and its emerging micro markets, especially New Gurugram.

“Gurugram's real estate market is witnessing a surge in demand for mid-income and luxury homes. Hotspot zones, including New Gurugram, sectors such as 37-D, Sector 71, and Sector 84 along with Dwarka Expressway and the Southern Peripheral Road, have experienced double-digit capital value jumps in the recent past, drawing significant buyer interest.

“The ongoing infrastructure blitz, especially the metro expansion, upcoming Global City, and RRTS are propelling Gurugram's real estate, with Dwarka Expressway's imminent arrival ensuring sustained demand. In this thriving realty scenario, branded and compliant players are gaining market share, aligning with increasing customer acceptance," Ravi Aggarwal, Co-founder & Managing Director, of Signature Global (India) Ltd said.

Meanwhile, the area surrounding Dwarka Expressway is also becoming the first choice for people not only for development but also for investment. It is emerging as a dynamic real estate hub of not only Gurugram but the entire NCR.

The area is also becoming the first choice for investment because this area with a 27 km long and 8-lane Dwarka Expressway connecting to NH-48 near Dwarka in Delhi and Manesar in Haryana will be traffic jam-free. By doing this, the distance of hours will be covered in minutes and the people living nearby will be benefitted.

Being the business and IT hub of Gurugram, the integration of Dwarka Expressway and its accessibility to the international airport is making this area the first choice for people. Due to better connectivity through the expressway to Delhi, Gurugram, Sohna Road, and Airport, it is becoming a convenient place for people as well as a better place to build a house.

Meanwhile, the Haryana government has recently given a proposal that includes a substantial increase of nearly 70 per cent in the circle rates for areas like Golf Course Road, MG Road, and along the Dwarka Expressway.

Similarly, 40 per cent to 80 per cent increase in circle rates is proposed for agricultural and commercial land in Badshapur.

In Wazirabad tehsil, the government is considering a 60 to 70 per cent hike in residential and commercial land rates.

Currently, stamp duty in Gurugram generates an average of Rs 125 crore per month for the state government.

"Fueled by burgeoning demand, robust infrastructure, and unwavering government interest, Gurugram promises a radiant future for real estate enthusiasts. The golden avenues along Southern Peripheral Road (SPR) and Dwarka Expressway shine as hotspots for investment brilliance.

“With seamless connectivity and remarkable development, Gurgaon paints a canvas of lucrative opportunities," Pankaj Pal, Managing Director- Whiteland Corporation said.