Gurgaon’s luxury market observes growing demand
Gurgaon has been witnessing rising demand by end-users for luxury residential projects in the past few years, while earlier the major portion of the demand flowed in from investors.
Factors such as great infrastructure of the city, growing interest in foreign nationals, rising aspirations among buyers and proposed major projects in vicinity have all been driving fast growth in the luxury residential segment in Gurgaon, pushing prices even higher.
Surprisingly, at a situation wherein the real estate in Delhi-NCR has been offering little hope, the sale of luxury housing units have recorded about 30 percent growth in the past few years, along with a significant hike in demand and price as well.
Price of luxury properties in Gurgaon
As per the new trend, luxury and ultra-luxury residential units available in the price range of Rs 1 to 15 crore in the micro-markets of Gurgaon including NH-8, Dwarka-Gurgaon Expressway and Golf Course Extension Road are being sold out quickly.
Many new residential projects are coming up in this segment to satisfy the increasing demand by end-users. The capital value of such luxury housing units are ranging between Rs 6,000 to Rs 15,000 per sq ft based on the location of the project and services offered.
Leading developers
Reputed developers such as Ansal, DLF, Sobha, Chintels, Godrej, Raheja, ATS, Ireo, Vatika, Puri, Assotech, Supertech, Tata Housing, etc are coming up with numerous projects in the luxury segment. Many developers are also entering joint ventures with international and branded players in order to offer exclusive designs and styles of residences.
Luxury projects
Renowned developer DLF has planned to develop DLF Garden City over 450 acres in Sectors 86, 87, 90, 91, and 92. This zone will comprise group-housing, commercial, and plotted development. The Garden City will include projects such as Regal Gardens, Primus, New Town Heights, etc along with a commercial complex, Galleria 91, which will house multiplexes and anchor stores.
Ireo, joining hands with hospitality chain Hyatt Hotels, has announced Grand Hyatt Residences in Gurgaon. The project will offer exclusive apartments that enjoy hotel-like facilities like valet service, concierge, laundry, in-residence dining, etc. The units will be priced around Rs 11 crore to Rs 25 crore or even more.
Maria Sharapova Tower is an upcoming project in Sector 73, Golf Course Extension. The project will offer 4 and 5 bedroom luxury apartments. London-based real estate player, Homestead Infrastructure, in association with tennis superstar, Maria Sharapova has announced the project. UHA-London, Indian architect DFI, and Halvorson & Partners will also be executing the project.
Sobha Developers, in association with Chintels Group and QVC Realty Co., is developing an ultra-luxury villa community project named, International City, in Sector 109, 106, and 108 on Dwarka-Gurgaon Expressway.
Homestead Infrastructure, a London-based real estate player, has announced a new luxury residential project in Sector 73, Gurgaon, in association with sports icon and tennis superstar, Maria Sharapova. The developer has also roped in UHA-London, Indian architect DFI, and Halvorson & Partners to execute the project. Homestead Infrastructure, which focuses on building niche and branded houses, recently launched its first project, Michael Schumacher World Tower in Sector 109 on Dwarka-Gurgaon Expressway.
Puri Construction has two high-end luxury projects – Diplomatic Greens and Emerald Bay – in Sector 104 and Sectors 110-111 respectively, while Paras Buildtech is planning to build a luxury project ‘Paras Quartier’ on Gurgaon-Faridabad Road. Supertech Ltd has recently embarked on an integrated township project sprawling across 200 acres in Sectors 68 and 79.
Growth driving factors
Gurgaon has been observing a healthy demand in residential, office, hospitality and retail sectors. It offers good employment opportunities, as it is a hub for numerous MNCs, IT and IT-enabled services, which is also driving real estate demand. Proximity to Delhi and IGI Airport, surrounding industrial areas, Metro rail network, excellent connectivity, better infrastructure and good transportation facilities have also added value to Gurgaon real estate.
Gurgaon is likely to stay end-users’ and investors’ favoured investment destination in Delhi-NCR as it promises good returns along with a safe environment.
