53% increase in luxury projects in New Gurugram: Report

Sumedha Sharma

Gurugram, July 3

The inauguration of the Dwarka Expressway right before the Lok Sabha elections this year has given a major boost to the real estate market along the expressway.

According to the latest report released by Savills India, luxury market projects in New Gurugram witnessed a boost of around 53 per cent. This is the highest increase in the luxury market across the country, closely followed by Noida, also in the NCR.

Sector 150 of Noida recorded a surge of around 43 per cent, followed by North Goa, which has emerged as a promising second-home option and reported a surge of around 28 per cent in property prices of villas. These three areas have recorded an average surge of 30 per cent over the year for under-construction projects compared to ready properties, as they offer better and newer amenities and configurations.

In Gurugram, the average capital values of completed and under-construction properties hit a fresh peak with 37 per cent and 30 per cent year-over-year (Y-o-Y) growth, respectively. New Gurugram and Dwarka Expressway were the top-performing micro markets, with annual growth of 53 per cent and 34 per cent, respectively, in the average capital values of under-construction properties. The city overall witnessed an increase of 26 per cent Y-o-Y in the average capital values of residential plots.

According to the report, the Dwarka Expressway micro market registered the highest price growth at 43 per cent. Average rentals in the Gurugram market witnessed an increase of 18 per cent Y-o-Y at the city level, with Dwarka Expressway and Golf Course Road seeing the highest rise in rentals with 28 per cent and 19 per cent Y-o-Y growth, respectively.

In Noida, the average capital values of completed and under-construction properties witnessed a Y-o-Y increase of 30 per cent and 29 per cent, respectively. Sector 150 micro market saw the highest growth in capital values for under-construction properties at 43 per cent Y-o-Y growth.

Luxury floors in Delhi witnessed an increase of 16 per cent Y-o-Y in the average capital values. The micro market of South East Delhi witnessed the highest price appreciation of 27 per cent on an annual basis for luxury floors, followed by the South West micro market, which registered a Y-o-Y growth of 21 per cent. The average capital values of residential plots saw a Y-o-Y growth of 25 per cent at the city level, with the South-Central and South-West micro markets leading this trend, both recording the highest Y-o-Y growth rates at 29 per cent.

The rental values in Delhi increased by 31 per cent Y-o-Y in H1 2024 (first six months) at the city level. The South-Central micro market witnessed the highest annual growth in rentals at 38 per cent, followed by the Central micro market, which observed a 36 per cent Y-o-Y increase.

“In this quarter of 2024, buyer sentiment was upbeat, with investor interest gravitating towards new launches, while end-users sought ready-to-move-in properties. Older developments in Grade A corridors witnessed increased demand from both buyers and tenants. The velocity of sales was better for villas and apartments with large balconies and green patches,” said Shveta Jain, Managing Director, Residential Services, Savills India.