As the much-hyped 29-km long Dwarka Expressway has finally been inaugurated by Prime Minister Narendra Modi, the property prices in Gurgaon are expected to witness a significant surge. The Expressway has been planned to provide an alternative way between Delhi and Gurgaon in order to reduce traffic congestion. Since its inaugural, several renowned developers in Gurgaon have flocked to grab large land parcels so that they can launch multiple premium housing projects along the Dwarka Expressway.
With the Haryana Government giving green light to the much-awaited project worth Rs 99.5 crore to construct e-way service roads on both sides of the Expressway, the region is likely to see a beeline of residential as well as commercial investments by topline builders and buyers.
According to JLL, one of the biggest global real estate firms, this newly-launched Dwarka Expressway-New Gurgaon cluster is set to become a hotspot for luxurious residential developments in Delhi NCR. If we talk about the numbers, in 2023, more than 11,270 housing units were launched in this submarket, which was 69% of the overall launches in Gurgaon. Notably, a total of 12,409 residential units, with a sales value of INR 25000 crore, were sold in this region.
How Luxury Realty Is Booming in India?
Ever since the pandemic period ended, luxury residential properties are selling like a hotcake in India. Despite the continuously rising property prices in the top metropolitan cities, the demand for luxury housing has remained stable.
The whole idea of luxury home ownership has swept the minds of young and ambitious buyers in this modern world. Premium houses are not only seen as a status symbol or a yardstick of a lifestyle upgrade for the modern homebuyers but they have also become a chief investment option that will bring long-term appreciation returns.
As per the reports of Anarock, luxurious homes and condos with sale prices starting from Rs 1.5 crore onwards in top 7 Indian cities including, Delhi NCR, Mumbai, Bengaluru, Pune, Chennai, Kolkata and Hyderabad have undergone an average price uptick of 24% in the past five years. The property prices in these cities have increased from 12,400 per sq.ft. in 2018 to Rs 15,350 per sq.ft till the first half of 2023.
In the National Capital Region (NCR) particularly, the prices of premium residential properties have increased by 22% over the last five years. This robust demand for luxury housing was initially called to be a ‘short-lived fad’ or a ‘housing bubble’ phenomenon by fence-sitters and naysayers, but now the continuously growing progression in sales of the luxurious housing segment has caused the doubts to dissipate.
The studies have shown that the property prices near Dwarka Expressway were hovering between Rs 11,300 and Rs 11,700 per sqft in Q4 2023 as compared to Rs 9,600 to Rs 10,000 per sqft in Q4 2022. The confluence of massive infrastructural projects and seasoned developers coming forward with a great line of projects – all these factors are acting as a catalyst behind the property surge in the new corridor of Gurugram.
What To Expect Next?
Considering the current situation, Gurgaon is the best location to invest in real estate. Amid the ongoing infrastructural changes, the construction of service roads for commuters’ convenience and the inauguration of Dwarka Expressway, and the Gurugram metro rail corridor project worth Rs 5450 crore, the millennium city has become one of the new realty hotspots across the country. Furthermore, with Dwarka Expressway getting operational, all stakeholders will benefit from this highly expensive public infrastructural project. This will also have a positive impact on all types of real estate assets in Gurgaon.