NEW DELHI: Some of the micro markets in New Gurgaon are performing better than their counterparts in NCR, according to the property consultants and real estate developers.
According to Anarock, average property prices in the top 7 cities rose 14% over the past seven years, with Pune, Hyderabad, Bengaluru and Mumbai among the best cities to invest in.
In the National Capital Region, which includes New Delhi and neighbouring cities such as Gurgaon and Noida, property prices increased 2%, although in areas like Sohna Road and Dwarka Expressway they jumped 18-19%.
“Growing demand and strong growth in residential, commercial and industrial sector real estate has led to the growth of the micro market around Gurugram. A changed real estate market has emerged in the era of epidemic and now new buyers are planning to take home due to these new markets in the border areas of the city,” said Karan Kumar, CMO, DLF Limited.
A recent JLL report has said that new residential project launches would continue to dominate the realty market in 2021. With major developments like an urban transit system including the Delhi-Faridabad metro link, shifting of Kherki Daula toll, construction of the Delhi-Mumbai Industrial Corridor, revamping of Southern Peripheral Road, revival of green belts, among others, New Gurugram is attracting both developers and buyers.
“Infrastructure development has been directly impacted by real estate prices and demand. These announcements will help to increase prices in parts of Gurugram, generate employment and strengthen the local economy,” said Kumar.
“These micro markets are more popular among home buyers due to their better prices and modern resources. Better connectivity will accelerate the development work in this area which will attract investors and at the same time will increase the demand of the market,” Kumar said.
The realty market is gradually recovering from the COVID induced challenges and the sector is already witnessing an increased demand from buyers. Increased focus on health and wellness aspects in the post-Covid era is now making customers go for ready-to-move-in projects by trusted developers.
Vatika Group also has multiple residential and commercial project in the region and will develop close 1 million sq ft.
The average price of a home in the top 7 cities rose from approximately INR 4,895 per sq. ft. in 2013 to INR 5,599 per sq. ft. by Q3 2020-end.