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Gurgaon’s micro markets report increase in price, demand

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.

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Sohna Road is NCR’s Top Micro Real Estate Market

GURUGRAM: Sohna Road and Dwarka Expressway in Gurugram have emerged as the top performing real estate markets in NCR, with an appreciation of 19% and 14%, respectively, in the average property prices since 2013. This is as per the latest report released by realty consultants Anarock. And these two micro markets are followed by New Gurgaon, Sohna and Noida Extension, where the appreciation has been in double digits.

Overall, the report says that the average property prices in the top seven cities of India in the past seven years saw close to a 14% jump. The average price of a home in the top seven cities rose from approximately Rs 4,895 per square feet in 2013 to Rs 5,599 per square feet by the end of the third quarter of 2020. Among these, Pune saw the maximum rise of 38%, followed by Bengaluru and Hyderabad, with 20% growth each.

Interestingly, NCR was at the last with merely 2% overall appreciation in property prices from Rs 4,488 per square feet to Rs 4,580 per square feet in the past seven years. While Sohna road witnessed an increase in the average price from Rs 5,640 to Rs 6,707 per square feet, the property rate in Dwarka Expressway appreciated from Rs 4,668 to Rs 5,340 per square feet in the past seven years, the report says.

Similarly, with 13% appreciation, the average realty prices increased from Rs 5,375 to Rs 6,100 per square feet in New Gurgaon. In Greater Noida (west), the hike has been 11% from Rs 3,050 to Rs 3,370 per square feet, according to Anarock.

Prashant Thakur, director (research) at Anarock, said, “While considering cities to invest in, the much-hyped housing inventory overloads need to be viewed contextually. Slow-moving housing inventory tends to be in unviable locations of a city, and the same city will invariably have pockets which draw good demand.”

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