- Peyush Bansal, Lenskart’s co-founder and Dhanuka Agritech promoters register flats worth Rs100 crorein Gurugram.
- DLF’s Gurugram luxury housing project Privana South sold out within 72 hours of pre-launch for Rs 7,200 crore.
- Tulip Infratech sold apartments worth more than Rs 300 crore on the first day of launch of its second phase of luxury residential project in Gurugram.
- Godrej Properties sells 1,050 luxury homes for over Rs 3K cr in Gurugram.
- V Bazaar CMD's wife buys 10,000 sq ft flat in Gurugrm for Rs 95 crore.
- MakeMyTrip's CEO, Rajesh Magow and Genpact's CHRO, Piyush Mehta, invested approximately Rs 33 crore each to acquire 6,500 sq ft apartments at Golf Course Road, Gurugram.
- Signature Global sells 1,008 luxury flats in Gurugram for Rs 3,600 crore.
These are just a few of the head-turning headlines of last four months that set the context of Gurugram becoming India’s Billionaire’s Row. A neighborhood of ultra luxury residential, Gurugram is fast catching up with South Mumbai’s uber luxury residential market.The sale of premium and luxury homes in the Gurugram, the so-called Millennium City has been ris- ing steadily. Latest ANAROCK data indicates that of a total of 15,590 units sold in Gurugram in 2021, ap- prox. 30% were homes priced above INR 80 lakh.
The rental market too is show- casing notable increases in rental prices for both fitted and furnished luxury apartments ranging from Rs 4.5 - 4.75 lakh (fitted) and Rs 5.5-6 lakh (furnished) by April 2023 reaching to Rs 8-9 lakh (fitted) and Rs 11-12 lakh (furnished), highlighting the premium on luxury and space in the current market.
Prime property price movement in India is positively influenced by strong sales momentum in the cat- egory amid limited ready inventory, and increased construction cost in recent years, according to Shishir Baijal, CMD, Knight Frank India.
WHAT’S DRIVING THE MILLIONAIRE’S RUSH
According to recent research conducted by R&R, the real estate market in Gurugram is literally on fire, proving those markets watchers wrong who claimed that it was the post-pandemic pent-up demand that was driving the market upwards. In fact, each micro market here is performing well, influenced by numerous factors, including favorable government policies, economic conditions, and market demand.
The new launches of luxury units in Gurugram skyrocketed more than twice during the year 2023. Notably, the micro markets of GCER (Golf Course Extension Road) & SPR (Southern Peripheral Road), along with New Gurugram, collectively contributed to 90% of these launches.
Vishesh Prakash, Lead, R&R, says, “In what can be termed as a rare phenomenon of a newly-launched inventory being sold in a day, with buyers/investors queuing up for its allotments, guess it is the FOMO (Fear of Missing Out) that is making many jump the gun, thereby, propelling developers to create newer opportunities and launch new projects. If all goes as anticipated, Gurugram is all set to script new records in the next fiscal.”
With sentiments continuing to be positive, and the demand continuing to go up, leading players from across the country are already set with extensive expansion plans here. Overall, the growth trajectory of the luxury residential segment here has been incredible. Average rentals witnessed an increase of 28% YOY at a city level. Dwarka Expressway and Golf Course Road witnessed the highest increase with 35% and 30% YOY growth respec- tively.
“The demand for luxury properties continues because capital markets are doing well and there is more wealth at peoples’ disposal and they have the aspiration to upgrade,” explained Amit Goyal, managing director, India Sotheby’s International Realty.
Another reason, real estate consultants cite is the less supply chasing high demand for luxury properties especially in Gurugram as Delhi’s rich now prefer luxury condominiums with lifestyle ame- nities over bungalows.
In response, from private sky gardens to concierge services and curated amenities, the developers are going all out to provide living experiences at par with global standards amidst the vibrant social scene of Gurugram’s HNI populace.
“Overall, the interest in luxury properties is strong, especially in the projects from reputed real estate developers. This momentum is expected to continue and we will see launches in the luxury category to continue,” said Mudassir Zaidi, Executive Director – North at Knight Frank India.
THE MULTI-MILLION DOLLAR HOMES
In recent years, the rapid development of new residential belts has opened doors for developers to cater to the evolving needs of HNI buyers. The city's growing reputation as a "Millennium City" and its growing IT and financial sectors attract regional expatriate residents, businessmen and CXOs who seek sophisticated living spaces that re- flect their success. Not surprisingly, Gurugram today has emerged as a prominent luxury market in Del- hi-NCR.
Locations such as DLF Phase I/II, Golf Course, and Golf Course Extension typically witness average ticket sizes between INR 10 to 20 crore. Central Gurugram stands out as a luxury residential hub due to its proximity to renowned commercial hubs, educational institutions, world-class healthcare and recreational facilities to provide an envelope of convenience and exclusivity for the discerning.
According to Cushman Wake- field report, the Delhi-NCR region captured 61% of high-end and lux- ury housing total launches, with Gu- rugram dominating the entire Delhi NCR supply at 44% through focused demands primarily on SPR and NH8. The SPR corridor witnessed 3,614 units new launches during Q1 2024, with the luxury segment accountinfor 61% of the share.
These areas cater to the high earning individuals want of be- spoke residential communities by providing luxury homes complete with an array of amenities, ranging from infinity pools, lounges to fit- ness centers, private green spaces and round-the-clock security and concierge.
In addition, Sector 80 is emerg- ing as a premier hub for luxury residences, due to its strategic location and availability of upscale high-rise apartments to expansive gated communities with exclusive amenities, few of them even offering high-end “Golf-facing apartments”.
LIVING LIKE ROYALTY
Gurugram is the hub for global MNCs and as such home to HNI IT professionals, finance honchos, expatriates and entrepreneurs. The recent study by No Broker, on Gu- rugram, highlights the key luxury residential localities of Gurugram catering to this segment of the population.
Golf Course Road is the posh- est area in Gurugram with best-in class residential and commercial properties and easy connectivity to other prominent areas of the city through MG Road, Golf Course Extension Road and Gurgaon Rapid Metro. The residential property pric- es here upwards Rs. 5 crores. Golf Course Extension Road towards the Southern Peripheral Road too has emerged as a place for premium housing, comprising super luxurious residential apartments and plots.
DLF Phase 1 is in proximity to the southern parts of Gurugram and offers luxurious independent builder floor houses. It offers a luxurious lifestyle with all lifestyle amenities and proximity to commercial hub of Cyber City. Golf Course Road is within a 15-20 mins drive from here. DLF Phase 2 is another luxuri- ous township close to Cyber City and classy Sector 25. The area is connected with the Delhi Metro and Gurgaon Rapid Metro. Most of the available properties here are Builder Floor Apartments and residential plots with price tags higher than Rs 5 crores.
DLF Phase 3 between the Gur- gaon-Delhi border is spread over sector 23 too is one of the most affluent sectors in Gurugram. Prop- erty rates in the area range from Rs.5,816 – Rs.1,81,000 per sq. ft and goes as high as Rs. 8 crores for a 4BHK residential apartment.
DLF Phase 3 is one of the major employment hubs and has great connectivity via the yellow line of Delhi Metro and NH-8
DLF Phase 4 a well-connect- ed locality too offers luxurious residential complexes, spacious independent builder floors and plots. Property prices in the area range from Rs. 9,377 – Rs.1,03,704 per sq.ft and a luxurious builder floor apartment can cost upwards Rs 5 crores.
Sohna Road is another expen- sive area in Gurugram. It is well con- nected to other high-end residential areas like Golf Course Road and Golf Course Extension Road. The area offers a walk to work concept as it has a well-developed corpo- rate infrastructure and major offices within close vicinity.
Ambience Islands, the 135 acres integrated township with residential, commercial and sports complexes has homes priced 5 crores and above. Ambience Island offers great connectivity to the neighbor- ing state of Delhi and is a major hub being home to Rajokri greens and the 9-hole course and being close to Ambience Mall and Cyber City. Nirvana County replete with uber commercial and luxurious offerings is spread well over 300 acres with apartments, offices, villas, schools, retail spaces and clubs. The area is located in Sector 50 and sector 51 of the city and is very close to other affluent localities. Property rates in the area can go as high as Rs. 20 crores.
South City 1 located in the hearts of Gurugram offers luxurious residential complexes near Huda City Centre. Currently, the 4BHK independent builder floor unit in the area can cost up to Rs. 20 crores.
GURUGRAM TAKES CENTERSTAGE
Top developers from across In- dia are entering the Gurugram’s burgeoning luxury property market while, local realty firms are scaling up their luxury housing projects in the city. Branded developers from other cities like Godrej, Oberoi and
Adani are buying land in Gurugram to tap the luxury real estate segment opportunities. For instance, Oberoi Realty bought 14.8 acres of land in Gurugram’s Sector 58 and Adani got land near Delhi’s border in Gwal Pahadi through a bankruptcy process. Local well-known developers like DLF, Signature Global and Raheja too have ramped up their projects in this segment. DLF, recently bought 29 acres on Golf Course Road Extension while, Signature Global has acquired 14.65 acres of land in Sector 37D near Dwarka Expressway in Gurugram to build luxury homes. Likewise, developers like, Emaar, Whiteland, M3M, Central Park, Smartworld Developers, Elan, Ansal Housing, Tarc, are a few of the many that are riding the wave of luxury housing demand in Gurugram among the high-net-worth individuals.
Giving the gist of the current trends, Pankaj Pal, Managing Director, Whiteland Corporation, a real estate developer of Gurugram said, "In Gurgaon's real estate market, we've witnessed an extraordinary surge in both demand and supply, reflecting a dynamic landscape driven by discerning homebuyers. The data underscores this shift, with a remarkable increase in luxury real estate transactions. Homebuyers are prioritizing quality, security, and life- style amenities, leading to a surge in demand for premium properties. This trend signifies a maturing market where buyers are making informed decisions for long-term prosperity."
Resonating the trend as stated by Pal, is the recent foray of Kanodia Group, a business conglomerate in the real estate market with the acquisition of a prime 1.74-acre land parcel in Sector 46, Gurgaon for a uber luxury residential project. Commenting on the acquisition, Gautam Kanodia, Co-Founder of Kanodia Group said, "This acquisi- tion marks our entry into the thriving luxury residential space in the NCR market. The true essence of luxury is exemplified by the rarity of its existence, and that’s what Kanodia Group strives to achieve. We plan to generate revenue in excess of INR 1000 crore from this project."
As per JLL, in 2023, Delhi NCR led both in terms of number and area of land deals, with 415 acres acquired across 36 separate transactions valued at approximately INR 9,120 crore. Select established players acquired multiple land par- cels across Delhi NCR. Out of these 415 acres, around 264 acres (64%) valued over INR 5,300 crore was acquired in Gurgaon alone.
The real estate experts are unanimous in their observation that the demand for premium homes in Gurugram is experiencing a significant surge. This trend is fueled by Gurugram's strategic location, improved connectivity, and proximity to major corporate hubs. Moreover, the city's robust infrastructure de- velopment, including the expansion of metro lines and enhanced road networks, further elevates its attractiveness.
The influx of multinational companies also contributes to Gurugram's growing appeal, making premium homes a sought-after investment for discerning buyers as HNI are drawn to premium properties for their lifestyle amenities, spacious layouts, and quality living experiences.
