Real Estate Market in Gurgaon is currently registering greater end-user demand in terms of luxury housing market, in contrast to the previous trend of the investment-driven purchases. The sale of luxury projects has gone up by nearly 30% in past few years-with end users and foreign nationals not averse to pay a steeper price for the world-class lifestyle features that most of these projects boast, demand has spiked, along with appreciation in their value.
Luxury and ultra luxury housing projects in the price range of Rs 1-15 crore in the residential market of Gurgaon like Dwarka-Gurgaon Expressway, NH-8, and Golf Course Extension Road are being snapped up eagerly, spurred by new product offerings, greater end-user demand, and an increasing upwardly-mobile segment. The capital value of these luxury apartments varies from Rs 6,000-15,000 per sq ft depending upon the services offered and their location.
With rising aspirations, better infrastructure, and proposed mega projects in the vicinity, Gurgaon is expected to keep on the growth track in this segment of the housing sector.
Keeping this trend in mind, developers like DLF, Ansal API, Sobha Developers, Chintels Ltd, ATS, Godrej Properties, Raheja Developers, Homestead, Adani, Puri Constructions, Ireo, Vatika, Tata Housing, Oberoi Realty, Assotech Ltd, Supertech Ltd, etc, are partnering with international players to design exclusive apartments and condominium space here.
Ireo has roped in the international hospitality chain Hyatt Hotels to introduce its branded housing product, Grand Hyatt Residences, in Gurgaon, which will be managed by the hotel firm.
To cost between Rs 11 crore and Rs 25 crore-or even higher-the owners of these exclusive apartments will enjoy hotellike facilities like valet service, concierge, laundry, in-residence dining, housekeeping, etc.
Residents would also be able to walk down to a nearby 7-star Grand Hyatt hotel, an office complex, and an opento-sky market in the 29-acre integrated complex set to come up on Golf Course Extension Road.
South India-based Sobha Developers is building an ultraluxury project, International City, in Sector 109, 106, and 108 on Dwarka-Gurgaon Expressway. International City is a 150-acre exclusive villa community in the vicinity of the IGI airport and is on a 25 minute drive from the posh south Delhi areas like Vasant Vihar, West End, Shanti Niketan, as well as the business hub of Gurgaon.
With just six villas per acre and ample green and open spaces, International City offers low-density villa living right at the edge of Delhi. International City offers exclusive presidential and duplex villas along with large, landscaped open spaces, a secured community living, planned roads with broad, tree-lined walkways, a spokesman of the firm said. Launched in 2011, International City is being built by Sobha Developers in association with Chintels Group and QVC Realty Co.
Homestead Infrastructure, a London based real estate player, has announced a new luxury residential project in Sector 73, Gurgaon, in association with sports icon and tennis superstar, Maria Sharapova. The developer has also roped in UHA-London, Indian architect DFI, and Halvorson & Partners to execute the project. Homestead Infrastructure, which focuses on building niche and branded houses, recently launched its first project, Michael Schumacher World Tower in Sector 109 on Dwarka-Gurgaon Expressway.
Top realty player DLF has plans to develop DLF Garden City over 450 acres in Sectors 86, 87, 90, 91, and 92. This zone will comprise group-housing, commercial, and plotted development. Garden City comprises projects like Primus, Regal Gardens, and New Town Heights, plotted development, and a commercial complex, Galleria 91. Galleria will house multiplexes and anchor stores.
Alpha G:Corp is set to build a 12.5-acre residential project in Sector 84, Gurgaon, with 670 apartments; adjacent to the 210-meter-wide forthcoming expressway that connects Dwarka and the IGI airport, the project is around 2.5km from the Metro hub and the Inter State Bus Terminal planned in the Gurgaon Master Plan-2021.
Paras Buildtech is developing a luxury project, Paras Quartier, on Gurgaon-Faridabad Road. The project has a spiral Iconic Tower and two grand condominium towers. Iconic Tower offers lavish amenities in its 4BHK units like family lounge, modular kitchen, contemporary bedroom, separate service corridor and balconies with glass all around.
Puri Construction has two high-end luxurious projects, Diplomatic Greens and Emerald Bay, in Sector 104 and Sectors 110-111 respectively. Diplomatic Green is a 20-acre residential, gated property that’s part of an 82-acre master plan of mixed development inclusive of hotel, retail, and commercial spaces.
Encouraged by the launch of Supernova, one of the tallest mixed-use realty projects in Sector 94, Noida, Supertech Ltd has recently embarked on an integrated township project over 200 acres in Sectors 68 and 79, which will offer high-end luxurious residential housing.
With rising demand in residential, office, retail, and hospitality sectors, Gurgaon is a prime development corridor in the country. A large number of white-collar jobs have been created in Gurgaon after it emerged as a hub for MNCs, IT and IT-enabled services. Transportation facilities with other neighboring states, close proximity to the IGI airport, and Metro rail connectivity to Delhi, have all added to its position as a preferred residential as well as commercial destination.
Gurgaon continues to rule the NCR realty market and is a favourite among end users and investors as it promises high returns, while providing a secure investment environment. The biggest strength of the city lies in the massive employment opportunity available, which translates into strong demand for housing in peripheral areas as well.
Alok Kumar Upadhayay
Real Estate Professional