Gurugram: The latest Magicbricks Report for Gurugram, covering the period from July to September 2023, has uncovered noteworthy trends in the city’s real estate landscape. The report delves into the resilient trends exhibited by the sector inQ2FY23-24, and provides a comprehensive overview of the residential sector in Gurugram.
As per the Q2 FY23-24 report published by Magicbricks, Gurugram exhibited the highest concentration of demand due to its strategic placement from the arterial roads and employment hubs. This micro-market offers a plethora of interesting housing options. With robust commercial and retail infrastructure coupled with better social amenities, the Dwarka Expressway has come to be the most sought after destination for prospective homebuyers. Due to developing employment opportunities and variety of housing options across budget segments, the Dwarka Expressway residential property price witnessed a 25% QoQ increase and a remarkable 50% increase YoY basis from the previous year.
Micro-Market Preferences and Size-wise Trends
Dwarka Expressway’s remarkable jump from the 6th position to the 2nd position in Q2 2023 highlights the shifting preferences of homebuyers, who are looking to take advantage of the splendid mid housing options available across this micro-market. Thus, Dwarka Expressway remains the top micro-market, supported by robust commercial and retail infrastructure and superior social amenities. In terms of property configurations, mid housing saw the highest jump in demand, with 3 BHK units emerging as the most preferred. It is no surprise then that mid housing with the highest demand and supply were observed in the INR 5,000-10,000 per square feet range.
Sharing his insights on the Q2 FY 23-24 Magic Bricks PropIndex, Mr. Ravi Aggarwal, Co-Founder & Managing Director of Signature Global (India) Ltd., emphasised, “Gurugram’s inclination towards aspirational living is a testament to the evolving preferences of homebuyers. The city’s commitment to infrastructure development, particularly the Dwarka Expressway, Southern Peripheral Road, Sohna Elevated Road enhancement, and DMIC, has brought significant transformation and positivity to the entire real estate market in the adjoining vicinity. The preference for larger units with modern amenities is a distinctive characteristic of the Gurugram market.
Elevated aspirations, particularly within the expanding middle class, have led working-class individuals to actively seek value homes from reputed developers. These residences not only provide increased amenities and living space but also align with the evolving expectations of contemporary living. A discernible trend has emerged, indicating that customers are increasingly inclined to invest in homes that seamlessly blend modern amenities, punctual delivery, and strategic location advantages, all offered by branded developers.”
“The segmentation analysis unveils a dynamic real estate landscape, with notable growth observed in both ready-to-move and under-construction properties. This trend underscores a discernible demand for immediate occupancy, coupled with a robust interest in investments in upcoming projects. At the micro-market level, there is a discernible surge in residential demand across all key micro-markets, affirming Gurugram’s stature as a city offering expanding employment opportunities and a diverse array of housing options catering to various budget segments.Remarkably, the Dwarka Expressway has emerged as the preeminent choice for discerning homebuyers. Driven by burgeoning employment opportunities and a diverse portfolio of housing options spanning different budget categories, the expressway has experienced a significant 25% quarter-on-quarter escalation in property rates, translating to an impressive 50% year-on-year growth compared to the previous year.”– Adil Altaf – Director Sales & CRM, Whiteland Corporation.
Venket Rao, RERA Expert and Founder of Intygrat, emphasises the necessity for rigorous legal oversight, stating, “Dwarka Expressway stands out as a highly coveted property hub in the National Capital Region, driven by its strategic location in close proximity to Gurugram, a prominent business and IT hub in India. Additionally, its nearness to the international airport significantly contributes to its growing prominence. My dedication lies in ensuring that each real estate transaction on Dwarka Expressway aligns seamlessly with RERA guidelines, meticulously safeguarding the interests of both developers and homebuyers. The area’s recognition as Gurugram’s most in-demand real estate hub accentuates the crucial necessity for rigorous legal oversight, underlining an environment of trust and transparency for all stakeholders involved”.