Real Estate is witnessing a boom in Gurgaon City. The significant rise in the real estate price after COVID-19 is surprising even for industry experts. The millennium city is appearing as the preferred destination for real estate investors. Earlier the real estate market witnessed a downfall blaming factors like GST and demonetization but the zeal of the people in the city brought it on track and the market is thriving like never before. The market trends and the choice of buyers are taking the market on a new track with some flagship projects of top developers like DLF City Floors, DLF Garden City, DLF Phase 2, etc.
It is experiencing an impressive y-o-y growth of 14.9%, with average property prices ranging from Rs 14,500 to Rs 15,500 per sq ft in locations like Phase 1 Gurgaon, DLF Phase 3, and DLF Phase 2 Gurgaon. The trends became astonishing when the demand outshined supply leading to further increases in the prices. This encouraged builders to come up with more projects bringing more business and growth to the city. Let’s have a look at the reasons behind the boom in the real estate market.
Gurugram noticed massive infrastructural development with improved connectivity through the metro rail network, and the construction of highways, underpasses, and flyovers. The network of highways and expressways like KMP, SPR, and NPR connect the prominent locations in the neighborhood. The under-construction Delhi-Mumbai Expressway will reduce the travel time to Jaipur from Gurgaon to 120 minutes.
The government has also proposed some new Gurgaon Sectors in Manesar. DLF Garden City Sector 91 Gurgaon will take advantage of such developments. The recently proposed 28.5-km-long metro corridor between Cyber City and HUDA City Centre in Gurugram has become the talk of the town. The 27 elevated metro stations on this route will make commutes all over Gurgaon seamless.
All these factors depend on each other but, economic growth needs special mention because many destinations in Gurgaon like DLF Floors Phase 1, and DLF Phase 2 Gurgaon are exceptionally thriving. The development of Cyber Hub and many commercial office spaces brought many global and homegrown companies to the city. DLF City Phase 1 Gurgaon is also the home for the offices of many Fortune 500 companies. Business activities of such elite-class companies catalyze economic growth in the city.
The Millennial Factor
Gurgaon is also called the Millennium City because of the large population of millennials. A large number of millennials are coming to the city as a workforce creating a huge demand for real estate properties. It is also changing the trend because the millennials prefer privacy and aesthetically designed flats giving rise to the co-living culture in affluent societies like DLF Phase 3, DLF Phase 2, and Phase 1 Gurgaon.
Rise in demand for Luxury Living
The growing economic activities create demand for luxury living. Investors and homebuyers prefer well-developed townships like DLF Garden City Sector 93 because they offer a serene environment with luxury living. Residential properties like DLF City Floors offer all necessary amenities along with a wide range of recreational facilities like multi-sports clubs, swimming pool, terrace garden, and state of the art safety and security systems.
Supportive Government Policies
Supportive government policies like RERA (Real Estate Regulation and Development Act) protect the interests of buyers while making the complete process transparent. Such policies also make the developers more responsible and disciplined towards the buyers. All the projects like DLF Garden City Floors and DLF City Floors comply with RERA.
The City’s Reputation as a Business Hub
The city has built its reputation as a business hub rather the experts call it a “futuristic commercial hub” because of the presence of a Cyber Hub near DLF City Phase 3. The infrastructure, connectivity, and strategic location near Delhi and Faridabad take credit for such a reputation.
If you chain all these reasons together like the infrastructure is fueling economic growth, the economic growth is leading to the millennial influx and the rise in the population of professionals in the city is creating more demand for real estate. This also enhances the desire for luxury living and the developers are coming up with projects like DLF Garden City Gurgaon. Such demand is going to last for a long and these facts are attracting more and more investors in the real estate industry.