Gurugram (Haryana) [India], November 25 (ANI/NewsVoir): Real estate is booming in NCR.
From residential complexes to local shopping complexes to malls and luxury commercial spaces, the post-pandemic real estate sector, both residential and commercial, is undergoing a major transformation.
Much of it is related to a massive change in people's outlook once the lockdowns ended and normalcy returned.
At one level, while it led to an increase in demand for large residential accommodations, the commercial segment also experienced a massive boom.
Simultaneously, post-pandemic India also saw a surge in luxury shopping. Sales of luxury cars, clothing, accessories, etc. all of them jumped through the sky.
"Even though this development had benefitted every major tier 1 city in the country, however, the peripheral areas of the National Capital Region (NCR) along with the Mumbai Metropolitan Region (MMR) riding on the increase in connectivity due to Delhi-Mumbai corridor, turned out to be taking a leading position. What is even more interesting is that among all the parts of NCR, Gurugram turned out to be at the forefront," says the Spokesperson, BPTP Group.
As the city became overcrowded it also expanded. Coupled with the state government's timely interventions that were in sync with the contemporary needs and expectations of the city's development, the real estate market in Gurugram received a big boost.
"Dwarka Expressway, which is set to open in a phased manner in 2023, has become a hot real estate destination even before its completion. The expressway offers seamless connectivity between Delhi, Gurugram and Manesar. This along with the impetus placed by the government on its infrastructural development and the social infra boom being witnessed in the region notably- the construction of India's largest convention centre- the India International Convention and Expo Centre (IICE) and the proposed second diplomatic enclave in Dwarka, have greatly accentuated the pace of growth on Dwarka Expressway. From an investment standpoint, there has been a significant increase in the capital appreciation in the area- plotted developments have shown an astounding 2X-3X appreciation. For end-users, the region strikes the right balance between clean and natural living and an enviable modern lifestyle. With Dwarka Expressway nearing completion, the area will continue to attract the interest of home buyers and investors alike," says Nayan Raheja, Raheja Developers.
From low-rise independent floors to high-rise apartment complexes and plotted development to luxury properties, the region offers everything that any family looking for a modern lifestyle can aspire for.
Talking about the growth of SCOs, Aman Sharma, Director, Spaze Group, said, "Gurugram has become a hot investment destination for Shop-cum-Offices. The sectors which are located in proximity to Dwarka Expressway have seen a rise in SCO projects. Dwarka Expressway is pitted to be the most prominent connectivity channel between Delhi and Gurugram. It will significantly bring a large section of consumers and investors to the southern part of Gurugram, which might be an unexplored realty zone for them earlier. The allocation of spaces for diverse and multilateral commercial use amplifies its utility and makes it a safe investment in the commercial real estate sector. The adoption of technological advancements like the use of solar light provisions also makes it a future-ready project, with its alignments set to minimise pollution and meet ESG goals. This has also attracted a vast consumer section to SCO projects."
"The luxury real estate sector has seen a rapid boost post-pandemic. Dwarka Expressway has emerged as a top destination for investment in path-breaking luxury and uber-luxury projects, which are massive in size, scale, and high-end amenities. Gurugram has always been a trendsetter in defining the standards of luxury living and continues to be a dominant force in the markets, attracting solid investments and enjoying excellent road and infrastructural connectivity. Upon the completion of Dwarka Expressway, the investments and demands will dial up substantially," says Ashwani Kumar, Pyramid Infratech.
Says Ritu Ahlawat, CEO, InvestinPRO, "Besides, the increasing position of India as an economic superpower coupled with an all-around boom has also augured well for the real estate sector. Increasing Private Equity (PE) investments, strengthening of the dollar, and entrepreneurs looking for avenues to save capital gains tax flushed the sector with the fund."
At present, the South Gurugram has emerged as the epitome of a high-end lifestyle. Property prices are increasing, rental value is on the rise, corporate and retail companies are scouting for spaces, and the region in short has emerged as India's prime residential and commercial destination.
This story has been provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)