The latest report by Knight Frank ‘India Real Estate – Residential market January-June 2021’ said that sales across the top 8 cities grew by 185% YoY in Q2 2021 and by 67% YoY in H1 2021
[avatar user=”Apoorva Garg” size=”thumbnail” align=”left”]By Apoorva Garg[/avatar]
Gurugram. The latest report by Knight Frank ‘India Real Estate – Residential market January-June 2021’ said that sales across the top 8 cities grew by 185% YoY in Q2 2021 and by 67% YoY in H1 2021. Talking about the NCR, the report also points out that sales in Gurugram’s mid and high-end segment improved in the first half of 2021 over the same period last year. From a 27% share of NCR’s total, its share increased to 32% in the current period, the report said.
“Gurugram is gradually establishing itself as the direction of choice. The city, which is known for its luxury residential buildings, has become a real estate attraction for people of all income levels. It has recently emerged as an affordable housing hotspot, and developers have expressed great interest in the Haryana government’s flagship affordable group housing plan. 138 of the 145 applications received by the Haryana government under its flagship group affordable housing scheme came from the two cities of Gurugram and Faridabad, ”says Pradeep Aggarwal, founder and president of Signature Global and president of the National Council for Affordable Housing, ASSOCHAM.
The report also indicates that new residential sales on Gurugram have grown nearly 2.5 times in volume year-on-year. “During COVID-19, livability criteria are significantly more essential than proximity to work or affordability in determining where a home buyer wants to live, and Gurugram has always met people’s fundamental infrastructure needs. The city also grew in popularity due to its ability to meet the needs of people for shorter commutes to various locations; hence the acceptance of projects on the Dwarka Expressway, Sohna Road or projects near the metro ”, says Kushagr Ansal, Director, Ansal Housing & President, CREDAI Haryana. The statement is in line with the findings of Knight Frank’s report, which says: “Steady residential prices, proximity to key office centers within Gurugram, well-managed services, and perfect connectivity have done projects at DLF Phase 5, Golf Course Road, Golf Course Extension Road, Sohna Road and New Gurugram are highly sought after among home buyers.”
Adds Nayan Raheja, Executive Director of Raheja Developers “Before the Covid-19 era, homeowners searched the city for the best neighborhoods to buy a home close to their workplace. Since the pandemic began, the demand pattern has changed. The need for other sites in addition to centers close to the workplace has increased since Covid-19 ushered in the new normal and work-from-home culture. ”
The Dwarka Expressway was beneficial for the real estate sector as it enabled the long-term development of the Gurugram region. In this neighborhood, both buyers and developers are vying for a fair share of the pie. At the same time, Sohna Road gained popularity and is currently one of the top five most sought after neighborhoods in Delhi NCR. “Affordable and mid-segment homes are the most popular types of housing in these places. These regions, where more than 40% of the shares are priced below Rs 50 lakh, are experiencing significant expansion as a result of a greater focus on affordable housing and increased demand from low- and middle-income end-users, ”says Ankit Kansal, Founder and MD, 360 Realtors.