Gurugram Real Estate Prices Double in 2024 with Luxury Projects Surge
Gurugram is experiencing a massive surge in its real estate market, with the cost of new property launches skyrocketing in 2024. The total value of these launches has doubled, reaching Rs 88,000 crore, compared to Rs 45,000 crore in 2023. This surge is due to the rising demand for high-end and luxury apartments, as people are looking for more spacious and comfortable homes.
Big real estate developers like DLF, Godrej Properties, Signature Global, Sobha, TARC, and M3M have been at the forefront of this real estate expansion, introducing premium residential projects in Gurugram. These projects mostly feature large, well-designed flats, catering to those who prefer a lavish lifestyle.
Luxury Housing Dominates the NCR Market
Interestingly, the number of new projects has actually decreased over the years. In 2017, Gurugram saw 239 projects worth Rs 64,000 crore. In contrast, only 124 projects were launched in 2024. However, the total value of these projects has shot up significantly, indicating a shift towards more luxurious and expensive properties.
Industry experts believe this trend is fueled by strong demand from homebuyers who want to invest in upscale properties. As the economy grows and infrastructure improves, more people are willing to spend on bigger and better homes. Developers have recognized this demand and are now focusing on large-scale premium projects that meet these expectations.
In the National Capital Region (NCR), Gurugram has emerged as the leader in luxury housing projects, accounting for a massive 87% of such developments. According to Aman Trehan, executive director of Trehan Iris, the increasing preference for high-end housing reflects confidence in Gurugram's future growth. This confidence is driven by factors such as infrastructure improvements, corporate expansion, and changing lifestyle choices.
The trend of rising real estate investments is not just limited to Gurugram. In Uttar Pradesh, Noida and Lucknow have also been making headlines in the property sector. Noida led in project costs, while Lucknow saw the highest number of project launches in 2024, with 258 new developments.
In terms of investment, Noida had 51 projects with 109,075 housing units, attracting Rs 20,929 crore. Lucknow followed with 61 project launches, adding 53,655 new housing units worth Rs 6,150 crore. Noida has particularly stood out due to its large number of high-rise buildings and strong demand from the upper-middle-class segment. Ghaziabad, another city in UP, ranked third in terms of flat size and number of housing units.
Experts also note that smaller cities and towns are now becoming attractive for property buyers. Sanjay Bhoosreddy, chairman of UP RERA, pointed out that the preference for apartments in non-metro cities is increasing. This shift is driven by the expansion of educational, healthcare, and employment facilities outside big cities, along with favorable government policies encouraging real estate investments.
Overall, the real estate market in Gurugram and other cities is seeing a shift towards premium and luxury housing. Despite fewer new projects being launched, their total value is higher than ever. This reflects changing buyer preferences and growing confidence in the long-term potential of real estate investments in these cities.
