Supply from existing and new developers expected to be absorbed on the back of robust demand

The Indian housing market has undergone a metamorphosis in the last ten years. This is a result of India’s economic growth, rising aspiration and homeownership. In India’s top seven cities, namely Mumbai Metropolitan Region, National Capital Region, Bengaluru, Hyderabad, Pune, Kolkata and Chennai, the area for sale is expected to increase by 12-14% annually to 785-800 million square feet in FY25 supported by strong end-user demand and healthy, albeit moderating affordability, according to ICRA.

The National Capital Region continues to remain a highly sought-after market. Anarock report for April-June 2024 shows that NCR saw a whopping 134% increase in new launches against Jan-March with approx. 17,030 units launched in Q2 2024. NCR records highest 10% quarterly jump in prices.

The Millennium City

Gurugram is home to over 200 Fortune 500 companies. Accordingly, the demand forUber Luxury homes have become a norm owing to the rising number of High-net-worth individuals (HNIs) and Ultra High-net-worth individuals (UHNIs). Besides, NRI investment is also on the rise in Gurugram. And therefore, the area is redefining premium living in a way that no city has been witnessing. Property developers in Gurgaon are setting their eyes on this market and going the extra mile to attract homebuyers’ attention and purse by crafting expansive living spaces with spellbinding interiors and new-age amenities.

Amongst the prominent micro markets, Golf Course Extension Road (GCER) is emerging as the most promising area for high-end residential and commercial developments. This, coupled with social infrastructure and rising demand has already placed GCER as a thriving hotspot with premium homes, world-class office and retail destinations. Improved transportation, secure and gated communities, the scenic Aravali and accessibility to amenities and services are driving homebuyers to this real estate hub.

The Strategic Location of Golf Course Extension Road (GCER)

Golf Course Extension Road connects Golf Course Road with Gurugram-Sohna Road. This thriving corridor, built in 2009, is a jewel in Gurugram’s crown. Its strategic location – connectivity to Delhi-Gurugram expressway, Southern Peripheral Expressway, Dwarka Expressway and Delhi-Mumbai Expressway through Gurugram-Sohna Expressway and the Indira Gandhi International Airport have attracted the interest of homebuyers and investors. The widening of this road and the underpass near sector 49 will ease commute to SPR, CPR, Dwarka Expressway and other parts of the city and beyond. Inhabitants can easily access the Sector 55-56 metro station of Gurugram Rapid Metro and travel to offices in cyber city or interchange at Sikanderpur for yellow line of Delhi Metro to travel to Delhi.

The Next Big Investment Destination

The Golf Course Extension Road, a part of SPR, comprises sectors 58 to 68. Sprawling high-rise residential, commercial and retail developments on both sides of this corridor with corporate professionals, HNIs and UHNIs as inhabitants, premium living is assuming a new definition on this stretch. A 200-m commercial belt running parallel to it will foster the concept of walk-to-work. With robust social infrastructure like schools and hospitals, banking, entertainment and restaurants avenues, low density living, green belts in the middle and along the road flanks etc., the scenic Aravali located in proximity, this corridor promises to heighten the living quotient.

Gurugram took the main lead in the new supply across NCR with a major share of 63%, with launches concentrated largely in Golf Course Road Extension during 2023. The majority of the sales were also recorded in Gurugram with a 56% share, according to Anarock.

According to 99acres, the price of an apartment ranges between Rs 20,000 per sq. ft and Rs 25,000 per sq. ft. with 3BHK apartments selling between Rs 2.65 cr to Rs 5.5 cr. Property rates have gone up by more than 100% in the last five years, 91% in the last three years and 20% in the last one year.

Promising Future

Golf Course Extension Road continues to witness new launches with never-seen-before amenities, new-age conveniences and luxury with unprecedented price points. The demand in this micro market has grown rapidly with not just newer mix of homebuyers comprising those moving up the income ladder from upper middle class to luxury but also those looking at it as an investment hotspot.

Property brokers say the burgeoning demand will absorb new supplies. 4S Developers, a top-notch real estate company in Gurgaon with exceptional expertise and portfolio of luxurious homes will lead the way in creation of uber luxury homes with a wide range of world-class amenities and conveniences.