Gurugram emerging as luxury real estate hub in Delhi-NCR; what's fueling the growth?
Gurugram Real Estate Market: In Gurugram, the New Gurugram has emerged as a top-performing micro-market for under-construction properties, recording the highest annual appreciation of 55 per cent in average capital values.
Gurugram Real Estate Market : The residential real estate market of Delhi-NCR remained buoyant in 2024, positioning itself as India’s key property market. Housing sales in Delhi-NCR rose to 12,915 units during the October-December period of CY2024 from 10,354 units in the year-ago period. Also, the new supply increased by 59 per cent to 11,223 units during the same three-month period versus 7,072 units in the corresponding period of the previous CY.
Among the major cities of Delhi-NCR, Gurugram emerged as the new luxury hotspot. According to CBRE, Gurugram led the chart of land deals, accounting for more than 60 per cent. Another report by Savills India showed Gurugram is leading the surge in under-construction luxury property values, with prices increasing up to 55 per cent YoY.
In Gurugram, the New Gurugram remains the top-performing micro-market for under-construction properties, recording the highest annual appreciation of 55 per cent in average capital values. Golf Course Road and Dwarka Expressway vicinities reported 22 per cent and 16 per cent YoY growth, respectively, in average capital values for under-construction properties. Approximately 16,140 luxury units, new launches in Gurugram increased by more than 1.5 times in 2024.
Sandeep Chhillar, founder and chairman, Landmark Group, said that the remarkable demand for luxury homes in Gurugram reflects its exceptional infrastructure, seamless connectivity and a lifestyle aligned with global aspirations.
"This consistent growth reflects the confidence buyers have in Gurugram's real estate market. The developing corridor and new micro-market hold immense potential to continue driving luxury housing growth attracting both end-users and investors seeking long-term value," he said.
Experts said that as the residential market gained momentum and capital values surged in recent months, buyers are becoming more motivated to make purchasing decisions, anticipating further strengthening of property prices.
Gautam Kanodia, founder of KREEVA and Kanodia Group, said that Gurugram's residential market is set to see a surge in new supply in 2025, with several prominent developers planning launches across key locations.
"As the demand for modern living and lifestyle grows, Gurugram will remain at the forefront, setting new benchmarks for excellence and providing unmatched value for both homeowners and investors. We look forward to contributing to this growth by curating projects that reflect the evolving needs of buyers," Gautam said.
Residential Real Estate Market
Navin Raheja, MD, Raheja Developers, said that the rapid urbanization, infrastructure developments, consumer preferences and rising disposable income over the last couple of years have influenced the residential real estate sector. These factors will continue to drive residential market growth in 2025, resulting in sustained property price increases.
“In Gurugram, Dwarka Expressway and Southern Peripheral Road are the epicenter of growth. These micro-markets will continue to see rise in demand with enhanced connectivity and a series of upcoming infrastructure developments. As connectivity improves with new expressways and metro links, both end-users and investors are increasingly focusing on these areas," he said.
“The growth of luxury housing in Gurugram presents a significant opportunity for innovation in future projects. As demand for high-end residences continues to rise, Gurugram’s balanced market enables us to design aspirational homes that meet the evolving needs of today’s homebuyers. With the constantly evolving dynamics of real estate, we expect Gurugram to lead the growth of the housing segment with projects that blend luxury with sustainability and cutting-edge technology, ensuring long-term value and creating spaces that define the future of urban living," Ashwani Kumar of Pyramid Infratech, said.
Flats for Rs 100 cr: DLF to launch India's costliest project in Gurugram
DLF, India’s biggest realty firm in terms of market capitalisation, is set to launch the most expensive project in India’s real estate history - DLF The Dahlias, right across the road from the existing Camellias, on Golf Course Road in Gurugram.
The Dahlias will include 400 residences, with a starting price of Rs 80,000 per square feet. The average ticket size of an apartment expected to be around Rs 100 crore, according to real estate consulting firm PropEquity.
With sales value of Rs 34,000 crore, this is 2.5 times the value of Camellias and any other project in India, said PropEquity. The existing Camellias, home to top Delhi NCR-based CEOs and high net worth individuals, was launched at Rs 22,500 per square foot (price for super area) a decade ago and is currently among the most expensive condominiums in the country.
The Camellias has consistently recorded some of the highest transaction prices in the NCR, with recent sales averaging between Rs 65,000 to Rs 85,000 per square foot. Unfurnished apartments are renting for a minimum of Rs 10.5 lakh per month, with furnished options commanding up to Rs 14 lakh. In February 2024, a 10,000 sq ft apartment at The Camellias was bought for Rs 95 crore by Smiti Agarwal, the wife of Hemant Agarwal, CMD of retail giant V-Bazaar.
Historically, only the poshest parts of Mumbai and Delhi have seen the highest real estate prices, exceeding Rs 1 lakh per square foot.
Till date, the most expensive real estate project in India in terms of sales value has been the 360 West luxury real estate development in Mumbai's Worli, developed by Oberoi Realty, said PropEquity.
The sales value of DLF The Dahlias is equivalent to the total sales value of Three Sixty West by Oberoi Realty in Mumbai, DLF Camellias in Gurugram and Naman Xana in Mumbai. The starting size of the apartment is 9500 sq.
- DLF The Dahlias will span across 17 acres and will comprise 29 floor towers, featuring approximately 400 super-luxury residences.
- These residences will range from 9,500 sq. ft. to 16,000 sq. ft., with an average size of 11,000 sq. ft.
- Prices will start at Rs 80,000 psqft with an average ticket price of roughly Rs 100 crore.
- The clubhouse is going to be approx 2,00,000 sq ft, twice the size of the one in Camellias
“With the launch of this much anticipated project, DLF is all set to usher new standards for luxury living in India by providing state-of-the-art amenities for its residents. DLF is set to make history in the Indian real estate with this project making it India’s largest and most expensive residential project ever to be built," said Samir Jasuja, Founder and CEO of PropEquity.
Gurugram set to witness major infrastructure upgrades, Haryana Minister Rao Narbir Singh outlines plan for next five years
Haryana Minister Rao Narbir Singh has announced a significant infrastructure push aimed at shaping Gurugram’s future over the next five years. Highlighting the improved connectivity and a strengthened road network, Singh assured that the groundwork for the city’s long-term prosperity is being laid. The update was shared by officials on Sunday.
One of the major initiatives includes the construction of an elevated road linking the Gurugram-Jaipur National Highway to Vatika Chowk. Moreover, four flyovers will be built between Vatika Chowk and Ghata at a budget of Rs 800 crore. Singh is also an MLA from Badshahpur and holds a portfolio for commerce, Wildlife, and forests, sharing the above details on major infrastructure projects in the districts. An official statement confirmed a Detailed Project Report (DPR) for this major initiative to be executed by the Gurugram Metropolitan Development Authority (GMDA), is currently right now. The minister assured that once the DPR is finalized, the groundwork will start on time.
Singh while addressing a gathering during his visit to Vatika City in sector 49, reasserted his commitment to making Gurugram a cleaner and more attractive city. He stated that in all the upcoming projects, public opinions will be given preference, and will ensure that the voice of the common man is considered in making governance decisions.
‘’The current government does not just make promises in the ‘Sankalp Patra’, we ensure their realization, ‘’ he added. He also directed the officials to make sure that there is effective implementation of all government schemes and that citizens can receive all the benefits.
Singh also stressed that officials should follow all the necessary criteria while implementing development projects. He also informed that work related to a community center at Close South in Sector 50 is to commence in the next two months.
The minister has mentioned that prompt action will be taken on the encroachments along the green belt from Vatika Chowk to Ghata. To oversee the removal of encroachments, District Town Planner R S Bhath has been appointed as the nodal officer, he added. A stern deadline of January 31 has been put up for removing unauthorized structures along the 12-km stretch, reinforcing the government’s commitment to planned urban development.
India’s housing market soars in 2024; sees $1 trillion valuation by 2030
Real Estate in India: The residential real estate market is surging toward a USD 1 trillion valuation by 2030. This year, the sector has shown resilience, adaptability, and innovation. As luxury housing sets new benchmarks, Tier 2 and Tier 3 cities also emerged as new hubs, reshaping the country’s real estate roadmap. Several reports indicated that residential property sales have increased significantly YoY, driven by strong demand across both metropolitan and emerging markets.
Cities like Mumbai, Delhi-NCR, and Hyderabad lead in luxury housing, while smaller cities are making significant contributions to the industry’s growth trajectory. According to CBRE and Anarock, luxury housing has emerged as one of the dominant forces this year, with sales of premium properties priced above Rs 10 crore witnessing a staggering 37.8% growth YoY. The segment has become a preferred investment avenue for high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs).