Dedicated locality research platform
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Gurugram recently experienced a noteworthy 13% surge in housing sales during 2023. The Anarock data paints a vivid picture of Gurugram's success, while neighbouring areas like Noida, Greater Noida, Faridabad and Delhi, grapple with a 7-8% decline in property sales.
Gurugram's residential property market experienced a significant boost, soaring from 32,615 units in the previous year to an impressive 36,970 units in 2023. Conversely, Noida witnesses an 8% dip, with 5,840 units sold compared to 6,360 units, while Greater Noida records a 7% drop from 10,985 units to 10,180 units. Ghaziabad mirrors this trend, facing an 8% fall to 6,340 units from 6,890 units.
Areas like Faridabad and Delhi collectively show a downturn, with residential property sales decreasing from 6,860 units in the previous year to 6,295 units in 2023.
While the broader Delhi-NCR region only experiences a marginal 3% growth in housing sales, reaching 65,625 units in 2023 from 63,710 units in the previous year, Gurugram's real estate success story becomes increasingly evident.
Prashant Thakur, Anarock Group Regional Director & Head of Research, attributes the decline in other NCR regions to a lower launch of new housing projects. Leading realty firms, including Signature Global, TARC Ltd, and Elan Group, credit Gurugram's triumph to robust consumer sentiment and ongoing infrastructure projects. Pradeep Aggarwal, founder and chairman of Signature Global, highlights Gurugram's appeal to young professionals and nuclear families seeking an aspirational lifestyle.
Hotspot zones such as New Gurugram, Dwarka Expressway, and the Southern Peripheral Road emerge as focal points, drawing substantial buyer interest and fuelling double-digit capital value jumps, according to industry experts.
Amar Sarin, MD and CEO of TARC Ltd, declares Gurugram's real estate landscape, especially within the Delhi-NCR, as undergoing a renaissance, defying market challenges and illustrating robust demand.
Ravish Kapoor, Managing Director of Elan Group, singles out Gurugram within the NCR region, emphasizing its prominence fuelled by growing infrastructure. Dwarka Expressway, in particular, emerges as the most promising micro-market for the residential sector, signalling a vibrant future for Gurugram's real estate market.
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