Haryana: Big news is coming for the people of Haryana. Haryana’s cyber city Gurugram is developing rapidly. The way development is taking place. Accordingly, property prices are skyrocketing. Let us now know the complete information about it…
In fact, according to market trackers like Savills India’s Gurugram Residential Report (2023-24), Cushman & Wakefield NCR Update, Square Yards and 99 Acres, Golf Course Extension Road (JCIR) in Gurugram has witnessed tremendous growth in the last five years. If reports are to be believed, the rental rate has increased from around ₹ 8,800 per square foot in 2019 to around ₹ 20,267 per square foot in 2024 and the rental rate has increased by around 18 percent.
The report claims that rents in key Gurugram micro-markets like Golf Course Road and MG Road yield 3.5 to 4 percent. GCER’s rental yield has now reached 4.2 to 4.7 per cent, putting it ahead of the older luxury corridors in the city.
Developers, residents and realty experts said GCER’s mix of excellent connectivity, master-planned projects and branded residences has decisively shifted buyers’ preferences away from Golf Course Road. Market data shows resale values increased by nearly 79 percent during the same period. Due to which many high-rise apartments were pushed into the more than ₹17,000 per square foot bracket.
Prices increase in sectors
If reports are to be believed, sector-wise data shows that Sector 63A led by Anant Raj Estate and Birla Navya has reached 70 per cent. While Sector 65-66, Smartworld and M3M projects registered a growth of 40-50 per cent. More established sectors like 61-62 have seen gains in the range of 30-35 per cent.
NRI is more
According to Knight Frank India’s Wealth Report (2024) and Anarock’s NCR Luxury Housing Update, about 20-25 per cent of GCER buyers are NRIs, mainly from the US, Canada and the Middle East. About 40 per cent are senior IT and finance professionals working in Gurugram and South Delhi, while 10-12 per cent are startup founders or senior executives looking for luxury homes.
