Surprising Facts About Gurgaon Real Estate!
The Gurgaon real estate market can be a surprising place at times, with home buyers paying more than Rs. 30 Lacs for 1 BHK and spending in Crores for the homes that are not more than 2500 sq. ft. in area. This is unquestionably an extensive & vast real estate micro-market and difficult to navigate through even for the more knowledgeable investors, because of its inherent immensity. Here are some of the surprising facts about Gurgaon real estate to help you understand the market a little bit.
- Property prices are rising so fast at the speed you can’t think
Go to any real estate forum and you will read people heatedly discussing residential property values and how they are getting out of reach. Even you take the current Covid-19 pandemic in mind when property values in the rest of Delhi NCR facing a downturn, residential properties value in Gurgaon has grown.
According to a research by reputed property consultant website, many regions in Gurgaon saw an upward movement in average prices (1.6 - 3.4%) in the first couple of months of 2021 compared with the year-ago period and this is happening during the pandemic. Now you can imagine the estimated price rise of normal days.
- Residential property prices are a little crazy
Yes, it is true that residential property prices in Gurgaon have become a little ‘expensive’ in recent years. If you take 2020 Jan-Mar as a starting point, prices in developing sectors on Golf Course Extension Road have shot up by an insane 6.97%. An apartment in Sector 65 Gurgaon that was available at the price of Rs. 8,840 per sq. ft. year back, now available at the price of Rs. 9137 per sq. ft. But still, there are many developing locations on Golf Course Extension Road where property prices are still stable. Gurgaon real estate is full of surprises and hard to forecast.
- Gurgaon real estate boosted by well-paid working professionals & business class
Want to know why property prices are so high? Blame it on working professionals & business classes with deep pockets. Many reports & data reveal Delhi-NCR has nearly 1/4th of India’s billionaires – calling Gurgaon their home or second home. As well as, there are numerous paid working professionals of MNCs who are ready to pay any amount for luxury homes in gated communities. And that’s why many reputed real estate developers like DLF, Tata Housing, and Godrej Properties launching luxury residential projects with the best features & amenities.
- More than 100 million rupees for a single property
When it comes to the Gurgaon real estate, how can we forget to mention DLF The Camellias in Sector 42? The famous residential project is known for super-luxury features & the most expensive homes. This residential project launched in 2014 at Rs. 22, 500/ sq. ft. and now is available at Rs. 38500/ sq. ft. According to real estate experts, the total value of this project is approx Rs. 12, 000 Crores and most of the buyers of this residential project are belong to Delhi NCR, many of them from ‘The Magnolias’ and ‘The Aralias’.
- Most expensive office spaces
This region has its own special identity of being an IT hub of North India, because of the numerous MNCs residing there. Gurgaon is not only one of the most preferred locations from a living point of view but also functions as the base for commercial developments. But it’s not cheap to buy or lease a commercial property here. The commercial space of Gurgaon is some of the most expensive in India.