Though developed through a complete set of haphazard, the Millennium City Gurgaon has now risen to a level equivalent to that of international cities. Capital and rental values of residential properties in Gurgaon rose by more than 35% over the last one year. According to the internal price trends reports published by Investors Clinic, the average property prices in Gurgaon have seen several peaks and valleys. The average price for the month of June ‘15 has been reckoned at Rs 7,111 per sq. ft.Through the year, the localities that came out as the most popular ones in Gurgaon were those adjacent to the Southern Peripheral Road (SPR) and Dwarka Expressway. Because of their affordable nature as compared to the soaring rates of Sector 70, 78 and Golf Course Extension, these locations are gaining much attention of the middle income homebuyers. They also stand as great investment destinations because of the continuous infrastructure development and enhanced connectivity to Delhi and Manesar.
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Although people were averse about investing in Dwarka Expressway because of the delay in its development, now they see a ray of hope after the last legislative hitch was resolved. Residential Projects in Gurgaon saw a considerable price increase from Sept ‘14 to Dec ‘14. However, rates came down in Jan and Feb but picked up pace again in March ‘15. Now it is quite stable for 3 months at Rs 5,008 per sq. ft. . Dwarka Expressway still stands as an affordable option in Gurgaon with prices much cheaper than the average property rates at a macro level.
On the other hand, Golf Course Extension, Sohna Road and Sector 47 are clearly the ‘upscale’ locales with prices continuously competing to reach the skies. Sector 47 and 49 have recorded prices as high as Rs 9,314 per sq. ft. Most of the projects in these localities are commercial or ultra-premium residential options. Satya Element One is one such project. Golf Course Extension also stands costly at Rs 8,508 per sq. ft.
Proximity to South-West Delhi, improved connectivity with rapid metro and being home to more than 500 Fortune Listed organizations, Gurgaon will never lose its charm as a preferred residential as well as commercial real estate destination. The city has something for everyone. Affordable homes, that were a dream in a city like Gurgaon, are now available in abundance. A home in this city that was more of a distant dream for middle class buyers is now gradually coming true. Support from Haryana government has also given it the much needed upliftment.
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