Gurugram, Dwarka Lead Premium Property Boom With Upto 53% Price Rise

India's real estate market, particularly the premium segment, is experiencing a significant boom. A recent analysis by Savills India, a leading global consultancy firm, reveals that Gurugram and Dwarka Expressway have emerged as the top performers, witnessing phenomenal growth in property prices. This surge in premium property values signifies a strong demand for luxurious living spaces equipped with modern amenities.

Gurugram A Hub for Luxury Living

New Gurugram, a specifically designated area within Gurugram, has witnessed a staggering 53% increase in the average capital values of under-construction properties over the past year. This translates to a significant rise in the price per square foot for apartments yet to be completed. The report further indicates that even completed properties in Gurugram have witnessed a substantial increase of 37% in their capital values year-on-year. This growth encompasses all property types, including residential plots, which have seen an average capital value increase of 26% year-on-year.

The Dwarka Expressway micro-market within Gurugram stands out as a champion, recording the highest price growth of a whopping 43% year-on-year. This upsurge suggests a growing preference for well-connected localities with easy access to key business districts and social infrastructure.

Beyond New Gurugram Pan-City Growth

The positive trend extends beyond New Gurugram. The city as a whole has experienced a remarkable 18% increase in average rentals year-on-year. This indicates not only a rise in property values but also a growing demand for premium rental spaces in Gurugram. Micro-markets like Dwarka Expressway and Golf Course Road have witnessed the most significant rental hikes, at 28% and 19% year-on-year respectively. This suggests a rise in interest from professionals and corporates seeking luxurious rental accommodations in well-established areas.

Factors Driving the Gurugram Boom

Several factors contribute to Gurugram's premium property boom. The city's position as a prominent National Capital Region (NCR) hub for multinational corporations (MNCs) and Indian businesses continues to attract a large workforce seeking high-quality living spaces. Furthermore, the growing trend of "work from anywhere" has fueled the demand for spacious apartments equipped with modern amenities, making Gurugram an attractive option for professionals seeking a comfortable work-life balance. Additionally, improved infrastructure development, including the upcoming Dwarka Expressway extension, is enhancing connectivity within the city and surrounding areas, making Gurugram a more attractive proposition for potential residents.

Dwarka Expressway Following Gurugram's Lead

Following Gurugram's footsteps, the Dwarka Expressway has emerged as another major player in the premium property boom. This micro-market has witnessed a 34% annual growth in the average capital values of under-construction properties, showcasing a strong demand for luxurious yet upcoming residential projects. This growth indicates a potential for high returns on investment (ROI) for those considering investing in these under-construction properties.

Rise of the Luxury Second Home Market

The report also highlights the rise of the luxury second home market, particularly in North Goa. This destination witnessed a significant 28% increase in villa prices over the year. This trend is likely fueled by the "work from anywhere" culture, allowing individuals to invest in second homes in idyllic locations while maintaining their professional commitments remotely. Additionally, North Goa's established reputation as a popular tourist destination offers the potential for high rental yields, making it an attractive investment opportunity.

The Future of Premium Real Estate

The current boom in the premium property market signifies a growing appetite for luxurious living spaces in India. This trend is expected to continue in the coming years, driven by factors like increasing disposable income, a growing urban population, and a preference for modern amenities. Investors seeking high returns can consider exploring potential opportunities in Gurugram, Dwarka Expressway, and other emerging premium micro-markets across the country. However, it's crucial to conduct thorough research and due diligence before investing in any property. Consulting with a qualified financial advisor can help individuals make informed investment decisions that align with their financial goals.