Gurugram will remain at the forefront of India’s property bull run: Ankit Kansal

Since 2021, India’s premium property markets have grown significantly, driven by rising demand for spacious, luxurious homes with top-tier amenities. While this trend is evident across the country, the surge has been most pronounced in Gurugram, says Ankit Kansal, Managing Director, 360 Realtors, one of India’s largest organized property advisories.

In an exclusive interview with Mamta Sinha, Mr Kansal shares valuable insights on Gurugram’s booming luxury property market. He delves into the key factors driving the surge and discusses how the market is set to evolve in the future. Excerpts:

How has the luxury and ultra-luxury property market in Gurugram evolved post-pandemic?

Since 2021, India’s premium property markets have seen significant growth, driven by a notable growth in the demand for spacious & lavish homes with topline amenities. Homebuyers are willing to go extra mile in return for well-managed aspirational lifestyle.

While there is visible appetite for premium living all across India, the jump has been sharpest in Gurugram. In the Millennial City, both the luxury (Rs 4 crore to Rs 7 crore) and the ultra luxury (Rs 7 crore to Rs 50 crore) have seen a significant upturn in supply. The demand is also seamlessly growing fast, with a noted growth of 4-5% in volume of buyers annually.

Property prices have jumped significantly. Our research indicates that on an average high-end property has appreciated by around 16% yearly. So, properties that were priced at Rs 15,000 PSF in 2021 have reached over Rs 23,000 PSF. This also makes luxury property a compelling investment option.

What factors are driving the bull run in Gurugram’s luxury real estate market?

An interplay of multiple factors is pushing Gurugram’s premium property market towards uninterrupted growth. Gurugram has registered bombastic economic spurt in recent years, surpassing other major commercial hubs in India. It is home to ~ 300 Fortune 500 companies. Likewise, it is also a bustling centre for numerous unicorns and start-ups. This is a naturally resulting in increased number of well-heeled individuals with propensity towards aspirational living.

Secondly, Gurugram’s has seen a phenomenal rise in infrastructure growth over the past 1.5-2 decades. In the north of Gurgaon, Dwarka Expressway is operational. Work has commenced on the Delhi-Mumbai Expressway, which will have multiplier impact on Gurugram’s property market, especially the Sohna region, which is the starting point of the expressway. Already mid-luxury market has started breaking ground in Sohna.

One more factor that has added to the market frenzy is the active participation by the expat community. Around 35-40% of the luxury (and ultra-luxury) market in Gurugram is run by expats from countries such as USA, England, Canada, and Australia.

How the Global City will shape Gurugram’s property market?

The Global City will surely be icing on the cake for Gurugram’s high-end property market. The 1080-acre project will be spread across sector 36 B, 37 A, 37 B. A sub city within the city, it will comprise premium housing societies, world class entertainment & retail, sporting arenas, walk to work spaces, etc. The project will resemble high-class neighbourhood(s) of Singapore or Dubai. It will be connected seamlessly with other parts of Gurgaon via a network of roadways, including Dwarka Expressway, Pataudi Road, NH-8, Gurgaon-Faridabad roadways, etc. The project will channelize a total investment of around Rs 12,000-13,000 crore and carve a powerful image for itself as the new financial and business epicentre of Gurugram.

What types of properties are emerging in the luxury and ultra-luxury segments?

We will mostly see high rise (mostly 30+ floors) gated societies with a topline amenities and unrivalled facilities. May be a few years back, exclusive facilities such as concierges, techno gyms, wellness & spa, private bars, party decks, 24-hr cafes etc. were mostly unheard. However, as the luxury projects are expanding their wings in the city, these facilities are becoming a common sight. The new age luxury home buyers aren’t hesitant in paying premiums. However, they want topline services in return.

There will be growing demand for unique lifestyles centred not just around facilities & aesthetics but also wellness, healthy living, and meaningful networking. We will also see more branded homes coming in Gurugram.

Which areas or micro-markets are expected to see a rise in luxury projects?

Besides established micro-markets such as Golf Course Road and Golf Course Extension Road, there will be increased spotlight on other markets such as Dwarka Expressway, SPR, and Global City.