In the first half of 2024, Gurugram has emerged as a dominant player in the Delhi NCR housing market, accounting for an impressive 55% of new residential launches, according to a recent report by JLL.
This growth trajectory positions Gurugram far ahead of Noida, which saw 35% of the new launches. The rapid expansion of the housing market in Gurugram is primarily driven by developments in New Gurugram and along the Dwarka Expressway.
The luxury property market in Gurugram has experienced substantial price growth, with a notable 53% year-on-year increase, as detailed in a separate report by Savills India. During the first half of 2024, 27% of the new residential units across Delhi NCR were priced at ₹5 crore or above, totaling nearly 6,200 units. Notably, Gurugram alone accounted for 43% of these high-end units, amounting to 5,452 properties priced at ₹5 crore or more. This shift towards premium housing underscores a strong demand for upscale residences.
The New Gurugram and Dwarka Expressway regions are central to this growth. These areas offer well-planned infrastructure, proximity to major business centers, and access to high-quality amenities such as shopping malls, hospitals, and educational institutions. The Dwarka Expressway has seen the highest price growth among Delhi NCR’s micro-markets, with a remarkable 43% increase in prices year-on-year.
Recent policy changes, including the stilt plus four-floor regulation, have been instrumental in catering to the rising demand for luxury and semi-luxury housing. This policy allows for more flexible and spacious housing options, aligning with contemporary lifestyle preferences.
Significant Developments
A major highlight in Gurugram’s real estate landscape is the introduction of Westin Residences, a joint venture between Whiteland Corporation and Marriott International. Located along the Dwarka Expressway in Sector 103, this project is set to become the largest branded residence under the Westin brand in India.
With an estimated total investment of ₹5,600 crore, which includes ₹5,000 crore for construction and ₹600 crore for land, the project promises exclusivity and world-class amenities. The first phase of Westin Residences, comprising 674 exclusive units, is anticipated to launch in the second quarter of the current financial year. This will be the first standalone residential project in India under the Westin brand, without an attached hotel.
According to the JLL report, 76% of homes sold in the first half of 2024 were under construction at the time of sale. This trend highlights the dynamic nature of the market and the growing interest in new residential developments.