According to independent market estimates, post-pandemic, the property prices have grown at a CAGR of 15-20%. While some real estate observers call this market investor-led, others believe the demand is end-user driven.
However, developers and property consultants are optimistic that the city can afford the existing price points and will continue to invest for reasons like lifestyle elevation, wealth creation and rental income. As a result, developers have lined up for project launches to tap into this festive season exuberance.
According to a report by data analytics firm PropEquity, between July 2021 and July 2024, the city’s most bustling micro markets where majority of the new launches are happening – Dwarka Expressway and Golf Course Extension Road – have seen weighted average price of new launches rise by 101% and 53% respectively
According to the report, between July 2021 and July 2024, the weighted average price of new launches on Dwarka Expressway rose from Rs 8630 psf to Rs 17357 psf while the same in Golf Course Extension Road has increased from Rs 13250 psf to Rs 20268 psf.
Source: PropEquity
Gurgaon-based luxury developer 4S Developers said that owing to good returns, excellent connectivity and infrastructure developments, Dwarka expressway has become extremely lucrative.
Sanjoo, MD, Gurugram-based 4S Developers said, “Dwarka Expressway has emerged as a prominent micro market in NCR. With its operationalisation, a major shift in population is being witnessed especially from the South-west part of Delhi owing to its new-age amenities and world-class infrastructure which includes connectivity to the International Airport, Delhi-Mumbai expressway and to the industrial and employment hubs in Gurugram. We look forward to this micro market for our future expansion in view of its excellent connectivity and liveability.”
While a few property consultants attribute the exponential rise in prices to the presence of investors in large numbers, some say that developers are adding new-age amenities in layouts to premiumize their residential complexes.
Vijay Harsh Jha, founder and CEO of property brokerage firm VS Realtors said, “The availability of open and green spaces, low-density living, safety, club with indoor games and swimming pool are among the amenities that today’s youth want, and these are important factors for rise in demand, price and habitation in these two micro markets.”
According to the PropEquity report, during this period, the two micro markets saw 20,786 units launched while sales stood at 19692 units.
Dwarka Expressway witnessed 14369 units launched between July 2021-2024 while Golf Course Extension Road saw 6417 units launched during this period. The absorption in the former stood at 12707 units during this period while the absorption in latter stood at 6985 units.
Dwarka expressway was conceptualised in 2006 but commissioned in 2024. The 29KM long, 8-lane elevated urban expressway, connects Dwarka in Delhi with Gurugram and has been developed as an alternate route to NH-48. This, along with Southern Peripheral Road (SPR) and Central Peripheral Road (CPR) forms a super corridor for smooth travel. Golf Course Extension Road, a part of SPR, links Golf Course to Sohna Road.
Dwarka Expressway & Golf Course Extension Road (GCER) have emerged as noteworthy micro markets that is attracting considerable interest from affluent homebuyers, primarily due to their connectivity. Easy commute to office and entertainment avenues within Gurugram, accessibility to other parts of Delhi-NCR via Gurugram-Sohna expressway, NH-48, Delhi-Mumbai Expressway, Dwarka expressway and Indira Gandhi International Airport have made these micro markets extremely sought-after. The Global City, which is being developed by HSIIDC, proposed Cyber City-2 and metro will also be easily accessible from these micro markets. The upcoming UER-2 which will connect NH-44 and NH-48 will further make commuting easy.