Gurugram accounts for 55% of housing launches in NCR

The housing market in Delhi NCR experienced a surge in the first half of 2024, with Gurugram leading the way by accounting for 55% of the new launches, followed by Noida at 35%, according to the latest JLL (Jones Lang LaSalle IP, Inc) report.

The majority of this growth has come from the New Gurugram area, located along the Dwarka Expressway. The core luxury property market in this area has shown a significant price growth of 53% year-on-year, as per a separate report by Savills India.JLL’s report indicates that a substantial portion of the new launches in Delhi NCR were in the luxury segment. Approximately 27% of the units launched in H1 2024 were priced at 5 crore or above, totalling nearly 6,200 units. This shift towards higher-priced projects highlights the growing demand for premium housing options in the region. In Gurugram alone, 43% of the newly launched residential units in H1 2024, totalling 5,452, were priced at 5 crore or above.

Focusing on developments in Gurugram, Savills India attributes the growth to high net-worth individuals (HNIs), non-resident Indians (NRIs), and buyers seeking larger living areas and social spaces. The new stilt plus four-floor policy is allowing for more flexible and spacious housing options, catering to the increasing demand for luxury and semi-luxury residences.

The Savills India report notes that Dwarka Expressway registered the highest price growth among micro markets, with a 43% year-on-year increase. The area is emerging as a popular location for luxury housing due to its well-planned infrastructure, proximity to key business centres, and availability of premium facilities such as shopping malls, hospitals, and educational institutions.

The JLL report confirms this trend, noting high demand in Gurugram’s New Gurgaon, Dwarka Expressway, and southern peripheral road submarkets. It stated that 76% of homes sold in H1 were under construction at the time of sale, reflecting the dynamic nature of the market.

The residential boom in Gurugram is further evidenced by significant investments and new projects. Recently, Whiteland Corporation and Marriott International signed an agreement to introduce Westin Residences to Gurugram. Located along Dwarka Expressway in Sector 103, this project is set to be the largest branded residence under the Westin brand in India, promising exclusivity, wellness, and world-class hospitality. The total investment for the project is estimated to be around 5,600 crore, which includes a construction cost of 5,000 crore and a land cost of 600 crore. The top line of the project is pegged at 15,000 crore.

Pankaj Pal, Managing Director of Whiteland Corporation, highlighted the significance of this partnership, stating that it will bring best-in-class facilities, including food and beverages, to Gurugram. The first phase of Westin Residences Gurugram, consisting of 674 exclusive residences, is set to launch in the second quarter of this financial year. This will be the first standalone residential project in India under the Westin brand, without a hotel on-site, offering a blend of exclusivity, wellness, and world-class hospitality.