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Updated March 21st, 2024 at 10:47 IST

Gurugram's Dwarka Expressway witnesses 83% housing price jump in 10 years

Around 53,000 housing units were introduced between 2013 and 2023, with over 80% already sold, according to Anarock.

Reported by: Business Desk
Real estate
Real estate | Image:Pixabay
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Gurugram realty surges: The average housing prices along the Dwarka Expressway in Gurugram have soared by 83 per cent over the last ten years. Experts predict that this trend may persist, presenting profitable opportunities in the real estate sector.

Housing unit sales

According to statistics compiled by real estate consultancy firm Anarock, approximately 53,000 housing units were introduced between 2013 and 2023, with over 80 per cent of them already sold.

"The increase in housing prices along the Dwarka Expressway indicates potential for growth and investment. Over the past decade, this surge reflects the rising demand and evolving preferences of homebuyers. With further appreciation anticipated by experts, developers are expected to introduce innovative sustainable living solutions and modern amenities," said Aman Sharma, Founder & Managing Director, Aarize Group.

"Dwarka Expressway presents opportunities for developers to realise visions into tangible realities, not only reshaping skylines but also lifestyles," Sharma added.

 

Dwarka Expressway

 

Price surge trend

The average prices in the primary residential market along Dwarka Expressway have climbed to Rs 8,300 per sq ft last year from Rs 4,530 per sq ft in 2013.

The average per sq ft rate was Rs 4,756 in 2014; Rs 5,050 in 2015; Rs 5,551 in 2016; Rs 5,596 in 2017; Rs 5,713 in 2018, Rs 5,844 in 2019, Rs 5,890 in 2020, Rs 6,032 in 2021; and Rs 7,650 in 2022.

Santosh Agarwal, Executive Director and CFO, Alphacorp, said, “We are observing a substantial surge in housing prices along the Dwarka Expressway, with substantial increases over the past decade. This growth trajectory not only reflects the evolving urbanisation but also highlights the strong demand for quality housing in strategic locations. This surge is also advantageous for investors and buyers, offering lucrative opportunities for capital appreciation and asset security in a rapidly appreciating market.”

Key connectivity hub

The Dwarka Expressway, a crucial link connecting Gurugram with Dwarka in Delhi, has become a preferred destination for homebuyers and investors due to its proximity to key commercial hubs, excellent connectivity, and growing social infrastructure.

Pankaj Pal, Managing Director, Whiteland Corporation, said, "With seamless connectivity to Delhi NCR, the region has become the focal point of real estate activity, fuelling property price appreciation across all asset classes. The average property price in the region increased by 41 per cent between 2020 and 2023, from Rs 5,890 per sq ft in 2020 to Rs 8,300 per sq ft in 2023."

"This surge has directly correlated with boosted sales, with home sales in this region being 67 per cent higher last year than in 2022, resulting in inventory levels rapidly decreasing from 25-30 per cent to 7-8 per cent currently. In 2023, a total of 11,270 housing units were launched, which accounts for 69 per cent of overall launches in Gurugram," Pal added.

As demand continues to soar, the prospects for property appreciation and cost optimisation along the Dwarka Expressway remain unmatched, promising a future of prosperity and value for all stakeholders involved," he further said.

Dwarka Expressway

 

Factors driving prices

Industry experts attribute the rise in housing prices to various factors, including rapid urbanisation, improved connectivity, upcoming infrastructure projects, and overall economic expansion in Gurugram and its surrounding areas.

Aman Trehan, Executive Director, Trehan Iris, commented, "The surge in housing prices along the Dwarka Expressway is a clear indication of the robust growth and development of the real estate industry in the Delhi NCR region. Enhanced infrastructure and connectivity have fuelled an upswing in the real estate market, attracting investors and potential homeowners, and driving demand for residential properties.

"Moreover, the Dwarka Expressway region has experienced healthy price appreciation over the last 2-3 years, reflecting broader trends in India's real estate market. According to recent data from Anarock, there has been a 80 per cent increase in sales amongst the 53,000 housing units launched in the past decade. This surge in sales is not only reshaping the real estate sector but also boosting economic development in the region, creating an environment conducive to growth and investment. However, housing prices are expected to continue rising due to strong market momentum, with Delhi NCR's real estate market poised for further expansion, providing numerous investment and development opportunities," Trehan added.
 

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Published March 21st, 2024 at 10:42 IST

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