Gurgaon City is seeing a rise in real estate. Even professionals in the field are taken aback by the huge increase in property values following COVID-19. It seems that real estate speculators are gravitating toward the millennium city. The real estate market had previously collapsed, with many attributing the cause to events like the GST and demonetization. However, the city’s fervor restored the market, and it is now flourishing like never before. The market trends and the choice of buyers are taking the market on a new track with some flagship projects of top developers like DLF City Floors, DLF Garden City, DLF Phase 2, etc.
It is growing at an astounding 14.9% year over year, with average property prices in places like Phase 1 Gurgaon, DLF Phase 3, and DLF Phase 2 Gurgaon ranging from Rs 14,500 to Rs 15,500 per square foot. When supply could not keep up with demand, prices continued to rise, and the trends became astounding. This inspired builders to develop more projects, which increased the city’s economy and growth. Let’s examine the causes of the real estate market’s recent surge.
Infrastructural Development
Gurugram saw significant infrastructural development, including the building of highways, underpasses, and flyovers, as well as enhanced connection via the metro train system. The important sites in the neighborhood are connected via the KMP, SPR, and NPR highway and expressway networks. The journey from Gurgaon to Jaipur would take only 120 minutes thanks to the ongoing building of the Delhi-Mumbai Expressway.
The government has also proposed some new Gurgaon Sectors in Manesar. DLF Garden City Sector 91 Gurgaon will take advantage of such developments. The recently proposed 28.5-km-long metro corridor between Cyber City and HUDA City Centre in Gurugram has become the talk of the town. The 27 elevated metro stations on this route will make commutes all over Gurgaon seamless.
Economic growth
While all of these elements are interdependent, economic growth deserves particular attention due to the outstanding expansion of many Gurgaon locations, such as DLF Floors Phase 1 and DLF Phase 2 Gurgaon. Numerous domestic and international businesses moved to the city with the construction of Cyber Hub and numerous commercial office buildings. Several Fortune 500 firms have their operations in DLF City Phase 1 Gurgaon. These high-end businesses stimulate the city’s economy through their operations.
The Millennial Factor
Due to the high proportion of millennials living in Gurgaon, the city is also known as the Millennium City. The millennial generation is relocating to the city in big numbers, which is driving up demand for real estate. Additionally, it is reversing the trend because millennials value seclusion and well-designed apartments, which has led to the emergence of the co-living movement in affluent communities like DLF Phase 3, DLF Phase 2, and Phase 1 Gurgaon.
Rise in demand for Luxury Living
The growing economic activities create demand for luxury living. Investors and homebuyers prefer well-developed townships like DLF Garden City Sector 93 because they offer a serene environment with luxury living. Residential properties like DLF City Floors offer all necessary amenities along with a wide range of recreational facilities like multi-sports clubs, swimming pool, terrace garden, and state of the art safety and security systems.
Supportive Government Policies
Encouraging laws like as the Real Estate Regulation and Development Act (REG) safeguard the interests of purchasers while ensuring transparency throughout the entire process. Additionally, these standards help developers become more disciplined and accountable to their buyers. RERA is followed in all projects, including DLF Garden City Floors and DLF City Floors.
The City’s Reputation as a Business Hub
The city has built its reputation as a business hub rather the experts call it a “futuristic commercial hub” because of the presence of a Cyber Hub near DLF City Phase 3. The infrastructure, connectivity, and strategic location near Delhi and Faridabad take credit for such a reputation.
Conclusion
If you chain all these reasons together like the infrastructure is fueling economic growth, the economic growth is leading to the millennial influx and the rise in the population of professionals in the city is creating more demand for real estate. This also enhances the desire for luxury living and the developers are coming up with projects like DLF Garden City Gurgaon. Such demand is going to last for a long and these facts are attracting more and more investors in the real estate industry.
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