India’s real estate market is so vast and dynamic in different parts of the country. It’s continuously evolving with unique opportunities in the market for investors and homebuyers. The two very famous locations for premium and luxury living in this country are Gurugram and Mumbai. Mumbai, being the financial capital of India, attracts high-end investment in the realty sector whereas Gurgaon, a part of the Delhi-NCR, emerges as one of the premium segments in this article we discuss about how Gurgaon Overtakes Mumbai in the Premium Segment.
As per the comparative analysis of the realty sector between Mumbai and Gurugram, Gurugram takes the lead due to significant advantages offered, such as the world-class infrastructure, emerging IT hub, abundant job opportunities, etc.
Property prices have increased by 25% to 30 % in areas like Dwarka Expressway, New Gurugram, and Southern Peripheral Road (SPR), said ANAROCK Property Consultants. Gurugram is becoming an attractive destination for premium housing due to the high return on investments over time, as per JLL India’s Real Estate Market Outlook.
According to the MagicBricks PropIndex Report 2024, Gurgaon residential market witnessed an increase of a total of 11,270 housing unit launches across various segments.
One of the primary reasons for the sudden increase in the Gurgaon housing market is due to the development of world-class infrastructure. The excellent connectivity via Dwarka Expressway and extensions to the Metro and Regional Rapid Transit System (RRTS) have proved to be a game-changer. The Rapid Metro network further enhances intra-city connectivity, and has reduced the travel time to Delhi and the IGI Airport making daily commutes seamless. On the other hand, the Maharashtra capital often grapples with congestion and overcrowded public transport systems.
Haryana’s Gurugram also attracts some reputed global corporations and the world’s largest MNCs like Google, Microsoft, and American Express, which has pushed up the demand for high-end real estate. This also increases the demand for the luxury housing sector as per a report by Knight Frank.
According to the ANAROCK Housing Market Boom report published in collaboration with the Confederation of Indian Industry (CII), the cost of premium housing in Gurugram presents a more attractive proposition whereas Mumbai poses a challenge for many potential buyers due to its high property prices. It is one of the most expensive real estate markets in India. The average price per square foot in prime areas of Gurugram ranges between Rs 8,000 to Rs 14,000 whereas in Mumbai, it can soar up to Rs 25,000 to Rs 45,000 in similar premium localities like South Mumbai and Bandra.
“Gurgaon has truly emerged as the rising star in premium real estate for both homebuyers and investors. It is because of its world-class infrastructure, unmatched interconnectivity, and futuristic growth potential”, said Pradeep Aggarwal, Founder & Chairman, of Signature Global (India) Ltd.
Amlan Dutta, VP- Sales & Strategy, Trehan Iris, said Gurugram has outperformed Mumbai, both in terms of investments and sales. Over the past year, the real estate prices in Gurgaon have witnessed an increase of 25-30 percent in areas such as Dwarka Expressway, SPR, Sohna, and New Gurugram with huge potential for price appreciation.
Gurgaon’s dynamic landscape, tremendous growth, and lively atmosphere supported by robust job opportunities position it as a premier destination for luxury living and long-term investment for both homeowners and investors alike.
