As the Indian real estate market continues to grow, Gurugram has emerged as a top contender in recent years. With its booming economy and world-class infrastructure, it's no surprise that this city is attracting investors from all over the country. But could Gurugram surpass Mumbai as the next big real estate hub? In this blog post, we'll explore why Gurugram is leaving Mumbai behind and what makes it a promising destination for property buyers and developers alike. So buckle up and get ready to discover what sets Gurugram apart from other cities in India!
Overview of the Real Estate Market in India
The residential real estate market in India was valued at INR 7,950 billion (US$ 121 billion) in 2016 and is expected to grow at a CAGR of 13% to reach INR 21,860 billion (US$ 337 billion) by 2025. The Indian commercial real estate market was valued at INR 4,560 billion (US$ 69.6 billion) in 2016 and is expected to grow at a CAGR of 8% to reach INR 8,750 billion (US$ 134.5 billion) by 2025.
Mumbai is the largest city in India with a population of over 18 million people, and it is also the financial capital of the country. The Mumbai Metropolitan Region (MMR), which includes the city of Mumbai as well as its surrounding areas, has a population of over 21 million people. Gurugram is a city located in the National Capital Region (NCR) on the outskirts of Delhi with a population of over 1 million people.
What Makes Gurugram an Attractive Option?
Gurugram has a lot to offer when it comes to real estate. The city is well-connected to the national capital region and has a strong infrastructure. Additionally, Gurugram is home to some of the best educational institutions and hospitals in the country.
The city also has a large number of shopping malls, restaurants, and other entertainment options. Gurugram is fast becoming a preferred destination for young professionals and families.
Comparing Gurugram and Mumbai Real Estate Prices
There is no doubt that Mumbai is the current real estate capital of India. However, there are indications that Gurugram may be poised to take the mantle in the near future. A recent report by property consultant JLL found that Gurugram's office rental prices had overtaken those in Mumbai for the first time ever in the fourth quarter of 2017.
The report also found that Gurugram's residential prices were growing at a faster pace than Mumbai's. While Gurugram's residential prices grew by 7% in 2017, Mumbai's rose by just 5%. This trend looks set to continue, with JLL predicting that Gurugram's residential prices will grow by another 10% in 2018, while Mumbai's will only grow by 8%.
So why is Gurugram suddenly becoming such a hot property market? One reason is its proximity to Delhi. As Delhi's population continues to grow, more and more people are looking for homes outside of the city. Gurugram is one of the closest and most convenient options. It also has good infrastructure and connectivity, with a number of highways and metro lines making it easy to get around.
Another reason is that Gurugram has seen a lot of investment from major companies in recent years. Many multinationals have set up their Indian headquarters in Gurugram, drawn by its cheaper rents and skilled workforce. This has led to an increase in demand for both commercial and residential property in the city.
What’s New in the Gurugram Real Estate Scene?
In the last few years, Gurugram has emerged as a major real estate hub in India. The city has seen a surge in demand for residential and commercial properties, owing to its proximity to Delhi and excellent infrastructure.
The Gurugram real estate market is currently booming, with new projects being launched every day. Some of the latest developments in the city include the launch of several luxury residential projects, office towers, and shopping malls.
The city is also home to a number of upcoming projects that are sure to further boost its status as a leading real estate destination. These include the construction of a new airport terminal, a metro line connecting Gurugram to Delhi, and a number of SEZs (Special Economic Zones).
With so much happening in the Gurugram real estate scene, it is no wonder that the city is being touted as the next big thing in India’s property market.
Pros and Cons of Investing in Gurugram Real Estate
Gurugram has emerged as a leading real estate destination in India, offering excellent investment opportunities. The city offers a perfect mix of residential, commercial and industrial properties, making it an ideal destination for investors. However, there are certain pros and cons of investing in Gurugram real estate that must be considered before making any investment decision.
Pros:
1. Excellent infrastructure: Gurugram enjoys excellent infrastructure with well-developed roads, power and water supply, and robust telecommunications network. This makes it an ideal destination for setting up businesses as well as for living.
2. Proximity to Delhi: Gurugram is located just 30 kilometers from Delhi, making it an ideal location for those who work in the National Capital Region (NCR). The proximity to Delhi also makes it easy to access all the facilities and amenities that the city has to offer.
3. Affordable housing options: Gurugram offers a wide range of affordable housing options compared to other major cities in India such as Mumbai and Delhi. This makes it an attractive destination for middle-class families who are looking for value for money homes.
4. Good returns on investment: Property prices in Gurugram have been rising steadily over the past few years, providing good returns on investment for those who have invested early. The city is expected to continue its upward growth trajectory in the coming years, making it a safe and profitable investment destination.
Cons:
1. Traffic
Tips for Investing Wisely in Gurugram Real Estate
If you're looking to invest in Gurugram real estate, there are a few things you should keep in mind. First and foremost, be aware of the potential risks involved. The Gurugram real estate market is still relatively new and undeveloped, which means there's more risk involved than in investing in a established market like Mumbai.
That being said, there's also a lot of potential for growth in Gurugram. The city is rapidly developing, and as it does, property values are likely to increase. So if you're willing to take on some extra risk, investing in Gurugram real estate could pay off big time in the long run.
Here are a few tips to help you make wise investments in Gurugram real estate:
1. Do your research. Make sure you understand the market before you invest any money. Speak with experts and look at data to get an idea of how prices have been trending and what kind of growth is expected in the future.
2. Consider your investment goals. What are you looking to get out of your investment? Are you hoping to make a quick profit or are you more interested in long-term growth? This will help guide your decision-making process.
3. Spread your risk. Don't put all your eggs in one basket by investing all your money into one property or development project. Spread your investment around to different types of properties and projects to minimize your risk.
Conclusion
As we have seen, Gurugram is on the rise as a real estate hub and has left Mumbai behind as the most sought-after destination for property buyers. With its improved infrastructure, modern amenities, and proximity to Delhi NCR, it is no surprise that Gurugram is becoming increasingly popular among investors. In addition, with an ever-growing number of job opportunities and other advantages too numerous to mention here, there are plenty of reasons why Gurugram should be your next real estate investment destination.
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