Gurugram’s economic boom over the previous few decades has resulted in faster urbanisation and a surge in the number of migrant workers flocking to the city seeking work. Fast-paced growth in regions like MG Road and Cyber City caused a ripple effect, pushing development to Gurugram’s southern reaches; this led to the emergence of the new areas such as New Gurugram, Southern Peripheral Road (SPR) and Sohna Road – leading right up to Sohna town.
According to the report, with increased demand and supply in the affordable housing market, the real estate sector in Delhi-NCR, which has been struggling for a few years, is gaining traction. Affordable housing, defined as units costing less than Rs 45 lakh, has seen the strongest demand since the pandemic reached the country. Affordable housing contributed 40% of the demand in 2020, up from 31% in pre-Covid – a 9% increase. Delhi-NCR accounted for over 38% of the country’s overall affordable housing demand. Gurugram accounted for 32% of the overall demand in the Delhi-NCR region; with 6,590 affordable units out of 11,180 new units launched last year, Gurugram has the most affordable housing stock.
The focus is already on affordable housing, so recent scheme like Deen Dayal Jan Awas Yojna have been proposed to address the demand gap. And the decision to lower the minimum acreage requirement for granting permits will be highly beneficial to Gurugram; this is in accordance with the reality that obtaining property in larger portions for cheap housing becomes difficult due to rising land costs.
Demand has recently increased as a result of the arrival of inexpensive housing, which was previously impossible. Gurugram will keep on enjoying the proximity to the international airport and the fact that it is now on the affordable map. Even before other regions came into focus, Haryana has been ruling the roost, with Gurugram, Panipat and Faridabad being the mainstay of real estate because of the proximity of these areas with Delhi. These locations remain a formidable feature of the NCR’s real estate landscape.