Gurugram exploded onto the real estate scene in the early 2000s, with products aimed chiefly at DINK couples or MNC employees. Even at that time, the prices were comparable to many houses in Delhi NCR today. Moreover, it benefited from its closeness to the international airport, which was well-marketed. Now, the city has evolved into a full-fledged real estate market with options for all demographics. Now, it has cheap housing hubs and regions with residences for the medium and upper classes.
Simultaneously, Sohna Road began to gain popularity, and by 2010, it was one of the top five most-searched neighbourhoods in Delhi NCR. People’s interest in the neighbourhood has remained due to various offerings, including commercial, luxury, mid-income, and cheap housing. South Gurugram, as it is now known, has shown remarkable progress on many of the significant livability index factors, indicating that it has the potential to develop into an urban centre in the next five to seven years. The cost of residential dwellings here runs between Rs. 37-58 lakh for 2-BHK and Rs. 61-89 lakh for 3-BHK, making affordability of housing one of the most important aspects. Also, the Golf Course Road and the MG Road were the two areas in Gurugram that were in the spotlight in the mid-2000s. The area’s appeal is increasing as it emerges as one of the NCR’s most cost-effective real estate locations, with property prices as low as half of those in the Gurugram nucleus.
Mr Pradeep Aggarwal, Founder & Chairman, Signature Global and Chairman, National Council on Affordable Housing, ASSOCHAM, commented that, “It used to be a place for those with ambitions, but the growth of MNCs has made it a sought-after location, particularly for those who work for these companies and those who want to reside in an area that can provide them with strong employment opportunities. Simultaneously, realtors understood that the market is not just for one group and that for real estate to thrive, it must focus on all groups.