India: Housing sales in Gurugram skyrocket between January & September 2022

Investments in the Indian real estate sector reached USD3.6 billion, going up 18 percent YoY

Indian real estate performed well in Q3 2022 despite rising interest rates and high inflation, reported Business Insider India. Investments in the sector reached USD3.6 billion, going up 18 percent YoY. 

Domestic investors account for 18 percent of those, up from 14 percent last year.

“The capital inflows in Indian real estate continue to flow in, as long-term sustainable growth story remains intact. Further, trend in residential sales is reflective of positive long-term structural change in the sector,” said Piyush Gupta, managing director, Capital Markets and Investment Services, Colliers India.

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Meanwhile, Gurugram is quickly gaining traction as a nexus for prime residential projects, according to Financial Express. As a result of its strategic location and excellent connectivity to Delhi-NCR and other key locations, it has become a highly sought-after real estate hub. The high demand for real estate in Gurugram has prompted developers to build high-rise apartments, villas, and penthouses there.

Housing sales skyrocketed in the period between January and September this year, with nearly 24,500 units sold, compared to the January to September period last year which only sold 7,725 units. New launches also saw a 51 percent increase—from 9,700 units in the first nine months to 14,635 during the same period this year.

Moreover, a large number of people have been relocating to Gurugram because of the growing employment opportunities. Thus, upscale neighbourhoods, townships, and IT parks are dotted throughout the city, which has developed in a structured and decentralised manner. 

Pradeep Aggarwal, founder and chairman of Signature Global (India) Ltd, attributes the growing demand across all price points to migrant workforces looking for residential projects with adequate amenities close to major transit hubs. 

Gurugram has become the IT hub of North India in large part due to the growth of the industry.

The Property Report editors wrote this article. For more information, email: [email protected].