Surge in Gurugram realty driven by Diwali demand

The real estate market in Gurugram saw a considerable surge in demand and activity in the run-up to Diwali driven by robust demand from buyers, which industry experts said is likely to carry on into the end of the year and continue to push the bulk of the industry in the Delhi-NCR region.
The demand for residential properties, particularly in the Delhi NCR market, has risen steadily, and Gurugram stands out as a prime hotspot, experts said.
Experts said that the bulk of the interest in the region was around locations such as Dwarka Expressway, Southern Peripheral Road (SPR), New Gurugram, Golf Course Road, Golf Course Extension Road, and Sohna Road due to improved infrastructure and better connectivity these areas offer. With ongoing metro projects, rapid rail facilities, and road expansions, these areas have become sought-after destinations for homebuyers, said property developers and consultants.
Data highlights the robust momentum in the real estate sector in the past few months.
According to a October 25 report by Anarock, Delhi NCR’s average residential property prices went up 29% year-on-year in the July-September quarter, spurred by high demand, increasing input costs, and an expanding supply of luxury homes. This price rise points to a thriving real estate market, especially in Gurugram, where high-end properties increasingly appeal to younger buyers, including millennials, who now constitute nearly 45% of the region’s luxury homebuyers.
The report by Anarock further said that Gurugram continued to dominate sales landscape in NCR, contributing more than half (51%) share in volume in third quarter of 2024. Greater Noida and Ghaziabad followed, accounting for 20% and 13% of the region’s sales, respectively. It added that Gurugram remained the primary hub for available inventory, accounting for over 40% of NCR’s total inventory.
Meanwhile, a report released by CBRE titled “Market Monitor-Investments” said that in the period from January 2024 to September 2024, Delhi-NCR led land deal activity with approximately 32% share, with Gurugram accounting for the highest land deal share at 65% and Noida/Greater Noida at 20%.
“This represents a 65% y-o-y increase in the number of deals compared to the same period last year,” it said.
Experts said such an increase in land deal activity across classes reflects a robust investor sentiment.
“The increased land deal activity across diverse asset classes reflects … the evolving dynamics of the Indian real estate market. As we witness strong growth in both established segments including residential, office and emerging categories such as Data Centers, indicates that investors are increasingly confident in the long-term potential of India’s real estate sector,” said Anshuman Magazine, chairman and CEO (India, South-East Asia, Middle East & Africa), CBRE.
City-based developers and property consultants concurred and said that apart from end-users, many investors including NRIs had again become confident in the Gurugram market.
“As the festive season approaches, excitement builds in Gurugram’s real estate market. This time of year often brings a spike in buyer activity, fuelled by optimism and the tradition of new beginnings. Over the years, infrastructure developments like the Dwarka Expressway, DMIC, and Metro expansion have paved the way for Gurugram’s growth, setting the stage for even more momentum in the coming months… This festive month is set to invigorate the market, presenting fresh opportunities and meaningful investments for those ready to make a move,” said Madhur Gupta, CEO of Hero Realty.
They also said that festival season triggers latent demand of the previous months, which boosts sale during the Diwali and up to the end of the year.
To encourage this, many developers offered lucrative discounts, price benefits, free gifts, and special packages in the months leading up to the festive season to further stimulate demand.
“This Diwali season, our first ever BOAT Fest brought a unique blend of exclusive property options and an unmatched festival of rewards… With the Best of All-Time realty fest, we introduced offers … ranging from a 15% discount, complimentary club membership, and parking, to Rado watch pairs, and an exciting lucky draw where three lucky buyers drove away in luxury BMW cars. This festive season has truly set a new benchmark for joy, community, and opportunity,” said Pradeep Aggarwal, founder and chairman, Signature Global.
A new buying class
Developers also said that a large number of buyers in the city are relatively young and are more conscious about properties that cater to a safe, eco-friendly, and comfortable lifestyle, which matches their needs.
“Millennials are driving a new wave of demand in Gurgaon’s luxury residential market, purchasing high-end properties much earlier in life than previous generations. This shift is fuelled by factors such as rising disposable incomes, increased access to flexible financing, and a preference for modern, amenity-rich living spaces that offer both lifestyle and investment value… Recent data shows that nearly 45% of luxury homebuyers in the region are now under the age of 40, reflecting their desire for early financial security and upgraded living standards,” said Pankaj Pal, managing director, Whiteland Corporation.
Others said the festive season always brings in buyers due to its association with wealth and auspiciousness.
“Festivals in India carry deep cultural significance, which makes this a positive time for real estate investment. With growing investor interest, aligning investments with this period can yield both personal and financial rewards,” said Ashish Sharma, AVP (operations) at Brahma Group.
While most of the developers are optimistic about the real estate market in the city going ahead, there are also market watchers and experts, who see more subdued sales primarily due to the fact that housing prices have gone too high, the affordability for majority of the buyers has taken a hit, and realty markets that peaked last year are unlikely to again reach the previous years heights within a year.
Vinod Behl, city real estate expert, when asked about the prospects of housing market in near future said that though developers were upbeat about festive season powering the market, the cheers are not without fears. “There has been a slight decline in housing sales in the third quarter as RBI has not reduced the home loan rates while the prices have increased significantly. The investors are slowing shifting their funds to equity and mutual funds which will impact realty in long run. The overdependence on luxury housing when the affordable and mid-segment have declined continuously are not good signs for the long run,” he said.