Post COVID-19, the housing preferences of prospective buyers have altered as they are more inclined towards larger residential units in peripheral pockets. Gurgaon has benefited from this phenomenon, with localities such as South Gurgaon and Dwarka Expressway expected to witness growth.
Before the COVID-19 pandemic, proximity to the place of employment was one of the important criteria for a prospective home buyer. However, due to the viral contagion, home buyers choices have shifted. Now, they look for properties situated in the peripheral areas of metropolitan cities rather than in the central locations. The reasons behind the trend are plenty, such as the work-from-home culture, affordability, and the limited vehicular congestion. This is also the case because people no longer have to sacrifice space, size, or location to live close to their offices.
Gurgaon has also benefitted significantly from this phenomenon. Real estate developers are increasingly showing interest in places like Dwarka Expressway and South Gurgaon that were off the home buyers' radar a few years back. Dwarka Expressway and South Gurgaon are emerging as some of the most popular choices for buyers in Gurgaon.
The rise of Gurgaon’s peripheral areas is primarily due to better connectivity, infrastructure, and urbanisation, apart from the work-from-home practice. These areas are self-sufficient and have enhanced transport infrastructure, public services, renowned schools, colleges, premium hospitals, and even prominent hotels.
The Delhi-Mumbai Expressway is the newest and one of the most crucial connectivity drivers, which is expected to boost real estate in the outskirts of Gurgaon. Reports point out that by 2022-end, the entire eight-lane, access-controlled 1,250 km-long Delhi-Mumbai Expressway shall become operational. With the first phase of the stretch set to become functional by the end of the current year, the real estate market of Gurgaon, in general, and Dwarka Expressway, in particular, will benefit from the improved connectivity.
To provide an example of the potential effects of the Delhi-Mumbai Expressway, let us look at the impact of Dwarka Expressway development. The construction of Dwarka Expressway provided a significant fillip to the region’s real estate sector, allowing its long-term growth. As a result of the expressway coming up, the area now has world-class potential for commercial and residential developments. Both realty developers and buyers are striving for a fair share of the pie in this neighbourhood. Dwarka Expressway is now one of the top five most-searched neighbourhoods in Delhi NCR. Its appeal has remained high due to various offerings in the commercial segment as well as the luxury, middle-income, and low-cost housing segments. The zone’s popularity is expected to surge further due to the shifting demand of home buyers.
Next, let us consider South Gurgaon. The region has excellent key livability parameters, indicating that it has the potential to evolve into a self-sufficient area within the next 5-7 years.
The preferred budget types in Dwarka Expressway and South Gurgaon are the affordable and middle-income segments. With a greater focus on affordable housing and steadily growing demand from low to middle-income buyers, these regions, where more than 40 percent of the housing stock is priced under Rs 50 lakh, are set to witness substantial growth in coming times.