Gurgaon real estate update April 2024. In this comprehensive update, we’ll dive into the latest developments, projects, and trends shaping the Gurgaon real estate market. Let’s explore the exciting opportunities and key insights that await investors and homebuyers alike.
DLF’s New Mall Project
DLF, a prominent real estate developer, has commenced work on a new mall project near the Ambience Mall in Gurgaon. With an estimated investment of around 250 crores, this mall will span across 26-27 lakh square feet. Additionally, DLF has plans to launch a mall in Goa in the near future.
Real Detail Article – DLF to Invest Rs 2,200 Crore in New Gurugram Shopping Mall
Haryana Orbital Rail Corridor
The Haryana Orbital Rail Corridor, a significant infrastructure project, has been awarded to a company for laying the rail line. This corridor will connect Palwal to Sonipat via Sohna, Manesar, and Kharkhauda, running along the Kundli-Manesar-Palwal (KMP) highway. The project is expected to benefit the Kharkhauda region in the coming years.
Micro Markets in Gurgaon
Gurgaon’s real estate landscape is characterized by several thriving micro markets, such as Golf Course Extension Road, Southern Peripheral Road (SPR), New Gurgaon, and Dwarka Expressway. When a developer launches a project in a particular location, it often triggers the launch of multiple projects in the same area, creating a buzz and attracting investors and buyers.
Signature Global’s Growth and Expansion
Signature Global, a prominent player in the affordable housing segment, has witnessed remarkable growth and success in the Gurgaon real estate market. With a land bank of around 800 acres and a robust project pipeline for the next 3-4 years, Signature Global is expanding its presence in the luxury segment, challenging established players like DLF, M3M, and Godrej.
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Raymond Realty’s Ambitious Project
Raymond Realty has unveiled an ambitious 120-acre project in Mumbai, located in the Thane police station area. With a potential value of 30,000 crore rupees, this project showcases Raymond Realty’s commitment to creating landmark developments.
Real Estate’s Contribution to GDP
The real estate sector currently contributes 7-8% to India’s GDP. However, with the ongoing growth and improvement in the economy, experts predict that real estate’s contribution could rise to 14-15% in the coming years. This highlights the industry’s significance in driving economic growth and development.
Housing Supply Forecast
In 2023, approximately 4,31,000 housing units were supplied across the top 8 cities in India. The forecast for 2024 indicates a further increase, with an estimated supply of 5,31,000 units. This growth can be attributed to factors such as the reduction in unsold inventory and the completion of projects supported by the Swamih Fund.
Affordable Housing Segment
While Gurgaon may not witness significant growth in the affordable housing segment, surrounding cities like Sohna and Farrukhnagar are expected to see new launches in this category. Interested buyers can access details of these projects on the website of the Haryana government’s Town and Country Planning (TCP) department.
Mumbai Buyer’s RERA Victory
In a notable case in Mumbai, a buyer who had to cancel a property purchase due to unforeseen circumstances approached RERA after the builder deducted 5% of the paid amount. RERA intervened and ordered the builder to refund 3% of the deducted amount, considering a 2% loss incurred by the buyer. This instance highlights the importance of RERA in protecting buyers’ interests and resolving disputes.
NGT Halts Construction Site
The National Green Tribunal (NGT) has halted construction work at a site belonging to a prominent Gurgaon builder, citing violations of environmental norms. This development underscores the growing emphasis on sustainable and eco-friendly practices in the real estate industry.
Conclusion
The Gurgaon real estate market continues to thrive, with exciting developments, new projects, and infrastructure advancements. From DLF’s mall project to the growth of Signature Global and the Haryana Orbital Rail Corridor, there are numerous opportunities for investors and homebuyers to explore.
As the real estate sector’s contribution to India’s GDP is expected to rise, the Gurgaon market remains at the forefront of this growth. With the support of regulatory bodies like RERA and an increasing focus on sustainable development, the future of Gurgaon’s real estate looks promising.
Stay tuned for more updates and insights on the Gurgaon real estate market, as we continue to bring you the latest news and analysis.
DLF has commenced work on a new mall project near the Ambience Mall in Gurgaon, with an estimated investment of around 250 crores and a size of 26-27 lakh square feet.
The Haryana Orbital Rail Corridor is a significant infrastructure project that will connect Palwal to Sonipat via Sohna, Manesar, and Kharkhauda, running along the Kundli-Manesar-Palwal (KMP) highway.
Thriving micro markets in Gurgaon include Golf Course Extension Road, Southern Peripheral Road (SPR), New Gurgaon, and Dwarka Expressway.
Signature Global is expanding its presence in the luxury segment with a land bank of around 800 acres and a robust project pipeline for the next 3-4 years.
The real estate sector currently contributes 7-8% to India's GDP, but experts predict it could rise to 14-15% in the coming years.
The forecast for 2024 indicates an estimated supply of 5,31,000 housing units across the top 8 cities in India.
Interested buyers can access details of affordable housing projects in surrounding cities like Sohna and Farrukhnagar on the Haryana government's Town and Country Planning (TCP) department website.
In the RERA case, the builder was ordered to refund 3% of the deducted amount to the buyer, highlighting RERA's role in protecting buyers' interests.
The NGT halted construction work at a site belonging to a prominent Gurgaon builder due to violations of environmental norms.
The future of Gurgaon's real estate looks promising with ongoing developments, infrastructure advancements, and a growing emphasis on sustainable practices.
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