In recent times, Gurugram has become a leading financial and industrial hub with the third-highest per capita income in India. When compared to other cities like Delhi, Mumbai and Hyderabad, Gurugram is relatively young and has most of the retail sector and residential apartments in the modern format with a striking 78 per cent being concentrated in malls and corporate houses. The Millennium City also leads when it comes to annual income with people earning more than 300,000 per year, followed by Central Delhi, South Delhi and Noida.
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Gurugram’s vast middle-income-group market is the key attractive force for global retail giants and real estate developers wanting to enter into newer markets, which in turn will help Gurugram to grow faster. With the help of fast connectivity through better roads, Dwarka Expressway and improvement in public utility infrastructure and self-sustained townships, the residential apartments in Gurugram have got an immense boost. Gurugram has a good mix of residential projects and commercial units to offer immense opportunities for people because of its location in retail as well as residential sector.
The future of the housing in Gurugram looks promising, considering advanced technologies aiding operations, the growth of the market, and favorable government policies. The key to the growth of the housing in Gurugram seems to be nuclear families, large young workforce, rise in working women population and emerging opportunities. Not only that, but Gurugram also has one of the fastest-growing retail markets in the National Capital Region. Major metropolitan cities like Mumbai, Delhi and Bengaluru have seen investment of as many as 70 global and domestic brands previous year. Markets in NCR will continue to be the preferred points of entry for global retailers as NCR has the presence of the right target audience as well as suitable real estate opportunities.
Space-hungry hypermarkets and the need for housing in Gurugram will continue to expand and locate on newer residential developments. Product categories like food and beverages and fine dining, in particular, will continue to grow as the demand for residential apartments are continuously increasing.
Upcoming construction projects coupled with existing physical and social infrastructure are likely to be the driving force behind growth of housing sector in Gurugram. Hence, Gurugram is the rising sun for the housing sector in the coming time.
