Ggm saw realty projects worth ₹88K cr in 2024, double of ’23 investments

The spike in investments is attributed to the launch of high-value luxury projects in key micro-markets

The real estate sector in Gurugram witnessed a significant growth in 2024, with investments totalling ₹88,144.21 crore across 124 projects registered with HRERA Gurugram, according to the governing body’s data. This marked a sharp increase from ₹45,226 crore in 2023, nearly doubling the previous year’s investments, the data showed.

This marked a sharp increase from ₹45,226 crore in 2023, nearly doubling the previous year’s investments, the data showed. (Parveen Kumar/HT Photo)

Since HRERA’s inception in 2017, projects worth ₹3 lakh crore have been registered, with a total of 877 projects recorded as of 2024. According to Arun Kumar, chairman of HRERA, Gurugram, the regulatory body’s strict enforcement of rules and enhanced transparency has fostered a conducive environment for real estate growth. “Buyers can’t be shortchanged anymore. Gurugram is a mature market, and we have created an enabling environment for realty to grow,” Kumar added.

“Developers are now sharing project details and timelines, ensuring buyers are protected and the market remains equitable,” Kumar said. He added that luxury projects dominate the market, with 34 such projects in 2024 alone surpassing ₹1,000 crore in investments.

The spike in investments is attributed to the launch of high-value luxury projects in key micro-markets, such as Golf Course Road, Golf Course Extension Road, Southern Peripheral Road (SPR), and Dwarka Expressway, according to officials. In response, developers and experts cited a rise in interest from ultra-high-net-worth individuals (UHNIs) and non-resident Indians (NRIs), driven by factors like favourable currency exchange rates and simplified investment processes.

Aakash Ohri, joint managing director, DLF Homes, highlighted that Gurugram’s realty market benefitted from an increase in UHNIs and investment from the Indian diaspora. “NRIs, with emotional ties and favourable exchange rates, are bolstering the city’s uber-luxury real estate market,” he added.

In 2024, at least 34 projects in Gurugram recorded investments exceeding ₹1,000 crore each, according to HRERA. Developers like M3M attributed the district’s realty growth to its strategic location in the National Capital Region (NCR) and advanced infrastructure. Robin Mangla, President of M3M India, said, “Gurugram’s appeal continues to grow, offering unmatched opportunities for investors, homebuyers, and businesses alike.”

From 2017 to 2024, the city has seen a significant upward trajectory in real estate investments: ₹45,226 crore in 2023 (112 projects), ₹35,480 crore in 2022 (124 projects), ₹16,775 crore in 2021 (91 projects), ₹8,327 crore in 2020 (48 projects), ₹19,879 crore in 2019 (78 projects), ₹14,105 crore in 2018 (51 projects), and ₹64,042 crore in 2017 (239 projects).

Real estate developers called for rapid infrastructure development to complement private housing. Parveen Jain, president of National Real Estate Development Council (NAREDCO) Haryana, urged authorities to expedite projects like roads, metro connectivity, and the Regional Rapid Transit System (RRTS). “The quality of private infrastructure must align with public amenities to sustain Gurugram’s growth,” Jain added.