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Hindustan Times
5 days ago
- Business
- Hindustan Times
Gurugram leads Delhi NCR in sale of luxury housing
The district of Gurugram has emerged as the top destination for luxury housing across Delhi-NCR, accounting for 91% of all luxury residential sales in the region in the first half of 2025, according to a report released by real estate consultancy JLL on Wednesday. Of the 5,168 luxury units sold across NCR between January and June, Gurugram accounted for 4,693 transactions. The report also noted that overall luxury housing sales in the NCR rose by 9% compared to the same period last year, when 4,763 units were sold. (Archives) The report defines luxury housing as apartments priced above ₹5 crore, and states that Dwarka Expressway and Southern Peripheral Road (SPR) were the city's two key micro-markets, jointly contributing 61% of Gurugram's total luxury housing sales. SPR alone accounted for 39%, while Dwarka Expressway made up 22% of the sales. The remaining luxury units were sold in micro-markets such as Golf Course Road, Golf Course Extension Road, and other areas. 'Despite a sharp 23% year-on-year decline in overall housing sales across all price segments in Delhi-NCR, the luxury segment remained resilient,' said Dr. Samantak Das, Chief Economist and Head of Research and REIS, India, at JLL. 'In fact, the share of luxury housing in total sales has grown significantly — rising to 27% in the first half of 2025, compared to 19% in H1 2024 and just 12% in H1 2023.' Noida, by contrast, witnessed sales of just 475 luxury units during the same period. Manish Aggarwal, senior managing director (North and East) at JLL, said that the Dwarka Expressway and SPR corridors are now the epicentres of luxury housing in Gurugram. 'These two corridors now account for 61% of Gurugram's luxury market. Since 2020, 22,000 housing units have been launched in the Delhi NCR primary residential market catering to the ₹5 crore-plus segment. Eighty-nine percent of these have been in various locations of Gurugram,' he said. The report also noted that overall luxury housing sales in the NCR rose by 9% compared to the same period last year, when 4,763 units were sold. Real estate developers attributed this growth to a shift in buyer preferences and evolving definitions of luxury. 'The buyers in the city aren't just acquiring square footage; they're buying into a holistic, high-end living experience. The luxury segment has become largely price inelastic—when a project delivers on all fronts, discerning buyers are willing to pay the premium,' said Aakash Ohri, joint managing director and chief business officer at DLF Home Developers Ltd. Experts said that the recent completion of the Dwarka Expressway has played a key role in boosting residential demand and prices along the corridor. They also pointed to upcoming infrastructure projects such as the new Gurugram Metro line as factors that would further enhance the area's appeal as both an investment and a residential option. Vinod Behl, a Gurugram-based real estate expert, said, 'The sustainable growth of the residential real estate sector cannot rely solely on a surge in luxury housing sales. The continued decline in budget and mid-segment sales poses a serious challenge. Unless this issue is addressed, overall residential sales are likely to fall further — especially given that the sector has already seen a consistent decline over the past three quarters.'
Hindustan Times
15-06-2025
- Business
- Hindustan Times
GMRL plans to revise cost of Gurugram Metro project to ₹10,000 crore
Gurugram: The Gurugram Metro Rail Limited (GMRL) has proposed to revise the cost of the Gurugram Metro project from the already approved ₹5,452 crore to double the amount at over ₹10,000 crore. The proposal to be submitted in the next GMRL board meeting, indicates that the cost revision is being done since the sanctioned project cost was based on 2019 rates and six years have elapsed, officials said. The provisions of the detailed project report (DPR) allow 5 per cent per annum escalation in the project, GMRL officials added. GMRL has also reworked estimates for the cost of setting up stations, adding the rolling stacks and change in GST rates. The Gurugram Metro project is now likely to be completed for over ₹10,000 crore instead of the earlier approved ₹5,452 crore, according to the revised estimate proposed by GMRL. The additional costs being proposed by the metro corporation are on account of changes in the cost of alignment and formation from the sanctioned ₹1100 crore to over ₹1700 crore, increase in cost of station buildings from the sanctioned ₹756 crore to over ₹1350 crore. The cost of building the depot has increased from the sanctioned ₹80 crore to over ₹200 crore. Another major increase is the cost of acquiring the rolling stock from the sanctioned ₹480 crore to ₹1250 crore, officials said. According to the GMRL proposal, the sanctioned cost of the project is ₹5,452 crore while the revised cost of the project will be over ₹9,800 crore, with an additional spur to the Gurugram railway station that will cost over ₹400 crore, taking the total cost of the project to over ₹10,000 crore. 'The proposal is likely to be submitted for the next GMRL board meeting scheduled to be held on June 16,' a senior government official, requesting anonymity said. The metro corporation's proposal has justified the increase in the project cost stating that there has been price escalation in the last six years since 2019, when the price was set for the project estimate. It added that GST rates have been increased from 12% to 18% since then. The proposal further said that another reason for the increase in the cost of the metro project is the non-availability of rapid metro infrastructure which was considered while calculating the original cost. There is also an increase in the requirement of coaches for the Gurugram metro project, while the approved DPR took into account only 60 coaches. A new spur has been added to connect the Gurugram railway station with the Sector 5 metro station, the proposal said.
Hindustan Times
02-05-2025
- Business
- Hindustan Times
Gurugram metro project tender extended till May 15
Gurugram: The tender for the Gurugram Metro rail project has been extended till May 15 due to slight changes in the scope of work, which has now been added to the tender. A senior Gurugram Metro Rail Limited (GMRL) official, who is aware of the matter, said that it has been decided that the Bakhtawar Chowk underpass which is along the alignment of the metro will be constructed by the GMRL and so the date has been extended. The tender was scheduled to be opened on May 1 but officials said that in order to provide time to the bidders to revise their bids, the corporation has decided to wait for some time. Earlier, the date of opening the bids was extended from April 22 to May 1 due to the fact that there were a large number of pre-bid queries raised by the bidders. 'It has been decided that the Bakhtawar Chowk underpass will be constructed by GMRL and this work has now been included in the tender for the first phase of the project. The date of opening the bids has now been extended to May 15. The underpass will be constructed by a civil contractor of GMRL but the money will be paid by the Gurugram Metropolitan Development Authority (GMDA),' said a senior GMRL official. The metro corporation had floated the tender for construction of the first phase of the Gurugram Metro on March 8 from Millennium City Centre to Sector 9, including a spur to the Dwarka Expressway (1.85 km) and a ramp to the proposed metro depot in Sector 33. According to the tender document, in the first phase of construction, the contractor will have to build 15.22km of the metro rail viaduct and also 15 stations. The approximate cost of this work is Rs1,286 crore and the bids for this contract will now be opened on May 15. Meanwhile, in a related development, a GMRL contractor said that they have completed the ERT survey for 13 stations of the Gurugram Metro from Millennium City Centre to the Sector 9 metro station. The contractor has also completed the ground penetrating radar survey (GPRS) of five metro stations in the first phase. 'The ERT survey will help us in finding the water level under the stations and the character of the soil. The stations will be designed on the basis of these surveys,' said an official of the contractor.
Hindustan Times
23-04-2025
- Business
- Hindustan Times
GMRL extends tender for Phase 1 till May 1, cites extensive pre-bid queries
Gurugram The Gurugram Metro Rail Limited (GMRL) has extended the deadline for submitting tenders for the construction of the first phase of the Gurugram Metro project to May 1, a senior GMRL official said, citing delays caused by extensive pre-bid queries. The tenders were to be opened on April 22. The corporation floated the tender on March 8 for the proposed stretch from the Millennium City Centre station to Sector 9, including a 1.85-km spur to Dwarka Expressway and a ramp for a depot in Sector 33. 'The date for opening the tender will now be May 1, from the scheduled April 22. Bidders had several questions with regards to the project and these were answered. Apart from this the corporation is working with GMDA and other agencies in the city to expedite the start of civil construction work,' said Chander Shekhar Khare, CEO, GMRL and managing director, HMRTC (Haryana Mass Rapid Transport Corporation Limited). According to the tender document, the contractor will build a 15.22-kilometre Metro rail viaduct and 15 stations. It is estimated to cost ₹1,286 crore. Stations are proposed at Millennium Centre—through an interchange with the DMRC network, Sector 46, Cyber Park in Sector 46, Sector 47, Subhash Chowk, Sector 48, Sector 33, Hero Honda Chowk, Udyog Vihar Phase 6, Sector 10, Sector 37, Basai, Sector 9 and Sector 101, which will be connected the main through a spur. The contractor, besides conducting surveys, constructing viaducts and stations, and other civil works, will also set up a control room with round-the-clock radio communication or telephone switchboard links with all safety offices, works sites, site offices, batching plants, casting yards, workshops and all locations, according to the tender document issued on March 8. Another senior GMRL official said they have already started a ground-penetrating radar survey at the 27 station sites to identify utilities and structures below the ground for easy shifting. 'The contractor has also started the ERT survey to check the water level and character of soil under the stations and along the alignment,' the official said. GMRL also decided in principle to construct a GMDA-funded underpass at Bakhtawar Chowk and five grade separators along the Metro alignment. Prime Minister Narendra Modi laid the foundation stone for the ₹5,452-crore Metro project on February 16, 2024. The total project is expected to cover 28.5 kilometres, and have 27 elevated stations.
