Circle rates, also known as ready reckoner rates or guideline values, are the minimum rates set by the government for the purpose of property transactions. These rates are used to assess the value of a property for taxation purposes, such as stamp duty and registration charges. In Gurgaon, the circle rates are fixed by the Haryana government and are periodically revised to keep up with the changing market dynamics.
Circle rates have a direct impact on the real estate market in Gurgaon. When the circle rates are high, property transactions may slow down as buyers and sellers find it challenging to reach an agreement within the regulatory framework. On the other hand, lower circle rates may lead to undervaluation and potential revenue loss for the government. Developers and investors closely monitor circle rate revisions as they influence the overall pricing strategy in the real estate sector. High circle rates can also discourage investment in certain areas, while lower rates may attract more buyers, stimulating market activity.
In the dynamic realm of real estate, the trajectory of residential rentals in the top-seven cities, both in the luxury and mid-tier segments, has been on a notable upswing throughout 2022. Recent data reveals that key residential rental hotspots have witnessed an impressive up to 23% surge in average monthly rentals between 2019 and 2022. One such example is Gurgaon’s Golf Course Extension Road which has faced a rental surge as compared to 2019.
Taking center stage in this surge is the Golf Course Extension Road in the National Capital Region (NCR), emerging as the frontrunner with an 18% spike in average monthly rentals to Rs 58,000 in 2022 for luxury homes of approximately 2,000 sq ft, compared to Rs 49,000 per month in 2019. This significant growth is indicative of the burgeoning demand for upscale living spaces in prime locations.
Hyderabad's Jubilee Hills follows closely, experiencing a 17% leap in rentals from Rs 54,000 a month in 2019 to Rs 63,000 a month in 2022. However, it's the Golf Course Extension Road that takes the lead, not just in rental appreciation but also in capital price appreciation, boasting a healthy average of 7-10 per cent year-on-year.
The exponential increase in the average rental rates on the Golf Course Extension Road can be attributed to the area's strategic positioning as the nerve center of Gurgaon. This prominence is bolstered by a plethora of infrastructure developments, luxury residential projects, office spaces, retail outlets, entertainment options, and recreation facilities.
The road's accessibility from NH8, Golf Course Road, and Delhi via the Gurgaon-Faridabad Expressway, coupled with the walk-to-work concept in Gurgaon, has solidified its standing as a premier residential address. This has made it particularly appealing to a diverse demographic, including corporate professionals, High Net Worth Individuals (HNIs), expatriates, and the elite.
In the ever-fluctuating realm of real estate, one constant factor remains - the significance of location. The Golf Course Extension Road has undoubtedly proven to be a prime location for substantial rental growth, attaining an impressive 18% increase. This remarkable uptick can be attributed to the area's undeniable charm, offering luxury living in a prime location.
The remarkable rental growth on the Golf Course Extension Road is a testament to its allure, driven by solid infrastructure, proximity to commercial and business centers in the NCR, and the availability of high-quality residential properties. As the demand for homes in the area continues to surge, driven by those seeking top-notch properties with convenient access to essential services, the rental rates are propelled upwards. Golf Course Extension Road has firmly established itself as one of the most sought-after luxury residential hubs, owing to its strategic location, upscale amenities, evolving infrastructure, burgeoning job market, and high quality of life. Nestled in the heart of Gurgaon, it provides seamless access to key areas of the NCR, making it an attractive destination for those aspiring to a premium lifestyle.
Adding to the allure of this burgeoning locale, Godrej Properties, a leading real estate developer in India, is gearing up to launch a luxury project at Sector 49, Golf Course Extension Road, with a starting price of ₹3.85 Crores. This move underscores the region's potential for growth and investment.
In conclusion, the surge in luxury residential rentals on Golf Course Extension Road is a testament to its growing prominence in the NCR real estate landscape. With major developers and a leading real estate giants like Godrej Properties, Godrej Aristocrat is the upcoming investment hotspot located in the prestigious Sector 49, Gurgaon, is a testament to luxury and connectivity. This residential address is a lifestyle embedded in the lap of convenience and elegance. Setting its sight on this prime location, the road is poised to be a beacon of luxury living and investment opportunities in the years to come.
Badshahpur Sohna Rd Hwy, Block S, Uppal Southend, Sector 49, Gurugram, Haryana 122001
This is not an official site of Godrej Properties