1st August, 2023 - Monthly Market wrap - July 2023 Gurgaon, India

What's at the fulcrum behind the positive movement in real estate across Gurgaon India?

 It's a synergistic movement of commercial office leasing movements in the region of Gurgaon Delhi and the residential traction in markets in full steam.

July was a month for corporate occupiers evaluating & closing on expansion in Gurgaon. Lease terms are firming up to market norms with now a sense that office rents are on the way up in prime CBD and SBD. There was also demand for office space in outskirts but select micromarkets.

Deals signed in commercial office were at Udyog Vihar, Golf course Road, and Nh8 to name a few.

20000 sft – 2 lac sft deals were inked in a fortuitous month as landlords tighten up teams to handle ongoing and pent-up demand.

Creative deal terms are a little off the coast now as market trends firm up with increasing absorption numbers in Gurgaon office leasing. It's now a question of how fast occupiers can secure leases with deposits.

Same thing on residential resales. Less time to mature, average deal size is up and time to close transactions is much lesser now 3 months max 4.

Residential resales occurred at World Spa, Laburnum, Belaire to name a few average per sft prices up to 25,000 psf

July was a month for larger deals both in closure and under negotiations as office leases saw the avg ticket size upping from 10-15000 sft last month to 20000-40000 sft for plates.

Residential rentals escalated in tandem with office rents this month. This goes to prove the synergistic alignment of asset classes. We are forecasting a golden boom opportunity for both occupiers in terms of expansionary trends, rent to profitability for office landlords with a diversified asset base.

All in all July was a good month and an indicator of things to come in this quarter for real estate action in Gurgaon India.