Gurgaon has been a serious competitor in the Real Estate market for some time now. With the booming infrastructure the “Millennium City” has a slew of high-end and mid-level projects, which has given a stiff competition to affordable housing area of NOIDA. Gurgaon saw an escalation in the demand for residential properties in 2014, yet the property prices in Guragon remained at lukewarm levels, with a 4.5% increase in the property cost over the duration of 3 months. Interestingly, when different project launches were fizzled in Delhi-NCR region, did Gurgaon witness a small hike in the prices.
How was the year 2014 for Gurgaon’s Realty Sector?
The purchasing percentage in Gurgaon may have slowed down, but it is still one of the highly favored destinations in the country. It has the lowest unsold residential and commercial inventories. Despite a lower demand in the residential segment, the property prices are witnessing an upward trend here.
In 2014, Guragon witnessed fewer launches, as prominent developers like DLF and Unitech continued their hard efforts in clearing their unsold inventory. The lower number of project launches indicated that the housing demand was not adequately met, which led to an escalation in property prices.
Since Gurgaon only started as a serious rival in real estate markets two decades ago, it has done well for itself, with multinational companies erecting their offices here. The infrastructure of the “Millennium City” has drastically improved, paving way for advanced and eco-friendly residential and commercial projects to be built. This city has witnessed the development in the truest sense, with grand villas as well as affordable apartments being built under different Construction companies.
Today, the builders in Gurgaon have sensed the strong need for housing and are launching affordable apartments for the blue-collared workers. They have taken thoughtful measures to keep the property prices nominal for rapid growth and urbanization of this city. Nonetheless, a few developers saw Gurgaon as a gold mine and began constructing projects hoping to cash in on the money over night but have sadly failed.
With a hike in the property prices in Guragon, buyers and investors began to shift their focus in affordable areas of Delhi-NCR, such as NOIDA and Ghaziabad. If Gurgaon must thrive, the builders must understand the importance of offering “affordable” housing.
However it can be seen that many developers have kept a cool head and are still developing houses for an affordable price tag. For instance, DLF is one of the major real estate developers in India that has set out to construct a township in Guragon that offers apartments and gated community independent houses at highly affordable rates.
High-end properties encompassing suites and villas are also being constructed, but the focus is more on creating townships for the blue-collared workers. The residential segment of real estate has shown a tremendous growth in Gurgaon and it continues to flourish.
Gurgaon’s proximity to the IGI Airport has opened the flood gates for to the multi-national companies (MNCs) to erect their offices, here. It has become a favorite destination for FDIs and international entrepreneurs. Several, new integrated townships are thus on offer today by prominent Indian builders. They offer stylish and spacious residential properties to rich and affluent class, both locals and NRIs. This shows a significant growth in the Gurgaon’s Realty market. The NRIs known for their monetary advantage have the upper hand which has stabilized the real estate market here. These planned townships provide all the chief amenities, such as, schooling, security, healthcare, shopping, food & dining and entertainment options.
These amazing projects have put Gurgaon on the map and will keep it there for a really long time in the future.
What waits in 2015?
Gurgaon remains as a top competitor for development of IT and Corporate sectors, with its vast land areas and cheap rates, when it comes to commercial property. This advantage will soon attract hordes of multi-national companies to develop their offices here. Furthermore, the development of IT companies will bring an increase in employment leading to the need of premium housing in this region. This holds true for any industry that intends to set up their base here.
In the coming year, Gurgaon will be a hotspot for the Realty sector, with newer launches and the previous inventory reaching its “full” status. Also, nearby areas, such as, Dwarka Expressway will experience an improved growth in 2015, with people migrating from other regions for lucrative job and education opportunities.
The return on the investments (ROIs) in Gurgaon will be immense positively in 2015 as per the industry reports. It is expected that in the New Year, once again the property prices will escalate seeing the current demands for both residential and commercial properties. It is estimated that 150,000 new apartments will be constructed here in 2015. This means that there will be ample amount of real estate to choose from in this year.
However location plays a vital factor and the properties near the Airport and Metro stations will be sold first, at a slightly higher price. With such numbers buyers and investors can safely assume that Gurgaon and Dwarka will be a flourishing real estate region in the coming times, with residential and commercial properties being rapidly built to be sold.
Thus, in 2015 Gurgaon will see a new hope of development, with commercial sector rising and paving way for the growth of the residential sector. The demand for real estate by the NRIs will continue to escalate and 2015 will be a great year for real estate in Gurgaon.