Affordability drives New Gurgaon’s realty market

Affordability drives New Gurgaon’s realty market

Regarded as the next investment hotspot in Delhi NCR, New Gurgaon’s real estate market is currently witnessing a boom owing to enhanced connectivity and fast-paced infrastructure development. 99acres.com tries to explore the other factors driving the region’s real estate market.

Backed by competitively priced inventory, improving infrastructure and presence of reputed builders, New Gurgaon is fast emerging as a preferred housing destination among potential homebuyers and investors. The micro-market constituting Sectors 81 to 95 has been identified as one of the two major real estate growth corridors in Delhi NCR, with Dwarka Expressway being the other one. Over the last few years, the residential segment in this micro-market has observed a massive boom, with several renowned players trying to tap its potential. This is evident from the fact that New Gurgaon continued to take the lead in terms of new launches/re-launches in the year 2018, indicating the traction this locality has witnessed despite a lull in the real estate market.

Let us try to understand the residential landscape of this region along with the capital trends:

Capital trends

Property prices in certain prime localities of Gurgaon such as Sohna Road, Golf Course Road and Golf Course Extension Road have risen to a level where it becomes difficult for a middle-class buyer to own a home. On the other hand, New Gurgaon offers its residents with an array of options ranging from high-rise apartments to builder floors at competitive values. According to the data available with 99acres.com, average capital values in the locality are faring around Rs 4,600 per sq ft, which is over 150 percent lesser than Golf Course Road, and about 70 percent lower than Golf Course Extension Road.

Besides, another factor that magnetises mid-income segment homebuyers to New Gurgaon is the availability of newly constructed apartments equipped with modern amenities.

Locality

Average locality price* (per sq ft)

Expensive than New Gurgaon by

Golf Course Road

Rs 11,700

154 percent

Golf Course Extension Road

Rs 7,900

71 percent

Sohna Road

Rs 6,350

38 percent

Some of the renowned players operating in the region include DLF, Godrej Properties, Bestech Group, Vatika Group and Oris Group. A potential homebuyer can opt for a 2 BHK apartment measuring 775 sq ft at a price of Rs 45.6 lakh, while the price of a 3 BHK unit measuring approximately 1,700 sq ft is Rs 80 lakh onwards.

Residential landscape

New Gurgaon majorly constitutes high-rise apartments and G+2 independent builder floors by prominent developers. According to the data available with 99acres.com, residential apartments account for 91 percent of the total inventory followed by builder floors (nine percent). Further, 83 percent of the total supply is ready to move, while the remaining 17 percent constitutes under-construction units with possession due in the next 1-2 years.

Madhav Mishra, General Manager, Axiom Land Base Pvt Ltd. avers, “The demand for property in New Gurgaon has certainly gone up in the last few months. Earlier, there was a demand for under-construction properties in ticket size of Rs 60 lakh and beyond. With infrastructure development and commencement of several malls, the demand for ready inventory has also gone up sharply.”

Further, 3 BHK is the most preferred configuration followed by 2 BHK and 4 BHK apartments, highlighting the homebuyer’s preference to own large-sized apartments. This is evident from the fact that almost 43 percent of the new supply is concentrated in 3 BHK configuration followed by 2 BHK (36 percent) (Source: 99acres).

Investment potential

Over the last five years, property prices in New Gurgaon have witnessed a growth of 20 percent. With infrastructure expansion on a rise and several projects nearing completion in the next two years, experts believe that the area holds immense potential for growth and bright prospects. To add to this, commercial space by renowned developers is also coming up in this micro-market, which is anticipated to trigger further growth and change the face of the realty landscape.

source: 99acres

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