Affordable Homes Back in Demand!
Keeping global pandemic Covid-19 in mind there has been a spike in demand for affordable property, with even the hesitant homebuyers entering the market. Even though majority of units in developing sectors along the NH-8, Gurugram-Sohna Road, Sohna region. Golf Course Extension Road, and Main Gurugram-Pataudi Road are in the upper-middle-class segment, the lockdown turned out to be a blessing in disguise for real estate, especially the affordable housing segment.
Gurugram has been scoring well in the realty market as people are turning to one of the most favored ` address to realize their dream of a home. The-city has not stopped delivering good locations to the people, and the latest additions are Sectors 92,85,99, 103,105, 106, 109, which are located on the Dwarka Expressway Gurugram and are known as up-and-coming neighbor-hood made up of reputed developers’ under construction buildings.
In terms sound connectivity and developing infra-structures these localities are ideally located near the IGI Airport and NH 8. With low-density area, these sec-tors receive great marks for – its environment, commuting, and areas of interest, and close to hospitals, schools, colleges, and markets. The reputed developers like Sobha, Raheja Developers, Chintels, BPTP, Signature Global, Satya, Assoted Ltd, ATS, Microtech, Experion and many more have launched their projects.
With presence of these developers The developing sectors of Golf Course Extension Road, NH-8 and Dwarka Gurugram Expressway are soon going to boast of planned and effective civic infrastructure being put in place. Wider roads, more open spaces, less congestion and easy commuting due to access to NH8 /Expressway are other advantages of investing in Gurugram and its peripheral areas. All these factors promise good return on investment and make Gurugram an idle destination to invest.
If we talk about Sectors 103, 105, and 109, as well as Babupur Village, are all within walking distance. The average price range of Rs 80 lakhs to 1.8 crores accounts for around 45 per cent of sales In this sector. with 3 BHK apartments accounting for over 50 per cent of sales. The apartments here cost roughly $6500 per Square foot on average.
Pradeep Aggarwal chairman, Signature Global Group, said, “The realty sec-tor is a lucrative asset class, and with the market and stock value volatility it has become much more so. The impetus for affordable housing has increased, particularly as a result of government attempts to encourage it. Salaried people are having difficulty paying their rents at this time, and the need for affordable housing is increasing as a result. Following the lockdown, an increasing number of people with regular Income employment may consider owning a home.
Why these locations: As the home buyers look for regions where they won’t have to worry about com-muting, the sector is proving to be an attractive site for affordable homes. The IGI Airport and the Delhi border are both easily accessible; as is a transit system that includes cab, auto, metro, and the Gurgaon Railway Station. A lot of famous schools and hospitals are located in this neighbor-hood, which is directly connected to the Dwarka Expressway. More significant developments will come sooner or later.
The developers who cater to the affordable housing market make sure to suit the needs of the middle class, who want to get into their homes as soon as feasible. Understanding the buyer’s pulse is critical, especially when it comes to affordable housing; realtors are familiar with the difficulties a middle-class family faces in paying EMI and rent at the same time.
Manish Aggarwal, MD, Satya Group, said, “Our commitment to affordable housing was verified by the fact that demand for afford-able housing grew as the global epidemic hit every-one hard. There are plans for affordable housing developments in the area spanning 30-40 acres, with around 6,000 affordable homes. The developers in this area are making sure that the pricing of units is affordable to the target the home buyers without com-promising on the benefits of the location.”
According to Anarock, the cyber city Gurugram accounted for 32% of the overall demand in the Delhi-NCR region. The city is being considered as the highest affordable housing stock, with 6,590 affordable units out of 11,180 new units released last year.
Navin Raheja, CMD, Raheja Developers, said, “Many people believe that reduced income and unemployment as a result of COVID will affect the residential market, with buyers deferring home purchases. However, we anticipate significant movement in the affordable and middle-income housing segments. The Government’s restitution actions will also bolster the demand”—AS Tiwary
Source : TOI