RESIDENTIAL REAL ESTATE SECTOR APPEARS TO BE GETTING BACK ON TRACK AS THE MARKET IS OPENING UP AND ACTIVITIES ARE RETURNING TO NORMAL. AK TIWARI WRITES
Various reports suggest that the NCR will have around 50,000 affordable homes, including 16,000 in Gurugram, by this year end. The cyber city Gurugram alone accounts for over 30% of the total demand in the Delhi NCR in the affordable housing category.
Since the pandemic, demand for affordable housing has been at an all-time high. Prior to the Covid-19 pandemic, this demand accounted for roughly 30% of the overall housing demand in the Delhi NCR — now it accounts for more than 40%.
The Haryana govermnent’s initiatives are helping to make “Housing for All” a reality, The policy will also help the state in serving a bigger demographic profile. Anuj Puri, chairman of Anarock, said: In the NCR, 1.16 lakh residential real estate units are scheduled for completion in 2021. Of these, at least 43% are in the affordable segment, 39% in the mid-segment, 13% in the premium segment, and 5% in the luxury segment,”
Dinesh Sharma, MD of Pyramid Group, said: “After delivering 2,476 units. we are all set to deliver 4,000 more units in the next few months, The real estate market will gain further acceptability tine to the latest decision by the SBI to bring home loan interest rates down to 6.70%. This is very competitive and effectively eliminates all existing restrictions on special home loan interest rates.”
Mid-segment homebuyers in Gurugram now have a new option for their ideal-home search. Premium independent floors by top-noteh developers under the DDJAY in various localities like Sectors 37D, 81, 89. and 92 of Gurugram have become a reason of excitement among them.
These floors are being developed under the Deen Dayal Jan Awes Yojna (DDJAY) on plots, where there is a provision for dedicated parking on ground floor and only 4 floors over it on stilts. The best part is that the floors will be within gated residential complex with a dedicated retail hub and many other luxury amenities.
Most of the forthcoming projects are attracting buyers because of the attractive development plans that fits to their budget. The floors are priced between Rs 45 and Rs 90 lakh and are receiving a great response,
Sohna (South Gurugram) is also being considered an ideal location of budget homes and assures good return. Located near the forthcoming Delhi-Mumbai- Expressway, realty projects here have gained a lot of attention from buyers.
“Sohna Road has emerged as a prime residential location in the Gurugram market. What makes this location an ideal destination for residential investment is its excellent connectivity with the emerging commercial hub, Golf Course Extension Road and NH-8. In near future, the area will be further connected to New Gurugram through the Southern and Northern Peripheral Roads, which are also emerging residential and commercial destinations in Gurugram,” Vijay Krishen Goel, MD of Navi Estates LLP, said.
With Union minister, Nitin Gadkari, promising to complete the first phase of the expressway by March 2022, these independent floors will surely gain more importance.
Dwarka-Gurugram Expressway, which is to operational by mid-2022, will also support realty projects in a big way. Here, most developers have customized products and provided additional space for work-from-home requirement for buyers, along with independent floors and group-housing projects. There are more open green Spaces here and the projects offer certified green homes,
Realty experts believe that the forthcoming festival season, combined with low home-loan Interest rates, will boost the market for affordable homes in Gurugram.
Pradeep Aggarwal, chairman of Signature Global Group, said: “Fast-paced growth in places like MG Road and Cyber City generated a ripple effect that pushed development to new areas like New Gurugram, SPR, and Sohna. The state governments increased focus on affordable housing is assisting the growth of these places, where over 40% of the units cost less than Rs 50 lakh.”
“We haven’t witnessed any dip in sales after the 2nd wave of Covid-19, compared to the pre-Covid times. The reason must be attractive budget offerings. We cater to various segments, from affordable, mid luxury to luxury segment where sales are good all through the year; all these segments are expected to perform double the normal this festive season. We have had very good sales in 2020-21 and expects much more from the coming festive season. The company has booked over 690 floors in the current quarter,” Pradeep Aggarwal added.
Vikas Garg, deputy MD of MRG World, said: “Many people felt that challenges related to income generation during the 2nd wave of Covid-19 will damage the housing market. causing consumers to postpone home purchases, However, the affordable and middle-income housing segments are witnessing a significant movement. We are hopeful looking at the response from homebuyers that we will do better in this period”.