Affordable Homes Dominate New Launches in Gurugram in H1: Report
Around 90% of the total homes launches in Gurugram during the January to June period this year were in the affordable housing category, according to a report by property consultancy Colliers International.
Majority of the homes launched in the first half (H1 2017) were in the price range of Rs 20-25 lakh, the report showed.
New launches in Gurugram declined to an all-time low of only 3,000 new units in H1 2017. About 90% of the new launches were concentrated in the sector near Dwarka Expressway and New Gurgaon areas.
Surabhi Arora, senior associate director, research, Colliers International India feels new launches are likely to remain subdued in the luxury segment in the July to December period this year, while affordable housing projects are likely to dominate the market going ahead.
“Registration under RERA should start in Q3 2017 and it is likely to take at least six months for developers to become accustomed to the new regulation. Thus we expect, new launches to remain subdued in H2 2017,” she said.
Colliers expect sales to revive during the festive season primarily in ready-to-move-in projects as most developers would provide discounts and attractive payment plan options.
“We advise buyers to explore the units available with developers in these projects as the arbitrage between the primary and secondary market is almost nil in the current market scenario. Developers are keen to sell their units at the prevailing secondary market prices with attractive payment plans,” Arora said.
The consultancy expects home prices will largely remain stable in areas such as Golf Course Road, Sohna Road, DLF Phase I, II, III, IV and V.
However, emerging micromarkets such as Dwarka Expressway and Golf Course Extension Road are likely to witness a 5-7% correction in prising in the second half of this year due to the high inventory available in the secondary market, the report said.
Colliers also expect the Haryana government’s new land pooling policy to help improve the supply of commercial and residential segment in the city and boost the development of infrastructure.