The construction of new residential projects in Gurgaon has witnessed a sharp risedue to all time low home loan interest rates. The purchasing power parity of the people has increased as they have to pay low EMI because of which they prefer bigger homes over small homes. The house buying initiatives and schemes run by the Haryana government has led peopleto invest in affordable housing residential projects.
According to the latest report published by the ANAROCK, the housing sale in India’s top 7 cities is expected to increase by 30 % in the year 2021. Gurgaon has become the most favorable destination for buyinghome in Delhi NCR.
Santhosh Kumar the vice-chairman of ANAROCK Group states: “While Covid-19 dented new supply and sales for some time but soon they picked up pace with housing demand growing amid the uncertainties. Since June, residential activity picked up pace. As things stand now, we anticipate at least 30- 40% growth in new launches and housing sales in the ongoing quarter (July to September) against earlier quarter and if there is no 3rd wave, the residential activity will only gain momentum in the upcoming festive quarter.”
In the first quarter 3,100 units were launched, out of which 73% property falls under affordable housing segment, launches of 3,100 units, of which 73% was in the affordable segment, 12% in the mid segment, 8% in the premium segment and 8% in the luxury & ultra luxury segments. In Q2 2021, the city saw total new launches of 1.140 units, of which 57% was in the affordable segment, 18% in the mid Segment, 15% in the premium segment & 10% in the luxury, ultra-luxury segments.
To take the advantage of the current situation in the market, several developers from all over Indiaare seeing entering in the Gurgaon Real estate market. MRG World has recently invested 350 crores in their upcoming project ‘The Skyline’ in sector 108 Gurgaon. The Skyline is the 4th project launched by the MRG World. Signature Global has also introduced two new projects ‘Signature Global City 81’ and ‘Signature Global City 92’. Trehan Group has also entered into the Gurgaon real estate market with their premium project that has 320 luxurious independent floors. The floors are available in a price range of Rs.1.2 crore to Rs. 4 crore.
According to Harsh Trehan, CMD of Trehan Luxury Floors, “There is a lot of pent-up demand and with home loan rates at historic low, we expect this festive season to be much better. Accordingly, we have launched 320 luxury independent floors at Sector 67 and a few other locations in Gurugram. We are extremely hopeful of selling these units over the next few months,”
As stated by Vinay Wadhwa, head of sales at Vatika Ltd “The seeds of growth in real estate have been sowed and the festive season will undoubtedly become the enabler of increased demand and transactions in commercial as well as residential markets. Catering to our Wide consumer base, we have a host of options in sizes and budgets, so that every customer gets to choose their perfect match.”