The Gurugram real estate market has been watched by real estate experts for a while now. Over supply coupled with GST and RERA had brought several projects to a grinding halt as buyer decided to postpone their purchases. The sky-high prices didn’t help either with most buyers shying away from Gurugram and choosing to invest in other locations. Noida and Ghaziabad saw an upswing in purchases as buyers moved away from Gurugram. But in the recent months there has been an shift in the market sentiment. Home buyers are once again looking at the Gurugram market to buy properties for own use.
The builders on their part have done everything to increase the affordable housing options in the locality under the Pradhan Mantri Awas Yojana (PMAY). The recent GST rate cuts have also been a factor in spurring the demand. The increase in threshold limit on rental income in the Union budget has brought back the investors also to the area.
The opening of the Dwaraka Expressway has been a major game changer for the region. The 4-5-year slump was contributed by the lack of infrastructural facilities and with projects being completed, today the demand has increased. Home buyers were also dismayed by the delays in construction and are today opting for completed projects. This is giving hope for the existing stock of nearly 75,000 units that have been waiting to be sold in the last few years. The end users are majorly seeking properties in the range of Rs 60 lakhs to Rs 1 crore. There is also a demand for affordable entry level projects. The municipal body has also ensured completion and availability of amenities such as roads, sewage facilities, power back-up and water supply.
The Dwarka Expressway region is the one seeing the strongest growth with premium housing and affordable housing units seeing a bit demand. There has been a market correction of prices to the tune of a whopping 15-20% in the area. Large construction companies like Shapoorji Pallonji, Godrej properties are starting new projects and are seeing and upswing in buyers for the same. The RERA registration has also brought back buyer confidence in investing into under-construction properties. Experts have also opined that sales volumes have gone up along with enquiries due to the introduction of HRERA or the Haryana Real Estate Regulatory Authority which has made it compulsory to register projects under the body before their launches. This has made developers more accountable and will safeguard interests of home buyers, thereby ushering increased confidence into the sector.
There has been a turnaround in the realty market in the city as expected in spite of a prolonged delay and sales volumes and prices have increased steadily over the last year or so. This has been majorly due to the availability of more amenities and infrastructural improvements.