Rising supply of residential projects in Gurgaon has offered a plethora of housing options but the stabilising demand remains a matter of concern. Of late, the city has been witnessing less demand for housing inspite of improving infrastructure, connectivity and availability of affordable to high-end residences.
Golf Course Extension Road and New Gurgaon are the most active real estate markets in Gurgaon, witnessing maximum launches. Many developers have launched projects across New Gurgaon in Sectors 82, 83, 85, 91 and 92. While many projects are under construction and several are ready for possession, the demand is still low.
Let us find the factors why demand is subdued inspite of healthy supply:
“Some time back Gurgaon was an investor and an end user driven market, but at present, it is only the end-user who is investing across premium areas such as Golf Course Road, Golf Course Extension Road and a few areas of New Gurgaon. The reason why investors are not showing interest is that there is not much appreciation post investment,” says Bhagendra Ratewal, lead consultant, Jagrit Estate.
The real estate market of any city depends equally on both end-users and investors. With investors backing out, the sale of residential units has dropped.
So what is available?
As per Magicbricks’ data, Golf Course Extension Road offers various under construction and ready for possession projects that are both furnished and semi-furnished. The value of a 2BHK unit is within Rs 45 lakh to over Rs 1 crore with sizes ranging from 850-2,000 sq ft, while a 3BHK is available for Rs 70 lakh to Rs 4 crore.
Sectors in New Gurgaon offer property in the price range of Rs 5,600-8,300 per sq ft. With a budget of Rs 40-80 lakh, one can get 2BHK units of sizes ranging from 850-1,200 sq ft. For 3BHK units, with sizes 1,200-2,500 sq ft, one needs a budget of Rs 80 lakh to Rs 2 crore.
Another reason that has significantly added to the falling demand for properties is the lack of basic infrastructure. “A few pockets of Gurgaon still face problems of under developed roads followed by lack of basic facilities like shortage of water supply, sewerage and no green belt areas. Initiatives have been taken by the government to solve these infrastructure issues but there has been no speedy implementation,” says Shees Ram Yadav, consultant, TimesPro Consulting.
The city is witnessing major infrastructure development like Dwarka Expressway and the KPM (Kundli-Manesar-Palwal) Expressway, which could be enough to boost the real estate market in future and if infrastructure issues are resolved, the demand is expected to match supply in the next two to five years.