Thursday, September 17, 2015

The Demand for Residential Property in Gurgaon

Gurgaon is witnessing huge demand on part of investors and end users as far as its residential realty market is concerned.

residential property for sale in gurgaon
There has been a flurry of new projects in Gurgaon that have been launched lately by several reputed realtors and infrastructure companies. Gurgaon has always been a booming real estate market and this has led many to ponder whether it actually symbolises a perfect real estate market. This is something that has been cited by many market experts and observers while lauding Gurgaon. Astonishingly, in the present scenario where most of India is witnessing a slow and painful recovery in the realty sector post the lull of the past two years, Gurgaon remains a healthy market on paper. While there are many reasons behind the popularity of Gurgaon as a residential destination, it remains to be seen whether it actually is a perfect market in reality.

Going by the analysis conducted by IndiaHomes property, last year saw Gurgaon register almost perfectly calibrated and matched percentage figures with regard to supply and demand. There was huge demand for 2 BHK flats in Gurgaon and 3 BHK configurations as well, something that continues till this day. However, as the saying goes, nobody or nothing is ever perfect. This is suitably applicable in case of Gurgaon as well. No real estate market can be completely perfect in terms of supply and demand. Gurgaon also has a few imbalances but yes, the demand and supply equation is as suitable as it gets! This has mainly happened due to the proliferation of several budget housing projects which always have steady demand from end users.

If you are looking to buy property in Gurgaon, you will still find several options available in terms of affordable and reasonably priced housing projects. Gurgaon has been thriving due to the low prices of such projects that usually take place on a mass scale. Property in Palam Vihar Gurgaon or other prominent areas has also been selling like hot cakes over the last year. Property buyers in Gurgaon are mostly looking for solutions that are priced within the Rs. 1-2 crore band while the majority prefers apartments or houses priced between Rs. 60 lakh and 1 crore. Supply levels have been consistently meeting demand and customer expectations in these two categories as well. Developers are cashing in on the boom and are lauding the healthy market conditions in Gurgaon.

According to market experts, developers are focused on building inventory in tune with market demands. Average apartment sizes in Gurgaon can be tabulated at around 1800 sq ft according to several reports and market experts. Developers were earlier creating homes of 2000-2200 sq ft for buyers in the premium and luxury segment but with the changing times, they are restructuring their housing products and aligning the same with market demand and other trends. Buyer demand is fueling the growth of the real estate market in Gurgaon and a growth of around 1-2 percent can be expected at a minimum level. This healthy scenario should continue for another couple of years till Gurgaon hits a saturation point like Noida which is now witnessing unavailability, limited housing supply and immensely high prices as a result.
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