According to research by Orion Realtors, Gurgaon’s dominance as a corporate hub, availability of quality residential options, continuously improving infrastructure and connectivity to Delhi as well as expansion of civic amenities in and around NH8, Golf Course Road and Dwarka Expressway are providing an impetus to the growth of the real estate market.
It is also helping to attract significant investments into the segment. Institutional investors continue to remain bullish on the market thanks to the Commercial Properties segment being in overdrive and emerging areas of Gurgaon offering excellent residential development opportunities.
With the Real Estate (Regulation and Development) Act (RERA) coming into force, as well as various other policy initiatives such as the Benami Transactions Act and the government’s push to Huda Affordable Housing, we are seeing increased activity in the residential property market in the larger cities. After the dampener of demonetization in 2016, the positive buyer sentiment visible now is especially significant.
Consequently, builders are determined to capitalize on it, via increased marketing efforts. Given that there is already a lot of supply in the residential market – a lot of it for ready possession – fresh launches have been curtailed, so that the existing inventory can be absorbed. Much of the intensified marketing efforts are centered on special deals and offers.
This positive traction in the office market, improving clarity around RERA, coupled with the effects of the demonetization drive dissipating, are resulting in transaction activity in Gurgaon’s best residential property segment witnessing an uptick in recent months.
According to Orion Realtors The price of a home is obviously an important consideration for middle-class property buyers. However, the strategy of looking for the cheapest options on the market, does not make much sense because it is quality that determines value. In the case of residential property, the quality of an offering depends on three aspects:
The quality of the location.
The brand value of the builder.
The availability and quality of facilities and amenities in the project and in individual units.
Facilities and amenities that add value to a property
Urban life today, places a lot of stress and demands on us. Consequently, our homes cannot be mere places of refuge but must also provide healing and rejuvenation. A clubhouse, swimming pool and children’s park, are no longer luxuries but the bare minimum that Indian home buyers can and should expect. Nevertheless, even projects without such offerings will find buyers because of their lower prices.
While short-listing prospects for home purchase, it is important to ensure that the final selection provides a decent lifestyle and not just an abode. With a continuously growing population, a burgeoning office market, more affordable prices than two years ago and lower interest rates, the long-term demand dynamics for Gurgaon’s housing segment continue to be strong.