1.5 Lac Ready Residential Apartments In Gurgaon by 2015 End

Residential Apartments in Gurgaon

Going by the number of project licences issued to developers and considering the number of projects launched in the past five years which are in various stages of completion, market watchers predict a supply of close to 1,50,000 ready flats by the end of 2015 in the Gurgaon market alone. In comparison, the approximate number of ready flats in Gurgaon at the end of 2010 were 55,000.
The Gurgaon residential market will additionally have several more options in the private plotted segment with ready villas or developed plots. Considering that almost 45% of the existing 1.10 lakh plots in Gurgaon are vacant, without any construction, the additional plotted developments slated to hit the market might not be a viable option, feel market watchers.
Also, for both flats and plots/villas what remains a major question is the actual absorption that will happen in the market, especially by end-users.
“Availability alone is not a deciding factor. It is true that an additional 65,000 apartment units will be added to the existing market taking the overall figure to 1.5 lakh by the end of 2015. But, this will also mean that the population in the city has to increase by almost 11 lakh to absorb so much supply. In order to attract these huge numbers, there needs to be vigorous creation of jobs to make sustenance viable,” explained Sanjay Sharma, managing director of QuBREX, a real estate analyst firm.
What makes these numbers even more pertinent is the non-availability of infrastructure like connectivity, power, water, sewerage, etc in the new master plan sectors where most of the new apartments are being developed.
Market watchers express their doubts on the maturity and technical knowledge in handling such figures.
Said Ajay K. Kirar, the marketing head of Realtoexpress, “The real estate industry is a profitable business for many developers, consultants and investors and is a major contributor to the growth of the economy. However, managing such an exorbitant number of residential and commercial properties needs technology involvement for the brokers, consultants and property managers.”
Analysts also feel that since there will be so many units available, builders might take it as an opportunity and throttle the completion of projects in order to have a favourable supply-demand equation. The excess of supply in the market will also mean fewer projects making additional profits.
“Currently, if one considers the total number of projects which are under construction in the city, barely 30% have actually made reasonable actual capital growth when interests, opportunity costs, and overheads are factored in. Therefore, it is all the more important that a home buyer should be careful while choosing the project -considering the builder’s reputation and location of the project,” explained Sonia Vaid, a real estate analyst.

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