Indian Real Estate Market, no doubt is facing considerable slowdown due to multiple reasons. With real estate prices rising high, end users are looking forward for something that could fir their budget. In this scenario, a new trend of affordable housing is emerging in the Gurgaon, Bhiwadi and other parts of Delhi NCR. A number of affordable housing projects in the range of Rs 12.5 lakh to Rs 22 lakh for an apartment, sizing 1 BHK & 2 BHK, are coming up in Gurgaon.
Gurgaon has got its name into cities to lookout for luxury apartments. In the last couple of years, the township witnessed the development of apartments in the price range of Rs 3,500 to Rs 10,000 per sq ft. Also, the size used to be upwards of 1,800 sq ft., in most of cases. The cheapest apartment available in the area during this period was priced around Rs 60 lakh. This affected demand in the residential real estate market in Gurgaon. At the same time, as most builders were into the construction of premium apartments, that created oversupply and now market is seeking correction in prices.
With capital values ranging approximately in the Rs 5,000-8,000/sq ft in residential apartments such as Beverly Park I & II, Heritage City, Garden Estate, etc, the cheapest apartment in this area is available for around Rs 1 crore. Golf Course Road also gained prominence with developers planning large projects catering to the luxury and premium segment customers.
In fact, there has been a deluge of luxury residential projects on the Golf Course Road, and this coupled with wide roads leading to efficient connectivity, large corporations chose to be located in this area. Golf Course Road thus gained the tag of “the address” in Gurgaon, with exclusive luxury projects such as Aralias, Magnolias, Exotica, Central Park 1 being located on this stretch.
To revive demand and real estate activities in the area, real estate developers are now changed their strategy, focusing their projects on affordable housing segment in Gurgaon, as well as Manesar and Bhiwadi.
Various projects have been announced on the Rajiv Chowk-Manesar stretch along NH-8 and Dwarka Expressway and Sohna Road. As areas like MG Road and Golf Course Road started to saturate with realty development, growth shifted along Sohna Road and Dwarka Expressway. With the Gurgaon Manesar Masterplan 2031 also emphasizing on these new sectors and with infrastructural initiatives in the form of Metro, ISBT, KMP expressway, Northern and Southern Periphery Road, a strong connectivity to other parts of Gurgaon and Delhi can be assured.
With their prices range from Rs.12.5 lakh to Rs.22 lakh, these appartments are not only attractive for end users, but also good for long-term investors. As Gurgaon grows and projects on this stretch come up, one can expect capital values to appreciate in the long term.
A number of builders like Raheja Developers, Conscient, MVN etc have made their move to launched their projects in the affordable range in the Gurgaon, especially Dwarka Expressway Region. Other big builders like Ramprestha, Vatika and Unitech are also planning to launch affordable houses in Gurgaon.
The infrastructure of Gurgaon is being expected to be strengthened with the NPR & SPR, which will provide connectivity within Gurgaon, and to Delhi. The Metro, ISBT and the recently announced subsidized public transportation within NCR is expected to ease travel within the city and to the other cities also.
In addition, the social infrastructure is also undergoing large-scale development. The Medicity project is spread over 43 acre and Fortis Healthcare has come up with a comprehensive healthcare complex in Gurgaon. Various malls, IT Parks, Business Parks and shopping complexes has been developed as well are under development. Numerous schools and institutes for higher learning have already been set up and many more are currently underway to cater to the existing population of Gurgaon.
Alok Kumar Upadhayay
Real Estate Professional