Flats In Gurgaon Witnesses A Growing Demand

The Millennium city, as Gurgaon is commonly referred to has grown rapidly from a small village into a sprawling residential and commercial center. It is often no longer mentioned as simply a part of the NCR but has acquired an identity that is separate from New Delhi as well.

With residential homes that consist of independent homes and high rise apartments, Gurgaon offers future residents diverse options pertaining to the kind of housing they prefer to live in. Even Gurgaon’s neighbor New Delhi may not have as great a variety of apartments for buyers to choose from.

In Gurgaon, the selection of flats for buyers to choose from is rapidly increasing as is the size and magnitude of the development which the flats are a part of. Currently there are over 450 new developments under construction in Gurgaon; many such new developments are being built close to the new hot spot in the city, Sohna Road. At sector 36 Sohna, it may still be possible for middle class buyers to own a flat in the city of Gurgaon as buying the same in other parts of the city may be prohibitively expensive.

Sohna road may offer an attractive and affordable alternative to those eager to own property in Gurgaon, for instance most 2 BHK flats in Gurgaon are usually priced at well over 50 lakhs in most parts of the city; however at Sohna Road there are new developments under construction where the same are available for just under 40 lakhs. Such properties offer the chance to many middle income households to own property in the millennium city, something which many middle class families may have thought they had no chance of owning.

Sohna, a city next to Gurgaon, is where a few builders in Gurgaon have ventured in an attempt to tap a hitherto untapped and potentially relatively high end real estate market. For many owning property is Gurgaon is almost impossible, however Sohna, which is part of the Gurgaon district has a few upcoming developments and may be an attempt by builders in Gurgaon to recreate at Sohna what has been done at Gurgaon over the past 30 years. Till today the property market at Sohna may have been only modestly impacted by the entry of a handful of new builders, prices for apartments at Sohna stand at close to 4,200 rupees per square feet but have fallen to this level after reaching a high of 4,500 rupees per square feet nearly a year ago.

 

What lies ahead for the city of Gurgaon is anybody’s guess; however the large number of new residential projects in Gurgaon clearly implies that demand for residential housing in the city is yet to be fulfilled. Whereas flats in Gurgaon are now priced nearly 10% lower than they had been at the peak of the real estate market boom and for many investors this may be a signal to come into the market and purchase an investment home in the city, many middle class families are still barred from becoming homebuyers in the millennium city due to the exorbitant prices of real estate. Whether Sohna is the right place for such middle class families to invest is far too early to say.