With upcoming projects that are offering low-cost housing in Gurgaon, the satellite city is going to witness different kinds of residential options with respect to the budget, location and types of housing available for purchase. Let us explore the domain of real estate in Gurgaon and its evolution in the coming years.
The young professionals of Gurgaon who have just started to excel in their respective fields of work have been speculating whether to buy or to rent a house in the city. For such individuals who have been wary of investing all their savings in the expensive real estate projects, there is some relief. The introduction of budget homes in Gurgaon is going to attract many such professionals who wish to buy apartments for the purpose of living or even investors who wish to profit from the low initial costs of the projects by selling them at a later stage.
The Low-Cost Housing Wave
As opposed to popular belief, these projects are not going to negatively affect Gurgaon’s property market as it is already mature and will continue to command high premium. The central area of Gurgaon is now nearly overflowing with real estate projects and developers have now turned towards the outskirts to seek land. There is immense development taking place near the periphery of the main city. This includes property in areas like Sector 91 that are located towards the outer regions of Gurgaon. The property in Sector 91 Gurgaon includes upcoming projects by eminent builders like DLF. DLF Garden City Gurgaon is offering 2, 3, and 4 BHK apartments ranging from 1310 square feet to 3850 square feet. These apartments are starting at a price of Rs. 55 Lac. Another project by Anant Raj Maceo is offering 2, 3 and 4 BHK flats covering 1285 to 2724 square feet. These housing units are available from a starting price of Rs. 54.37 Lac.
The proposed projects are going to provide reasonable housing options to investors with an investment horizon ranging between five and seven years. Most buyers are going to rush for investment in these areas due to the early bird benefit as the property costs in the initial stages are low.
The real estate developments and other economic activities in the area are further boosted by improved accessibility of the area and connectivity via the proposed expressway. All this is going to promote alternate housing options to the young working population of Gurgaon.
The land in the suburbs is currently affordable and so residential units will be available at reasonable rates. The area covering 50,000 acres will have a density of 300 people per acre. Thus, there is probability for residential occupancy for over 1.5 Crore individuals.
In spite of being profitable in the longer run, these real estate investment opportunities will be more useful for those who have a risk appetite and the perseverance to have their funds locked out for a longer duration.
If these new establishments are able to form multiple economic clusters that create employment, investors will be driven to such options. The way these opportunities turn out in the future is dependent on factors like land acquisition. Like the case of Greater Noida which has taken more than 3 decades to develop and has given tension to its investors, the periphery of Gurgaon will take a long time to develop and those who wish to invest must keep this example in mind. One can learn a lesson from the past experiences before contributing to another real estate bubble.
Thus, the new trend of economical residences is targeted at giving the purchasing power in the hands of young professionals and those who want to benefit from it in the longer run.
Author bio: Devika Arora has been writing resourceful articles for the avid readers who wish to learn more about Indian real estate. The above article by Devika discusses about the real estate of Gurgaon. Ample research has been done in order to compile the given data and present an overview of the industry.