The Slump is Over, Localities Turning Around Real Estate in Gurgaon

According to experts, realestate in Gurgaon is back and back with a bang. Gurgaon was the backdrop of the largest number of new launches in January of 2017 out performing nine major Indian cities. Close to 4,000 new units were launched in January of this year, which is close to a 168 percent increase over the same period last year. Home sales, or ready to move in inventory has also increased in volume by nearly 18 percent. Considering the dismal state of real estate in Gurgaon over the past two years, the news of rising supply and greater buying and selling of ready to move in property portends great times ahead for Gurgaon property. Owners of real estate in Gurgaon are likely to feel relieved upon hearing this news. The worst hit real estate market in the country may slowly be coming out of its two yearlong slump.

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Localities Driving Change

The localities that have been responsible for the turnaround include Sector 79, 37C, and Shajahanpur, Sector 68, and Sector 70A. For buyers looking for luxury apartments in Gurgaon, these five locations are highly qualified localities. To buy an apartment in Gurgaon at sector 70A one needs to pay nearly 6,600 rupees per square foot. To buy a house in sector 68, the rate for a new home can be as much as 6,100 rupees per square foot. In sector 37C prices are as high as 4,700 rupees per square foot and in sector 79 the rate for a new house is as high as 5,400 rupees per square foot. Only Shajahanpur among these localities offers relatively affordable property in Gurgaon that range in price from 3,450 rupees to 3,650 rupees per square foot.

Builders Back on Track

Numerous builders in Gurgaon are back on track looking back to the old hey days when the Millennium City was a boomtown. One of the biggest builders in Gurgaon is in the process of creating a development that once completed will have 1,144 units for sale. The average price of units in this development is expected to be 4,000 rupees per square foot. Another large and well-known builder in Gurgaon has a project planned that will have close to 450 units at a price point of 3,975 rupees per square foot. Among the builders in Gurgaon one plans to sell 48 plots priced at 2,055 rupees per square foot.