UdyogVihar, Sohna Road emergences as the most popular offices spaces in Gurgoan

Udyog Vihar and Sohna Road have emerged as the utmost popular Residential projects in Gurgaon, accounting for 36% and 15%, respectively, of economic renting in the first quarter of 2017, property agency Colliers International said in a report.

CyberCity, a DLF property, and MAGNESIUM Road formed for about 8% and 5%, correspondingly, of overall demand.

As per Colliers, the reputation of Udyog Vihar and Sohna Road indicates an increased inclination towards cost effectiveness among corporate occupiers. Further, the consultancy said the on hotspots that the localities like CyberCity and MG Road and other central locations may reduce further in the coming quarters as companies with leases lease to expire nay seek alternatives locations due to limited options and high rents.

As per Surabhi Arora , associate director tenants looking for large floor plates in affordable rents are likely to evaluate options in second-generation buildings in the Udyog Vihar and institutional sectors due to high rents in preferred micro markets such as CyberCity and Golf Course Road.  She further added that the occupiers may also check out Golf Course Extention Road because of their future development requirement as the recent completion of Rapid Metro corridor have improved the connectivity of this location significantly greatly.

As metro rail connectivity along Golf course Road and Golf course Extension Road allures business interest, traditional markets such as Udyog Vihar and NH8 should continue to gain traction due to locational advantages and affordable rents.

Workplace leasing in Gurgaon dropped down to about 0. 84 million square feet during January-March, down 11% from the October-December quarter. Relating to Colliers, 0. 75 million sq. ft. of pre-commitments in buildings being constructed indicates healthy demand in the Gurgaon property market.

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About 1.32, 000, 000 sq. ft. of new work place was released in the Gurgaon market during the first quarter of 2017, mainly in the southern part of Rung Road and Golf Course Extension Road. Some key completions included Enovation Center in Sector 75, which included over 0. 55 million sq. ft., and GoodEarth Business Bay in Sector 58, which added 0. 35 million sq. ft. There are 2 smaller properties, Novus Tower in Sector 18 and Reach Commercial in Sector 71, which includes 0. 42 million sq. ft. of the overall stock.

Together with the increased competition from emerging corridors, landlords in central locations have become cautious about the rental expectations. So, this can be a good time to buy property in Gurgaon.

Residential projects in Gurgaon: Where from here?

The Real estate property in Gurgoan forecasting in India is a difficult proposition at the best of times, but never more so than post demonetization. We could confront with numerous unknown factors. For Gurgaon, this is compounded by the state of the market pre-November 8, 2016.

2016 has not recently been the best of years for the Residential projects in gurgaon. Revenue volumes plummeted further to practically half the two absorption numbers. New unit launches were limited, approximated at one-third the 2015 figure. While quoted prices remained stable, good discount rates and incentives were available during private negotiations with developers. Once again, investors who had fuelled demand throughout the boom stayed away from residential markets. Principal buyers of the  residential real estate were end users, who preferred to set up or near ready-to-move-in flats.

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This is probably the best time to buy property in Gurgaon. Buyers today are well-informed and give greater credit to both brand and quality. They are skeptical of talks of future infrastructure upgrades or other such promises.

Post-demonetisation, Gurgaon, like the rest of the country, is grappling to formulate new guidelines of. Exactly how factor in the black component of the price now? Is the new price arrived at by simply subtracting black money or will black money be back accepted in the form of the new pink currency? Buyers believe that prices will fall by 20-30% and are thus be ready for the marketplaces to crash. Sellers, on the other hand, are resisting dropping prices, depending on banks to lower home loan rates and on the government to deliver a populist budget -- the one which will reduce income tax rates and improve the tax-free slab. Marketplaces are in the stage of price discovery, leading to a complete standstill.

This really is not merely due to demonetisation but also attributed to real estate (Regulation & Development) Act, expected to be implemented by Haryana by April 30, 2017. Gurgaon builders will follow a global trend of new regulations, inevitably leading to developers holding off releases to see how government bodies enforce new rules.

However, the government must deliver all promised infrastructure. To avoid generation of black money, the government needs to align circle rates with market rates -- the gap in Gurgaon is among the highest in the metros. Stamp duty should also be reduced. Consumers will reward a good and cost-effective product delivered on time. Invoice and demonetization should collectively make realty more attractive in the long run.

The journey of real estate so far has been stiff , however as the things are coming back to normal post demonetization we can hope for some good slice of news.