Gurgaon is the most popular and progressive suburb of the NCR. The city is rapidly growing and attracting investors from neighboring cities owing to availability of houses at lower prices. The ongoing global economic recession has directly or indirectly impacted each and every segment. The realty sector has also not been spared with the result that prices have dipped in the last quarter of 2008. The reduced purchasing power of end users has also led to a reduced demand causing a further fall in property prices.
Today, there is a large demand for affordable housing because people have lesser liquidity and they are not ready to make big investments. According to Hemant Jain who works in an MNC, Rs 20-30 lakh is the maximum he is ready to invest in a house. This is ‘affordable budget' as suggested by most people working in Gurgaon and looking for a house.
As per the latest property survey by Brix Research, Gurgaon offers a range of housing in the bracket of Rs 15-30 lakh. There is the second-sale market, as well as newly launched projects, designed to meet the ‘affordable' criteria. All these properties are in the affordable range and are ready-to-move-in. One can also negotiate prices to get the best deal.
A few of the re-sale properties available today in Gurgaon are listed below:
- Sector 37 C, 2-BHK apartments available at Rs 2,000 per sq ft
- Townhouse in Nirwana Country is available for Rs 17 lakh
- Sector 84, Vatika Lifestyle 1-BHK apartments available at Rs 16 lakh
- Sector 95, Pal City Park, an apartment is available for Rs 22 lakh
- Plot in Palam Vihar available at Rs 10 lakh to Rs 23 lakh
- Sector 45 Gurgaon, apartments available for Rs 24 lakh
- HUDA Sector 39, apartments available For Rs 14 lakh
Some of the leading realty developers in Gurgaon like Unitech, Uppals, DLF, BPTP, Vatika are also coming up with affordable residential projects. DLF is investing approximately Rs 15,000 crore in affordable housing, in the range of Rs 15 to Rs 40 lakh, over the next three years to develop various residential project across the country.
The Edge Towers project has been launched consisting of spacious 2-, 3- and 4-bedroom apartments at affordable prices, in Ramprastha city is Sector 37 D of Gurgaon. The apartments are available in the range of Rs 1,300 to Rs 2,400 per sq ft depending on the area. For example, a 2-BHK apartment of 1,285 sq ft is available at Rs 31 lakh while a 3-BHk (1,650 sq ft) is available at Rs 39 lakh. These apartments have all the facilities of premium housing such as international architecture, earthquake-resistant construction, 24x7 security, power back-up, door-phone, health club et al and located near the upcoming Metro station. The end users can easily choose homes as per their individual requirement and budget.
Another affordable housing scheme is coming up in Sector 71, Gurgaon where apartments are available in the range of Rs 30 to Rs 40 lakh. Bestech Group launched Park View Residency project located at Palam Vihar in September 2007, to provide affordable housing to people. At present, a 1-BHK apartment at Park View is available for Rs 25 lakh and will be ready for possession within 8 months.
Projects are also coming up on National Highway 8 at an affordable price range of Rs 5 to Rs 10 lakh, like Global Eqi-city. (A table giving the latest and the quarterly (Q3) changes in capital values is given below to indicate the current property values) across various localities of Gurgaon. A consistent drop can be seen in apartment and plot capital values indicating a slowdown in property market.
Courtesy TOI dtd 31-01-09.
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