Real estate in Gurgaon takes a new turn
Among all the regions under National Capital Region (NCR), Gurgaon is witnessing fast growth in terms of real estate sector, and particularly it is growing in the luxury housing sector.
Although most of the builders are launching high end luxury projects as they have always been in demand, nowadays, the demand for mid-segment luxury projects is also growing at a fast pace.
It has to be noted that the price of maximum high-end properties in Gurgaon cater to mid-segment range, which makes the city a mid-segment luxury destination as well.
According to a recent survey, in the Oct-Dec 2012 quarter, the properties priced from Rs 60 lakh to Rs 2 crore witnessed the maximum demand in Gurgaon. More than 60 percent demand and supply were observed in this category during this period.
As per few developers, while the ultra-luxury and premium projects have witnessed a significant drop in demand, it is the mid-segment luxury residential projects that have flourished in the recent times. The builders who want to or already invested in this area, are quite smart enough to grip the demand of this segment by providing posh lifestyle and premium facilities at a price of Rs 60 lakh to just over a crore as they have exactly followed the pattern of buyer in that area.
As stated by one of the market researchers, developers or builders today do not want to be termed as low budget or mid-segment developers. The maximum projects in Gurgaon are luxury projects, it becomes tough for the mid-segment people to reach such projects, hence the builders have come up with new strategy which will help both the parties. Nowadays, buyers are being offered innovative design themes, international architecture and world-class facilities at prices way lower than an ultra luxury project.
This is one of the factors which has increased the velocity of demand for such projects as a buyer can experience luxury which fits into his pocket. Mid-segment luxury project has been seeing maximum demand from the upper middle class and working professionals.
Mid-segment luxury projects have mushroomed in various sectors and parts of the city which include areas like Golf Course Road, Sohna Road, Golf Course extension, Pataudi Road, Sectors 37, 81, 82, 85, 90, 92, and Dwarka Expressway. These areas have witnessed the maximum growth in this kind of projects.
In Gurgaon, the price range of projects varies from one sector to another. For example Golf Course Road offers projects by Emaar, MGF, M3M, Pioneer Developers, etc at a price point of Rs 8,000-10,000 per sq ft, similarly Sohna Road has projects priced between Rs 5000-10,000 per sq ft by CHD Developers, Vipul Group and Vatika Group among others.
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