Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants
Residential Real Estate
The Millennium City of Gurugram has a very prominent place on India’s residential real estate map and is considered a bellwether of the state of the market for NCR. If we study what happened in the city’s housing market in the first quarter of 2018 against the same period in 2017, some interesting changes emerge.
In other words, we are seeing an uptick in pricing for newly-launched housing projects in Gurugram, in line with the returning end-user demand as a result of improving market transparency.
While the new launch units in Gurugram have declined in 2018 as against 2017, particularly because builders are focusing on completing their previously launched projects, it is interesting to note that the new supply in the luxury and ultra-luxury segments have seen a major uptick this year on the back of renewed buyer confidence. The government’s focus on affordable housing had somewhat taken the sheen off other segments (luxury and ultra-luxury) in the previous years.
The burden of unsold housing in entire NCR is quite evidently reducing, although absorption in Gurgaon was marginally faster last year.
Commercial Real Estate
Gurgaon is a prominent commercial office market of Delhi-NCR as well as India, and the dynamics of its commercial office market in Q1 2018 as against the same period last year are worth noting. The data indicates that the city is holding its own on the commercial office front.
With improving business conditions and rising ease of doing business, global companies are now flocking back to India and Gurugram is a priority destination for many of them. While lease rentals in the CBD and non-CBD areas have not changed significantly over the last one year, the vacancies have dropped marginally – largely on the back of rising demand.
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