Gurgaon Real Estate Sees Surge in New Residential Projects
Gurgaon's real estate sector has experienced a significant influx of new residential projects. This surge in activity is largely attributed to the confluence of the festive season and historically low interest rates. Despite these favorable conditions, escalating property prices have presented a barrier for many prospective homebuyers, preventing them from capitalizing on the auspicious Dhanteras period.
Festive Season Sparks Launch of Numerous Residential Developments
The festive season has ushered in a wave of new residential projects in Gurgaon. Real estate developers, anticipating this opportune time, strategically timed their project launches to coincide with the festivities.
Sanjay Sharma, Managing Director of Qubrex, a leading real estate consultancy, noted, "The booking for the new residential projects are really welcoming." This positive reception underscores the strong market interest in these new ventures.
Price Hikes Impact Affordability
The heightened demand has unfortunately contributed to a notable price escalation in certain sectors of Gurgaon, including Sector 104. Property values in these areas have seen substantial increases, with some projects experiencing a price jump of nearly Rs.2000 per sq. ft., a trend mirroring the broader market.
Gurgaon Attracts Real Estate Investors
Gurgaon's growing prominence as a key economic hub has positioned its real estate market as an attractive prospect for investors. The city's strategic importance and robust economic activity have drawn an increasing number of real estate investors looking to capitalize on the region's potential.
New projects often feature appealing repayment schemes linked to construction progress, and the combination of manageable payment structures and lower initial investment requirements enhances their allure for investors.
Absorption Rates Vary Across Sectors
Samir Jasuja, CEO of PropEquity, highlighted a 47% year-over-year decline in absorption rates in South Gurgaon, while New Gurgaon experienced a 31% decrease. The Dwarka Expressway has seen a 74% rise in new launches, yet absorption rates have only increased by 12%, illustrating a clear gap between supply and demand.
Dharuhera stands as an exception to this trend, with an 85% reduction in new launches and a 27% increase in absorption, a positive indicator of market health.
Lower Interest Rates Fuel Market Activity
Beyond the festive season, the lower home loan interest rates offered by banks have played a crucial role in boosting Gurgaon's real estate market. These reduced rates have further incentivized investment, contributing to increased transaction volumes.
The combined effect of festive demand and lower interest rates has spurred home purchases, but simultaneous price increases have presented a challenge for some potential buyers. Despite this, reports indicate strong Dhanteras sales, with real estate purchases featuring prominently among consumer spending.
Festive season Gurgaon real estate investors Dwarka Expressway