AFFORDABILITY, the new realty mantra
The Economic Times, ET Realty, 30 January 2009, page 29
Gurgaon, which till recently was catering greatly to high-end customers, has now started moving towards a more affordable range of housing, complete with infrastructural development. ET Realty reports
Prabhakar Sinha
With real estate market facing considerable slowdown, a new trend of building affordable houses is emerging in the National Capital Region of Delhi. After Ghaziabad, Indirapuram, Noida, Greater Noida and Faridabad, a number of projects in the range of Rs 20 lakh to Rs 30 lakh for an apartment, have been launched in Gurgaon.
So far, Gurgaon has been known for its luxury apartments. In the last two years, the township witnessed the development of apartments in the price range of Rs 3,500 to Rs 10,000 per sq ft. On top of this, the size of most of the apartments used to be upwards of 1,800 sq ft. Thus, the cheapest apartment available in the area was priced around Rs 60 lakh. This affected demand in the residential real estate sector here. At the same time, as most builders were into the construction of premium apartments, these properties are in oversupply and witnessing correction in prices.
With capital values ranging approximately in the Rs 5,000-8,000/sq ft in residential apartments such as Beverly Park I & II, Heritage City, Garden Estate, etc, the cheapest apartment in this area is available for around Rs 1 crore. Golf Course Road also gained prominence with developers planning large projects catering to the luxury and premium segment customers.
In fact, there has been a deluge of luxury residential projects on the Golf Course Road, and this coupled with wide roads leading to efficient connectivity, large corporations chose to be located in this area. Golf Course Road thus gained the tag of "the address" in Gurgaon, with excusive luxury projects such as Aralias, Magnolias, Exotica, Central Park 1 being located on this stretch. Capital values in these projects range between Rs 6,500 and Rs 10,000 per sq ft. But as the premium segment of apartments are in oversupply, this has witnessed some correction in prices in the last two months. According to a Cushman & Wakefield report, approximately 8-10% correction has been recorded in these areas in the recent past, although downside is limited due to high occupancy levels and a broad end user base. To revive demand and real estate activities in the area, realtors have now changed their strategy, focusing their projects on affordable housing segment in Gurgaon, as well as Manesar. Various projects have been announced on the Rajiv Chowk-Manesar stretch along NH-8, in the this segment owing to lower land costs - some projects cater to the high-end segment as well. As areas like MG Road and Golf Course Road started to saturate with realty development, growth shifted along NH-8 with a slew of projects launched in these new sectors. With the master plan also emphasizing on these new sectors and with infrastructural initiatives in the form of Metro, ISBT, KMP expressway, Northern and Southern Periphery Road, one can be assured of strong connectivity to other parts of Gurgaon and Delhi, says the report. The capital values of projects along this stretch are in the range of Rs 2,000-Rs 3,500 per sq ft. With apartment sizes varying between 1,200 sq ft and 1,800 sq ft, their prices range from Rs 24 lakh to Rs 40 lakh. The report states that prices are not only attractive for end users, but also for long-term investors. As Gurgaon grows and projects on this stretch come up, one can expect capital values to appreciate in the long term. A number of builders like Pal Group, Falcon Realty, ILD Group, Bestech Group and Raheja Developers have launched a number of projects in the affordable range in the Gurgaon-Manesar region. A number of affordable housing projects are coming up in Sector 37 and 71 of Gurgaon.
Falcon group has launched studio apartments at Rs 5.5 lakh in Global Eqi-city on NH-58; one-bedroom apartment with hall and kitchen on 650 sq ft of covered area for Rs 10 lakh and two-bedroom apartment on 950 sq ft for Rs 15 lakh. Similarly ILD group has launched Spire Green in Sector 37, priced Rs 26 lakh onwards. Pal group has launched the Pal City Park in Sector 95 in Gurgaon for Rs 26 lakh. Similarly, Bestech group and Sidharth Buildtech have launched projects in Sector 71 and 95, respectively, for around Rs 30 lakh. Raheja group has already launched a low-cost apartment project in Sector 92 at around Rs 27 lakh. Big builders like DLF and Unitech are also planning to launch affordable houses in Gurgaon.
The Economic Times, ET Realty, 30 January 2009, page 29
Gurgaon, which till recently was catering greatly to high-end customers, has now started moving towards a more affordable range of housing, complete with infrastructural development. ET Realty reports
Prabhakar Sinha
With real estate market facing considerable slowdown, a new trend of building affordable houses is emerging in the National Capital Region of Delhi. After Ghaziabad, Indirapuram, Noida, Greater Noida and Faridabad, a number of projects in the range of Rs 20 lakh to Rs 30 lakh for an apartment, have been launched in Gurgaon.
So far, Gurgaon has been known for its luxury apartments. In the last two years, the township witnessed the development of apartments in the price range of Rs 3,500 to Rs 10,000 per sq ft. On top of this, the size of most of the apartments used to be upwards of 1,800 sq ft. Thus, the cheapest apartment available in the area was priced around Rs 60 lakh. This affected demand in the residential real estate sector here. At the same time, as most builders were into the construction of premium apartments, these properties are in oversupply and witnessing correction in prices.
With capital values ranging approximately in the Rs 5,000-8,000/sq ft in residential apartments such as Beverly Park I & II, Heritage City, Garden Estate, etc, the cheapest apartment in this area is available for around Rs 1 crore. Golf Course Road also gained prominence with developers planning large projects catering to the luxury and premium segment customers.
In fact, there has been a deluge of luxury residential projects on the Golf Course Road, and this coupled with wide roads leading to efficient connectivity, large corporations chose to be located in this area. Golf Course Road thus gained the tag of "the address" in Gurgaon, with excusive luxury projects such as Aralias, Magnolias, Exotica, Central Park 1 being located on this stretch. Capital values in these projects range between Rs 6,500 and Rs 10,000 per sq ft. But as the premium segment of apartments are in oversupply, this has witnessed some correction in prices in the last two months. According to a Cushman & Wakefield report, approximately 8-10% correction has been recorded in these areas in the recent past, although downside is limited due to high occupancy levels and a broad end user base. To revive demand and real estate activities in the area, realtors have now changed their strategy, focusing their projects on affordable housing segment in Gurgaon, as well as Manesar. Various projects have been announced on the Rajiv Chowk-Manesar stretch along NH-8, in the this segment owing to lower land costs - some projects cater to the high-end segment as well. As areas like MG Road and Golf Course Road started to saturate with realty development, growth shifted along NH-8 with a slew of projects launched in these new sectors. With the master plan also emphasizing on these new sectors and with infrastructural initiatives in the form of Metro, ISBT, KMP expressway, Northern and Southern Periphery Road, one can be assured of strong connectivity to other parts of Gurgaon and Delhi, says the report. The capital values of projects along this stretch are in the range of Rs 2,000-Rs 3,500 per sq ft. With apartment sizes varying between 1,200 sq ft and 1,800 sq ft, their prices range from Rs 24 lakh to Rs 40 lakh. The report states that prices are not only attractive for end users, but also for long-term investors. As Gurgaon grows and projects on this stretch come up, one can expect capital values to appreciate in the long term. A number of builders like Pal Group, Falcon Realty, ILD Group, Bestech Group and Raheja Developers have launched a number of projects in the affordable range in the Gurgaon-Manesar region. A number of affordable housing projects are coming up in Sector 37 and 71 of Gurgaon.
Falcon group has launched studio apartments at Rs 5.5 lakh in Global Eqi-city on NH-58; one-bedroom apartment with hall and kitchen on 650 sq ft of covered area for Rs 10 lakh and two-bedroom apartment on 950 sq ft for Rs 15 lakh. Similarly ILD group has launched Spire Green in Sector 37, priced Rs 26 lakh onwards. Pal group has launched the Pal City Park in Sector 95 in Gurgaon for Rs 26 lakh. Similarly, Bestech group and Sidharth Buildtech have launched projects in Sector 71 and 95, respectively, for around Rs 30 lakh. Raheja group has already launched a low-cost apartment project in Sector 92 at around Rs 27 lakh. Big builders like DLF and Unitech are also planning to launch affordable houses in Gurgaon.
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