Independent floors are currently experiencing a boom in demand across the country and Haryana has emerged as one of the top markets. Gurugram and Faridabad have witnessed significant traction in demand for independent floors, especially post the pandemic.
According to ANAROCK, the concept of independent floors is not new in these two cities as there was demand for them even before the pandemic. However, the desire for safer independent living after this health crisis has boosted the demand for independent floors.
In fact, homebuyers see this asset class as a low capital investment with relatively low risks, allowing for a faster exit.
“Since October 2020 we have launched a series of premium independent floors across DLF City in Gurugram, as well as in DLF Gardencity in New Gurugram and have received a phenomenal response from the market. The success of these independent floors is largely a result of the high development infrastructure surrounding these areas in both locations,” said Aakash Ohri, Group Executive Director & Chief Business Officer at DLF Home Developers.
“From the onset of the pandemic, there has been a rise in demand for low-rise floors, considering these have been conceptualized keeping in mind the space requirement of families looking to re-establish themselves in upscale neighbourhoods in Gurgaon to live independently without compromising on proximity to their loved ones. There is a section of the demography that does not necessarily enjoy an unnecessary influence of the community and enjoys certain privacy and individuality, and thus prefers independent floors over group housing,” added Ohri.
Gurugram has evolved from commercial to residential and condominiums to independent floors in the last several years, making it a great hub for affordable and luxury properties. According to data by JLL, over 70% of Gurugram residential launches in 2021 were low-rise independent floors. Out of the entire 9,232 units that were launched last year, 6,850 were independent floors that catered to upper mid- and high-end categories. The average size of these units is around 1900 sq ft. The price segmentation of independent floors from mid to high category is Rs 45 lakh to Rs 1.50 crore and above, respectively.
“An uptick in demand for independent floors is making its way since the onset of the pandemic. Buyers’ choice of likely neighbourhoods, low-rise buildings, and environments sans chaos are gaining momentum rapidly. Another reason among end-users for this ultimate selection is the greater ROI that independent floors provide regardless of the price you purchase. Being faced with changing lifestyle needs accommodating an office space, gym, kids play area are some of the newest priorities that require maximum space to operate,” said Vivek Singhal, CEO, Smartworld Developers
The residential corridors in Gurugram, where independent floors have been launched in the last two years, include Golf Course Extension Road, Dwarka Expressway (Sector 37D), New Gurugram (Sector 81, 89, 92), Sector 73, DLF City Phase II, III and IV and Sohna Road. The number is expected to cross 10,000 in 2022 as many developers are awaiting licences to launch their projects. Because more buyers are now giving preference to bigger homes due to the hybrid culture and e-schooling, they need extra space for the office and study room.
“Popularity of independent floors has so much to do with shorter project turnaround time, privacy and bigger spaces. This is becoming a trend, especially among the HNIs who prefer investing in robust infrastructure, connectivity to prime locations of the city, yet secluded, enjoying the luxury of living majorly pushed by the Covid -19 pandemic,” said Shashank Vashishtha, Executive Director, eXp India.
Developers are also focusing on independent floors due to lower capital investment, fluid cashflows as saleability increases, low project execution risk, and faster development turnaround.
Source : FE