Haryana’s top cities Gurugram and Faridabad are seeing a major housing market trend reversal, with independent floors gaining traction post the pandemic.
Independent floors are experiencing a boom in demand across the country, and Haryana is no exception. According to a recent report by property consultant Anarock, Haryana’s top cities Gurugram and Faridabad are seeing a major housing market trend reversal, with independent floors gaining traction post the pandemic. In fact, close to 10,970 housing units were launched in Gurugram and Faridabad between January and September 2021, of which 4,500 units are independent floor units, while over 20,000 independent floor flats are likely to be launched in both the cities in the next one year.
As per industry experts, a few major factors driving the demand of independent floors are their larger area with quick delivery and the option to customize as per the buyer’s requirements.
Speaking about the trend, Karan Kumar, CMO, DLF Ltd, said, “Despite the proliferation of ready-to-move-in properties, independent floors continue to remain an attractive investment option due to lower investment costs, vis-à-vis ready-to-move-in properties, or independent villas/plots. 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. The trend has led to an influx in demand for plotted developments.”
The launch of 4,500 independent flats in Gurugram and Faridabad in the first three quarters of 2021 accounts for over a 40% share of this period’s total supply in these two cities.
“The demand for independent floors is being driven by increased awareness towards holistic living with landscaped greens, jogging tracks, modern amenities and essential facilities that focus on health and wellness of families. People get more space with a sense of privacy in the independent floors which can be customized as per their requirements. We are quite pleased with the response we have received for our M3M Soulitude project. Within the first week itself we have crossed Rs.1000 crore sales. The project will have 2 BHK and 3 BHK accommodation, with an average sizes of 1100 square feet and 1400 square feet, respectively. These units are priced between Rs 70-90 lakhs. The company aims to deliver the project by 2023,” said Pankaj Bansal, Director, M3M.
Commenting on the rise in demand for independent floors during the pandemic, Vivek Singhal, CEO – Smart World Developers, said, “COVID-19 has redefined trends in real estate, with personalization and customer-centricity becoming the key priorities for developers. Buyers are now preferring homes to accommodate office space, study homes for the kids to have a perfect work-life balance. This has propelled a preference for independent floors located in gated townships endowed with best-in-class amenities, allowing families to live without compromising on their privacy and optimized living at a comparatively lower cost than villas and penthouses.”
The report also mentions that the major reason for this segment becoming popular is that these properties have a lesser turnaround time than group housing projects, with a seamless documentation process. Also, money generated from builder floors starts flowing in within a year, while high-rises take at least four years to pay off.
“Homebuyers today are keen on quick possession. The possession time for independent floors is significantly shorter than for multi-storey apartments. Builder floors are also gaining popularity because they combine the benefits of both traditional apartments and villas. With one flat typically constructed on a single floor, occupying families have more space and privacy in this property typology than in high-rise apartments,” informs Santhosh Kumar, Vice Chairman – ANAROCK Group.
Independent floors have also witnessed a manifold appreciation in investment in the past few years.
Karan Kumar of DLF says, “Today independent floors are not just an attractive investment option but also promise an opulent lifestyle. Furthermore, COVID-19 has pivoted focus on organized developers, which will help mitigate risks for buyers on the purchase of land. Plotted development by known and trusted brands also ensures the provision of civic amenities such as water, electricity, sewage system, walkways, and much more in residential developments, alongside a robust social infrastructure to support and enable the community to thrive, making it an attractive investment option in real estate.”
“Since October 2020, we have launched premium independent floors across DLF City in Gurugram as well as DLF Gardencity in New Gurgaon and have received a phenomenal response from the market,” adds Kumar.
Source :Financial Express