NEW PROJECT LAUNCHES PICK UP IN GURUGRAM AS SENTIMENT IMPROVES AND SALES PICK UP. MAMTA SINHA WRITES
Driven by Improved homebuyer sentiment all-time low interest rates, craving for Bigger homes, faster adoption of technology, and various initiatives by the government, the residential sector has started showing green shoots of revival.
A recent ANAROCK report shows that housing sales in the nation’s Top 7 cities are likely to rise by 30% in 2021, compared to 2020, while new housing launches may witness a 35% growth this year
Gurugram has been one of the most active residential markets in the NCR for decades – both In terms of new supply launched and housing sales.
Santhosh Kumar, vice-chairman of ANAROCK Group, says: “While Covid-19 dented new supply and sales for some time but soon they picked up pace with housing demand growing amid the uncertainties. Since June, residential activity picked up pace. As things stand now, We anticipate at least 30- 40% growth in new launches and housing sales in the ongoing quarter (July to September) against earlier quarter and if there is no 3rd wave, the residential activity will only gain momentum in the upcoming festive quarter.”
In Q1 2021, Gurugram saw the launches of 3,100 units, of which 73% was in the affordable segment, 12% in the mid segment, 8% in the premium segment and 8% in the luxury & ultra luxury segments. In Q2 2021, the city saw total new launches of 1.140 units, of which 57% was in the affordable segment, 18% in the mid Segment, 15% in the premium segment & 10% in the luxury, ultra-luxury segments.
To cash in on the current optimism in the market as well as the festive fervour, many developers in Gurugram have again started launching both their housing and commercial projects. MRG World, for instance, has recently launched its fourth project ‘The Skyline’ in Dwarka Expressway at Sector 108, entailing an investment of Rs 350 crore, Signature Global has launched two projects, Signature Global City 81 and Signature Global City 92, in Sectors 81 and 92 of Gurugram.
Rajasthan-based Trehan Group has recently forayed into the Gurugram market with the launch of 320 luxury independent floors priced in the range of Rs 1.27 crore to Rs 4 crore.
“There is a lot of pent-up demand and with home loan rates at historic low, we expect this festive season to be much better. Accordingly, we have launched 320 luxury independent floors at Sector 67 and a few other locations in Gurugram. We are extremely hopeful of selling these units over the next few months,” Harsh Trehan, CMD of Trehan Luxury Floors, said.
Vinay Wadhwa, head of sales at Vatika Ltd, says: “The seeds of growth in real estate have been sowed and the festive season will undoubtedly become the enabler of increased demand and transactions in commercial as well as residential markets. Catering to our Wide consumer base, we have a host of options in sizes and budgets, so that every customer gets to choose their perfect match.”