Share of independent floors in the total housing units launched in Gurgaon in 2021 reached a whopping 74% as pandemic forced buyers to opt for larger living spaces.
In Gurgaon, developers can construct up to four floors on a plot and sell them independently since the turnaround time for such housing units is 12-18 months.
Developers also rushed to launch low-rise floors for quick monetisation.
According to data by JLL, of the total 9,232 units launched in Gurgaon in 2021, 6,850 were independent floors.
The number is expected to cross 10,000 in 2022 as many developers are awaiting licences to launch their projects.
“More buyers now give preference to bigger homes amid the rise of work from home, hybrid culture, and e-schooling,” said Samantak Das, chief economist, and head research and REIS, India, JLL. “The dominant configuration in these upcoming independent floor projects is 3BHK and 4BHK, with the additional room now becoming a good-to-have need from buyers and developers responding with such flexible home types.”
Besides independent floors, plots and villa projects have also recorded a healthy momentum with around 2,569 units launched in 2020 and 2021 across Delhi-NCR.
The share or independent floors in 2020 was 48% and before that it was not substantial, and data was not kept separately.
“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.
From the onset of the pandemic, there has been a rise in demand for low rise floors, considering these have been conceptualised keeping in mind the space requirement of families looking to re-establish themselves in upscale neighbourhoods in Gurgaon to live independently.
The residential corridors in Gurgaon, where independent floors have been launched in the last two years, include Golf Course Extension Road, Dwarka Expressway (Sector 37D), New Gurgaon (Sector 81, 89, 92), Sector 73, DLF City Phase II, III and IV and Sohna.
“Buyers are now preferring homes that can accommodate offices, study rooms for kids for a perfect balance. This has propelled a preference for independent floors located in gated townships, endowed with best-in-class amenities. These offerings allow families to live without compromising on their privacy and optimize living at a comparatively lower cost than villas or penthouses,” said Vivek Singhal, CEO, Smartworld Developers.
Most of the independent floors launched in Gurgaon cater to the upper mid and high-end categories. The average size of these units is around 1,900 sq ft.
The major micro-markets where plots and villas were launched across Delhi-NCR include Greater Faridabad (Sector 77, 81,83,84), Pari Chowk in Noida, Dwarka Expressway, Sector 82, Sector 88B, and Sector 70 A in Gurgaon.
“Plotted development has also gained momentum as it provides the benefit of flexibility and customization to the prospective buyers as they can build their houses according to their taste and preferences. In certain cases, developers also offer services for construction to create bespoke houses for the buyers,” said Manish Aggarwal, managing director, north & east India, JLL.
In terms of demand, plotted developments and independent floors are gaining significant traction as buyers are increasingly looking at staying in low-rise independent floors, which by design are low-density developments and are now mirroring gated condominium communities with more open spaces.
“The construction of four floors on a project is a win-win deal for the developers. Modern houses within secured gated communities are one of the most popular choices for the top luxury real estate buyers. With the restrictions during the pandemic, customers have shown preference for condominiums and townships offering a balanced life with homes having large balconies, wellness amenities like large green spaces, gymnasium, walking / jogging tracks, sports courts, children’s play areas,convenience shopping,” said Amarjit Bakshi, CMD, Central Park.
From the consumer’s point of view, it gives them more independence, a healthy and safe lifestyle coupled with amenities like a gated complex.
The amenities offered in independent floors include a clubhouse, gymnasium, children’s play area, swimming pool, jogging tracks, etc. Independent floors take less time to be completed and a reduction in buyers’ wait times for project handover gives greater confidence for buyers to consider such projects more actively.
“After the outbreak of Covid-19 pandemic there has been a sudden spurt in demand for low rise luxury independent floors. Recent policy decision by the Haryana government has resulted in supply. The new launches have been lapped up by affluent customers because of comparatively higher usable space than apartments, shorter construction period, low density in the building and so on,” said Saransh Trehan, Managing Director, Trehan Group.
Source : ET