In India, New Gurgaon has become a fast emerging commercial and residential hub. The trend for people’s interest in the location is fuelled by good connectivity, affordable property, future growth prospects and tremendous upsurge in developing infrastructures.
In fact, New Gurgaon has been used as a moniker for the sectors extending beyond the second toll plaza which are located along the highway and are accessible though the internal sector roads. This particular real estate micro market industry is one of the identified growth corridors for the various residential projects located in Gurgaon. The other identified growth area is the Dwarka Expressway. The expressway is also considered as an extension of the region in the New Gurgaon. This micro-market influences other sectors that are immediately after the Kherki Daula toll plaza and even includes the sectors which are developed beyond Manesar. To date, there are over 51,000 residential apartment units which have been launched across the area and there are more than 95 ongoing projects.
According to JLL India, the prices for apartments have improved annually by about 37 percent and 22 percent for the years 2012 and 2013 respectively as compared to the previous years. However, the prices for apartment units over 2014 have been reportedly stagnant and it showed only a slight increment at around 4 percent. The slowdown effect was felt across most of the residential areas in the national capital region. The projects have also moved up in the value chain with the earlier housing projects becoming affordable and then slowly moving up to the mid-segment sector and premium housing.
There are already over 3,600 residential units which have been completed and have already been handed over to buyers while another 39,000 residential apartment units are likely to be given to the buyers in the next 3 years. This development will bring in enough traction for the developments in the future. Various retail centers will be established in the areas while existing neighborhood retail shopping centers will be developed and improved as part of the township projects. In the other side of the globe, if you are looking to buy different properties, you can seek the counsel of experts from HomeUnion investment.