Gurgaon real estate has always been a matter of discussion in the Indian real estate market. Gurgaon is counted among the top-notch location in the residential and commercial real sector alike.
Owing to its wonderful location advantages, Gurgram is regarded as one of the best real estate market in India in terms of revenue collection. The location is ideal for many big industries, offices, multinational companies, corporate buildings, and other commercial setups.
It also houses a large number of entertainment hubs, shopping complexes, high rise malls, food courts, lounges and so on. The recent development in the transportation system which has a huge and wide network of metro rails, roadways and excellent connectivity to the international airport and railways station is an added advantage in Gurgaon.
However, the trend has not remained the same throughout. Like any other real estate market, Gurgaon real estate has also undergone several changes and transformations in trends with each year. There are a few recent trends observed in Gurgaon Residential as well as commercial property sector.
Here, we attempt at looking closely towards each of them and discussing them in brief sell inherited property.
Affordable Housing
With the launch of Affordable housing policy, the real estate section, especially in Gurgaon, has flowed with heavy investments. The major part of the investment in the real estate has been coming from affordable housing.
This trend is most likely to continue in 2019 as well. Government incentives provided to both developers as well as the homebuyers is accelerating the demand and supply in this segment.
The government has recently announced to extend the benefit of Credit Link Subsidy Scheme (CLSS) on home loans for the Middle Income Group (MIG) under the Pradhan Mantri Awas Yojana (Urban) till March 2020. Under this scheme, a subsidy of up to ₹ 2.67 lakh on home loans can be availed by the homebuyers.
Factors boosting the realty sector in Gurugram
According to Vineet Relia, managing director of SARE Homes, Gurugram is one of the fastest emerging realty destinations in the NCR, having commercial, as well as residential properties.
She further adds to this: “New Gurugram enjoys excellent connectivity through the National Highway-8, Dwarka Expressway (Northern Peripheral Road) and Kundli-Manesar-Palwal Expressway. This location is accessible from Indira Gandhi International (IGI) Airport, Sohna Road, Golf Course Road, and Delhi. The city offers various property options at competitive prices and hence, can be considered as a vibrant realty destination. The shifting of the Kherki Daula toll to Manesar will boost connectivity to the area.”
The REITs question
As experts suggest, the first Real Estate Investment Trust (REIT) in the country will be launched in 2019. REITs were introduced in the year 2008 in India, followed by the issue of the first draft guidelines on the subject in 2013.
Also, in the last few years, the hurdles which were holding it like the ask of clarity on tax implication have been removed by the government. “One of the major drivers for the growing interest of investors in the commercial office space has been the government’s move to bring in progressive modifications in India’s REIT policy in last three years, making it more market-friendly.
As a result, global investors have invested significant capital in acquiring large office assets for building their REIT portfolios in India,” said Samantak Das, chief economist, and head, JLL India.
Accelerated growth
In recent years, Gurgaon is emerging as a corporate hub as well as one of the best destinations for residential property. The excellent connectivity to the Delhi through the Dwarka Expressway, NH, Golf course road and prominent locations like Sohna road has contributed to making Gurgaon one among the most desired real estate location. It not only provides the residential space but is one of the ideal spaces for corporate businesses.
The shared or the co-working spaces and the co-living spaces have also contributed as the changing trend in commercial as well as the residential sector. The availability of space for rent as people are buying more and more property in Gurgaon for investment purposes has become a new trend.
Institutional investors can be seen as bullish on the market as the commercial office segment in emerging areas of Gurgaon also offers excellent residential development opportunities.