Monthly Watch: Gurgaon Throws A Happy Surprise, Home Sales Up In December

An absolute lack of activity has been the only headline property markets of Millennium City made in the past couple of years. A sharp rise in prices in past took property in Gurgaon way beyond the reach of the common man. This resulted into all activity coming to a standstill. Nobody expected Gurgaon real estate to do any better after the Central government declared notes of high-value denominations illegal on November 8, a move aimed at curbing the use of unaccounted money.

The pessimists are in for a surprise.

According to a PropTiger DataLabs report for the month of December, over 1,200 new residential units were launched in the city as compared to no new launches in November. Most of these units were concentrated, the report says, in the affordable segment. Homes sales figures are also encouraging. When compared to the previous month, there has been a 20 per cent increase in sales in December 2016.  In contrast, sales declined 81 per cent when compared to December 2015. While there has been no monthly uptick in property prices, they dropped only one per cent annually.

Coming soon

Developers who launched new projects in Gurgaon include Lotus Group Gurgaon and Ramada. While Lotus Group Gurgaon launched three projects, Aroma, Golden and Monarch, all at Karnki, Ramada Group launched its project ROF Ananda at Sector 98. While the units at ROF Ananda are priced at an average of Rs 2,857 per square foot (sq ft) , units at all Lotus Group projects are priced much lower. You can buy a unit at Rs 789 per sq ft at Golden, while you can buy units at Aroma and Monarch at Rs 333 per sq ft.

The performers

Localities that contributed the highest to the monthly sales include Shahjahanpur, Sector 37C, Sector 109, Sector 68 and Sector 104. Average property price in these localities ranges between Rs 3,500 per sq ft and Rs 9,500 per sq ft.