Monthly Watch: Developers Are Back In Gurgaon; New Launches Shoot Up

Data for the first month of the new year show that Gurgaon real estate is back with a bang. According to a PropTiger DataLabs report, the Millennium City outperformed nine major cities* of the country after witnessing the highest number of new launches in January. According to the report, about 4,000 new residential units were launched in Gurgaon in January. “On a yearly basis, launches witnessed an increase of 168 per cent,” says the report. Home sales, too, increased with a monthly increase of 18 per cent. This uptick in new launches and sales figures indicates property markets in Gurgaon are on their way to come out of a slowdown that has played them for about two years now. According to PropTiger DataLabs analysis, Gurgaon real estate has been the worst-hit in a nation-wide slump that is slowly on its way out.

The report also shows that property prices in the city declined one per cent on an annual basis.

Areas in focus

Localities that contributed the highest to the monthly sales include Sector 79, Sector 37C, Shahjahanpur, Sector 68 and Sector 70A, in that order. Most of these localities offer options in the luxury segment. For instance, you have to fork out Rs 6,600 per square foot (sq ft) to buy property in Sector 70A. In Sector 68, average rates stand at Rs 6,100 per sq ft; in Sector 37C, average property price stands at Rs 4,700 per sq ft; in Sector 79, average property price is Rs 5,400 per sq ft. Among these areas, Shahjahanpur offers comparatively more affordable property, with average rates varying from Rs 3,450 to Rs 3,650 per sq ft.

 Back into action

Developers who launched new projects in Gurgaon in January include ALD Infratech, Raheja Developers, Signature Global and Supertech. Real estate biggie Supertech has launched its new project, Belfair, at Sector 79 that will offer 1,144 units. Units at the project come at an average price of Rs 3,990 per sq ft. Another major player Raheja Developers has launched its new project Vanya at Sector 99 and will offer 448 units priced at Rs 3,975 per sq ft. Signature Global, on the other hand, launched two new projects in the city—The Serenas at Sector 36-Sohna and The Roselia at Sector 95A. While the 1,304 units at the former project are priced at Rs 2,571 per sq ft, the 1,101 houses at the latter will cost buyers Rs 2,857 per sq ft. At its upcoming Behror project named Lavanya Farm, ALD Infratech will be selling 48 plots priced at Rs 2,055 per sq ft.

Also read: SPR Will Fuel Real Estate Infrastructure In Gurgaon

Note

*The nine cities included in the analysis are Ahmedabad, Bengaluru, Chennai, Gurgaon (including Bhiwadi, Dharuhera and Sohna), Hyderabad, Kolkata, Mumbai (including Navi Mumbai and Thane), Noida (including Greater Noida and Yamuna Expressway) and Pune.

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