Monthly Watch: Gurgaon Market Fails To Attract Buyers 

The lacklustre performance of Gurgaon real estate makes you wonder. The Millennium City, known for its world-class infrastructure, premium commercial and residential spaces and swanky malls, now seems to be failing to attract buyers. As a result, sales have declined month after month and new launches have dipped. The fact that property prices for over two years have remained stagnant in the city was not much of a help. Developers are no more betting on the poster boy city of India's urban growth, it appears.

Sample this.

According to PropTiger DataLabs report, there was only one new project launch in Gurgaon in October. The OSB Group launched its project, OSB Expressway Towers, at Sector 109. The project will offer buyers 1,079 units, priced at Rs 2,857 per sq ft. In September, no new projects were launched in the city. On the quarter-to-quarter basis, launches saw a dip of 34 per cent in the second quarter (Q2) of the financial year 2016-17 (FY17).

Sales figures are quite dismal, too. While there has been a five per cent month-on-month decline in October, annual this falls stands at 72 per cent. Property prices, on the other hand, have only increased one per cent on an annual basis. 

The saving grace

According to the report, localities such as Sector 37, Sector 2 Sohna and Shahjahanpur contributed the highest to sales, apart from seeing a price appreciation in the range of three to six per cent.