Intro: Sohna and Sector 93 are turning out to be the hotspots for the people on the lookout for affordable housing
The real estate sector is flourishing thanks to the slew of measures taken by the government over a short period of time. The trust is back and with it the real estate markets that were lagging in certain segments are witnessing increased activity. Gurugram is one such market that has retained its leadership position in terms of real estate offerings. The place has been catering to all segments of real estate for more than a decade. One segment that needed attention and push is affordable segment and Gurugram is riding the wave thanks to favorable policies of the Haryana Government.
Some of the upcoming areas for affordable segment in Gurugram are Sohna Road and Sector 93. The last few years were tough for the residential sector and Gurugram’s market also felt the heat. However, after the implementation of RERA the market is back as in the last two months, construction of 20,000 new flats has started and a total investment of Rs 3 lakh crore is in the market of real estate.
Talking of Sohna now known as ‘South Gurugram’, it came into existence after the unprecedented economic growth in Gurugram that led to rapid urbanization requiring large number of housing projects to support migration and the living needs of people working in and around Gurugram. The area has proximity to business centres and industrial clusters, it is developing as the real estate destination riding high on accessibility, affordable prices and planned infrastructure. In the coming 3-4 years, the region will see a supply of around 20,000 housing units and the average ticket size in the area is less than Rs 40 lakh. The area is developing faster than expected as some of the government’s recent schemes and initiatives have given an impetus to the development of affordable units. The market here is at a nascent stage and most of the projects are in the under-construction stage. Coming years will see the delivery of many previously-launched units and majority of these projects are group housing apartments.
These two sub markets of Gurugram are leading to the development of other nearby markets. The initial stretch from Rajiv Chowk to Badshahpur (Gurugram-Sohna connecting road) has good infrastructure such as hospitals, malls, hotels, offices and business centres. With massive demand from end-users in the low and mid-income groups, the real estate market in these area is led by affordable and mid-segment housing constituting around 49% of the overall supply.
The NCR region is on top in the number of units added in the affordable housing segment accounting for 30% of the total supply in major cities and Gurugram is among the front runners. It can be counted among the few pockets in NCR that have maintained its lead in real estate especially in quality housing. New unit launches in Gurugram doubled in Q2 FY’19 over the previous quarter. The next two years will be more exciting for buyers as builders are under pressure to complete projects before 2022—the ambition of PM Narendra Modi to offer Houses for All by 2022.
As of now Gurugram is in lead when it comes to meeting the demands of varied customer base, and soon it will take a lead in affordable housing also as many projects are being launched in this segment. It is evident from the fact that one out of every two units sold in Gurugram in Q2 FY’19 was priced below Rs.50 Lakh. Affordable housing projects are also coming across the city for low income group people. The maximum rate of these projects is Rs 4 thousand per square meter. There are 45000 properties in this segment near to the completion or will complete next couple of years.