While residential unit launches in the Millennium City have declined by more than 60% in the first half of 2018 compared to those of last year, sales have recorded an increase of 21% over the first half of last year,
Here’s some good news for Gurgaon’s real estate market, at last. While residential unit launches in the Millennium City have declined by more than 60% in the first half of 2018 compared to those of last year, sales have recorded an increase of 21% over the first half of last year, although on a small base, according to a report by PropTiger.
Gurgaon Launch and sales
Gurgaon saw doubling of sales in the 60 lakh to Rs 1-crore budget homes in H1 of CY18 compared to H1 of CY17, which reflects latent demand in the mid segment housing in Gurgaon. Nearly 1/4th of the total sales of the city in H1 CY18 reported in Sector 67 on Sohna Road and Sector 33 Sohna. Pyramid Infratech Urban 67A and Godrej Nature Plus sold nearly 500 units in H1 CY18 each.
The city also saw 80% increase in delivery of homes in H1 CY18. ~18000 units were delivered to buyers in H1 CY18, which is projected to increase to 22,000 units in H1 CY19.
Moreover, unsold inventory in Gurgaon has come down to 31,500 units in H1 CY18 compared to 36,500 in H1 CY17 owing to a significant reduction in new launches.
So far as new unit launches are concerned, Sohna Road contributed 37% to new launches in H1 CY’18, followed by Dwarka Expressway, which contributed 28% to new launches. Also, these new unit numbers are driven by a handful of projects. For example, Mahira Homes launched around 1,300 units in January 2018 in Sector 68 on Sohna Road. This was the only launch on Sohna Road and was under <Rs 50 lakh budget segment. The second highest contributor in launches, Dwarka Expressway reported a launch of nearly 1,000 units whereas Godrej Meridien launched around 700 units in May 2018 in Sector 106 of Dwarka Expressway.
Gurgaon Units Launched
60 Lakhs-1 Cr
As per the report, Gurugram Metropolitan Development Authority set the deadline of 18 months from June 2018 to complete the remaining patches of Dwarka Expressway. This region of Gurugram has significant potential once the road gets completed, and will be a major contributor to the new launches in future.
“Gurgaon real estate was badly impacted due to the non completion of road projects such as Dwarka Expressway, Southern Peripheral Road and Hero Honda Flyover. Even today, Dwarka Expressway is not complete, though projects on this road are complete. Launches of affordable housing projects brought some cheer back into the market, but 2018 has been disappointing even for affordable housing. Unsold inventory levels in Gurgaon are at reasonable level and there is lot of latent demand which is looking for mid-segment housing,” said Ankur Dhawan, Chief Investment Officer, PropTiger.com.
Pradeep Aggarwal, Chairman, Signature Global, said, “Gurgaon has always been a centre of attraction for property investors as the previous and future developments assure a fruitful investment in every manner. This year, we are intending to deliver our projects Solera, Synera and Andour Heights in Gurugram and are happy to see a healthy response for our projects.”