As the Indian economy moves back into high growth mode, the demand for premium housing is skyrocketing as people are again willing to invest in homes. For a year or two, the real estate sector was really in the doldrums, especially in the new age cities such as Gurugram. Due to the uncertainty of the pandemic, buyers were cautious and subdued. However, they are now back in the market, looking for the best deals for their investments. They are willing to spend more, upgrade their lifestyles, and give their families the finest urban living experience that money can buy! The real estate industry has also responded to the demand with a slew of upmarket offerings. Players such as 4S Developers have managed to carve out a niche for themselves by offering luxury independent floors at the most competitive prices in Delhi NCR. In the past two years, customers have flocked to our projects in droves even as the pandemic was raging on, pointing to the high latent demand in the market for this segment. In Gurugram, other builders have latched on to the trend, and potential homeowners are now spoilt for choice. Let us examine why private floors are becoming the preferred choice for investors and end-users.
Gurugram is quintessentially the city of the working professional, whose world was fundamentally shaken by the pandemic. Companies suddenly transitioned to Work From Home, and their children were also stuck at home, attending classes online.
This meant that every member of their household needed more space, and their existing houses could not fulfill their needs. Thus, these families were exploring other options as they realized that the world had transitioned to a new normal. For this segment, low-rise independent floors in Gurugram came as a boon, giving them the space they needed along with all the amenities of a gated community. Instead of smaller flats in high rises, customers had the option of investing in an entire floor in a private gated enclave. Also, prices became competitive due to the increased competition in the space. Just as the hatchback and the SUV have become the mainstays of the automobile market, independent floors have become the hot properties of the real estate market. Every builder worth its salt is now trying to catch up with the trendsetters such as the 4S Group.
The need for social distancing also made people apprehensive about sharing too much space with their neighbours. An independent floor was a cost-effective option where each family could work, play and relax in their own home without any encroachment on their privacy. Enclaves such as Aradhya Homes provided families with the feeling of living in a community of the elite, where they could interact with their peers when they wished to do so. Thus, an exclusive enclave with premium floors offers the best of both worlds at a price that cannot be matched!
In response to the sudden downturn in the economy, banks reduced their interest rates, making home loans much cheaper. Due to the easy availability of finance at reduced interest rates, real estate became a buyer's market. Consumers were willing to explore options beyond their budget as banks and developers went all out with promotions and offers. Thus, the premium segment of real estate recovered very fast, and the category of the independent floor came of age!
The pandemic made Work From Home ubiquitous. A large segment of the city's employed population has not yet returned to their offices. In a matter of two years, they have become comfortable working in their own homes and created specific spaces for the same. Realizing the productivity gains of allowing employees to work at a place of their choice, companies have oriented themselves towards a remote work culture. What this means, is that every person working from home needs adequate space for the same, and a flat does not suit their requirements. This is where a spacious independent luxury floor in Gurugram comes to the rescue! With adequate room for a home office, these residences are becoming quite a favourite with techies, designers, and people involved in other creative professions.
Rents came down in Gurugram when a significant section of the workforce returned to their homes during the lockdown. With the easing of restrictions, many of these employees are back at work and need a place to stay. So, the rental market has recovered. In fact, in a few locations such as Golf Course Extension, rents have gone past the pre-covid levels. As new offices open in the area, they are only expected to increase. The fact that rentals have risen rapidly in the city has forced the middle class to explore other options. Many MNC employees and tech workers are now looking for a permanent space in the city that meets their lifestyle standards. Projects such as Aradhya Homes in Sec 67A, Gurugram have emerged as the perfect solution for their needs.
As the year comes to an end, we expect many other builders to join the independent floors bandwagon. However, our advice to buyers is to do their own due diligence and stick to brands that have a track record of delivery in NCR. Otherwise, many projects have gotten stuck, and there is no clarity on when they will be completed. In such an atmosphere, debt-free real estate players such as 4S Developers are stealing a march over their competitors.
Investing in projects on the Golf Course Road and Extension is expected to benefit buyers as rental yields are high, and infrastructure will only improve in the future. Enclaves such as Ansal Versalia offering a unique low-rise luxury living experience are a good place to start your search. From the perspective of an end user, we feel that now is the best time to look at independent floors in Sector 67A, Gurugram!