Real estate growth witnessed by Gurgaon in first half of the year

Gurgaon has witnessed healthy growth of 21% in its real estate sector for the first half of the year 2018 in comparison to the same period in 2017. New unit launches have however come down by 60% as per reports. Yet, the real estate sector’s growth indicates favourable tidings for the market in the Millennium City in the near future and also indicates that the market is steadily settling down with better transparency and accountability post RERA and GST. Buyer sentiments have clearly improved and it is showing through these reports and studies. 37% of new launches were accounted for by Sohna Road, one of the biggest realty hotspots in Gurgaon while the Dwarka Expressway accounted for a whopping 28%. Prime projects like Godrej Meridien have also come up on the Dwarka Expressway. This project added 700 units to overall inventory and was launched at Sector 106 on the Dwarka Expressway only a few months earlier. Sales volumes for real estate doubled in the home category between Rs. 60 lakh and Rs. 1 crore for this period which clearly indicates growing preference for mid-range housing in the city. Almost 25% of total real estate sales in Gurgaon were witnessed in Sector 33 in Sohna and Sector 67 along the Sohna Road. Home deliveries also went up by 80% in this period and 18, 000 units were successfully delivered to customers and this could go up to a handsome 22, 000 units for the first half of next year as per reports. Unsold inventory levels have now dipped to 31, 500 units in this period as compared to 36, 500 units in the first half of 2017. The Metropolitan Development Authority in Gurgaon has already targeted 18 months from June this year to finish the remaining stretches of the Dwarka Expressway. Once the entire road has been finished, it will boost real estate markets in several zones and spur several new project launches as per experts. The GMDA is fully operational now and several infrastructural initiatives in the future are expected to boost real estate markets greatly in Gurgaon.