Money you need to have for buying home in Gurgaon

Gurgaon a city which is known as the second IT hub of India after Bangalore, is a prime location for premium brand malls, MNCs like LinkedIn, Google etc. With so much emerging in Gurgaon every day, the real estate industry has grown substantially there too. The prices have gone considerably up even in the time when the real estate industry in the metropolitan areas of India is not giving very promising returns.

Gurgaon is getting known as the future hub of real estate in India. With real estate’s prime companies like Mahindra, DLF etc. investing funds to develop contemporary living in Gurgaon, value of this city is going to get very high and soon it will be known as the prime city of India to have a house in.

The current price trend of Gurgaon areas for this quarter is:

Price Trends

The top 5 areas have shown positive growth in their buying rates in 2014:

•    Sector-31 Gurgaon of 12.96% growth at Rs. 8,250 - 11,950/sq. ft.

•    Sector-105 Gurgaon of 11.11% growth for Rs. 4,050 - 5,000/sq. ft.

•    Gwal Pahari having 9.04% growth for Rs. 8,100 - 9,400/sq. ft.

•    Sector-82 Gurgaon having 7.37% growth for Rs. 4,500 - 6,000/sq. ft.

•    Sector-65 Gurgaon having 5.71% growth for Rs. 6,850 - 9,150/sq. ft

Many new real estate companies are coming up with projects to be developed in Gurgaon, with so many new developments, the price of real estate in this city is only going to rise.

Top Companies launching their Projects in Gurgaon in 2014 and the coming years

1.    Luxury properties are being launched in the NCR region in the range of Rs 10 crore. For example, villas in Marbella, Emmar MGF’s next project in Gurgaon, will be costed in the range of Rs 9 to 12 crore.

2.    Mahindra Lifespace Developers after announcing a positive set of earning from the realty space in India have planned a project in Sector 59 in Gurgaon. According to them, because of the positive market sentiments, real estate investors in India are optimistic about Gurgaon’s residential property. Many of the early inquirers are the end users with a family income in Rs 10 lakh range.

3.    Noida centric developer Supertech has raised $65 Million (Rs 400 Crore) from the Singapore-based real estate company Xander Group, Supertech’s officials said. The investment has been done for the forthcoming townships and group housing project of Supertech which will be based in Sector 79, Gurgaon. The company will make plots, villas and independent houses in a 140-acre community for an investment of around Rs 1,100 Crore. The project is aligned with the company’s plan to develop projects in Gurgaon. The developer plans to launch around four to five estates in Gurgaon, making the focus shift from Noida. The realty firm, which has approximately 90 Million sq ft of area under development, has three schemes: Araville, 48 Canvas and Hues all to be launched in Gurgaon, with Hues to be the latest in its Gurgaon portfolio. It is also in discussion with Kotak to elevate Rs 200 crore for another project that will also be located in Sector 68, Gurgaon.

4.    DLF, one of India’s biggest real estate companies, have announced and launched its new luxury residential houses at Sector 81, Gurgaon. This project is one of the various related projects all in the DLF Garden city; a 600 Acre included city project consisting of residential, entertainment, education, commercial and retail projects in Sectors 81 to 92 of Gurgaon. The project is within around 23 acres with 85 per cent open areas. There is going to be 922 flats in 18 towers of 29 floors each. The cost of these apartments is going to start from Rs 1.66 Crore.

Discounts on houses

A number of brokers are reducing prices from seven to 15 per cent across the major Indian cities, the highest discount being offered in Delhi-NCR and Mumbai. At Gurgaon, discounts differ by location; it falls in the range of seven to 10 per cent. With the back of a steady government, mixed with high potential of sooner decision making in all real estate related cases and positive realty reforms, there is a positive growth seen related to the residential field in sales and launches.

With the option of discounted price and the big names of the real estate industry developing houses in Gurgaon, it’s a great time to invest in a residential property there. It’s expected that the price will grow to multiple times after 2014s main festivals of Diwali and Id.

 

  A professional writer and an avid reader, Tripti has been in the writing industry for 2 years now. Her work ranges from articles on property to education and employment. You can email her on itripti.rai@gmail.com and connect with her on twitter @itripti