Demand for Independent Floors at All-Time High in Delhi NCR
Witnessing a significant housing market trend reversal, cities in Delhi’s surroundings, including Gurugram and Faridabad, are seeing significant traction for independent floors post the pandemic. According to a JLL report, as many as 74% of total units released in Gurugram were independent floor units responding to demand from higher-end clients during the last year.
Recently, DLF launched its latest residential offering, The Grove, in DLF5. It is a low-rise luxury development located at DLF5, Raghavendra Marg, Gurugram. According to sources, DLF sold the entire project worth Rs 1800 crore in approximately 8 days of the launch. Earlier this year, DLF also launched The Valley Gardens, a collection of luxury homes, in Panchkula, Haryana, nestled in the foothills of the Shivaliks. Spread over 34 acres, with a limited collection of 424 luxury independent floors, The Valley Gardens supplements the existing 175-acre site of The Valley, a highly sought-after residential development in Panchkula.
Commenting on the same, Aakash Ohri, Group Executive Director & Chief Business Officer, DLF Group, said, “Since 2020, we have launched a series of premium independent floors across DLF City in Gurugram, as well as in DLF Gardencity in New Gurgaon and have received a phenomenal response from the market. From the onset of the pandemic, there has been a rise in demand for low-rise floors, considering these have been conceptualized keeping in mind the space requirement of families looking to re-establish themselves in upscale neighborhoods in Gurugram to live independently without compromising on proximity to their loved ones.”
The total number of independent floors (units) sold to date by DLF is 1500+ (approx. 490 in Gurugram and 1090 in New Gurugram). The total sales are approximately Rs 3800 crore (Gurugram – 2000+ cr & New Gururram – approx. Rs 1800 cr).
“Independent floors offer multiple benefits for staying closer to their loved ones under the same roof with individual privacy. According to industry reports, there is a 42 percent increase in the number of independent floors launched in Delhi NCR. Independent floors are particularly appealing due to their short possession time. Also, they combine the comforts of a villa and the conveniences of a traditional apartment,” said Pradeep Aggarwal, Founder & Chairman, Signature Global.
Independent floors continue to gain huge popularity in the Indian real estate market. The trend is more likely to do with buyers’ inclination towards low-density living. The wish for an indulgent lifestyle with ample space or unnecessary interference as per the buyers’ choice have turned the current favor of luxurious independent floors.
Adding to this, “an uptick in demand for independent floors is making its way since the onset of the pandemic. Buyers’ choice of likely neighborhoods, low-rise buildings, and environments sans chaos are gaining momentum rapidly. Another reason for this ultimate selection among end-users is the greater ROI of independent floors, regardless of the purchase price. Smartworld Developers are matching its steps with buyers’ realization of adequate open space, privacy and security, better amenities, and lesser maintenance with our two maiden projects – Smartworld Gems and Smartworld Orchard – launched in 2021,” said Vivek Singhal, CEO at Smartworld Developers.
Another aspect that attracts developers towards independent floors is their faster turnaround time than that of high-rises. Because the possession duration is less, independent floors can be quickly monetized.
Prices for independent floors in Delhi and Gurugram range from Rs 2 crore to Rs 30 crore, according to sources. The most common format in these new independent floor developments is 3BHK and 4BHK, with more space now being a must-have for consumers and developers reacting to such versatile house types.