Market to look Up in 2016
Gurgaon has for long been a bellwether of the rapid growth in the country over the years, thanks to the pres ence of MNCs and the ITeS sector. This has also attracted countless expatriates and NRIs, and brought in a heady boom in Gurgaon’s realty sector over the past decade and a half. However, like many other regions, Gurgaon too did not remain unaffected by the slump that hit the country’s realty sector, and the past couple of years have been tough for its real estate market.
Sales dwindled, new launches decreased, prices came down and the overall sentiment nosedived in 2015. But despite the not-insignificant challenges ahead, the future of Gurgaon’s real estate market is positive and hopeful, a recent report by property consultant JLL India said. “Gurgaon has seen the maximum number of affordable housing projects in the NCR under the Haryana government’s Affordable Housing Policy 2013. With units in these projects selling below Rs 25 lakh, it is uniquely poised to harness a lion’s share of the demand coming in from this segment in the short-to-medium term. On the flip-side, there was a steady decline in demand for units priced over Rs 3 crore,“ Ashwinder Raj Singh, CEO (residential services) of JLL India, said.
Another important factor is the government’s “Make in India“ initiative, apart from the “Smart Cities“ project.
“The aggressively-pushed `Make in India’ will bring in more industries and the roll in of GST will bring about a lot of activities in warehousing. Both these will directly result in increased housing demand. The Smart Cities project is also an important influencing factor, but its impact will take quite a bit of time. In view of the long downturn in the sector, the current optimism may seem as misplaced–but indicators are already there. The firming up commercial market is one such mark,“ Ajay Khetarpal, CMD of Sunhill Homes Pvt Ltd, said.
Varun Sharma, spokesperson of the AMB Group, also seems bullish on the growth prospects of Gurgaon. “As India’s GDP growth has been projected to be around 7.5%, the nation’s economy will increase the investment capacity of citizens. The recent rate cuts by RBI will impact on banks’ lending rates around the second half of the financial year 2016-17, resulting in a greater demand for housing units.“