Residential rentals in Gurgaon have almost come to a standstill for quite some time now. And this is really a sigh of relief for tenants who had been bearing the brunt of residential rentals rising incessantly for the past several years.
The Emaar Marbella Villa real estate fraternity points out that at this juncture Gurgaon property markets are under way of receiving a whole lot of big residential projects at different parts of the city, and perhaps the new capacity additions in the residential real estate segment will be able to meet the demand side in quite an effective manner. However, the volume of supply would be much higher than that of the demand.
From another viewpoint, the same has explicitly cast impact on home rents as more and more alternatives are available to the prospective tenants and the landlords have to be competitive in order to lease out a residential property.
Until now, owing to the exorbitant residential rentals in Gurgaon, people tend to look for alternative destinations near the city. In general, apartment rent in Gurgaon starts from Rs 10,000 per month and go anywhere to the levels of Rs 2-lakh a month.
Residential Property in Gurgaon
Properties in Gurgaon are significantly higher than the surrounding locations of South Delhi, encompassing Dwarka, Vasant Kunj, Saket and Rohini.
The case with rentals of other residential properties in Gurgaon like builder floors, duplexes, triplexes and condominiums however is different.
The monthly rentals for a 60 square yard residential unit (1BHK) starts from Rs 6,000-Rs 7,000 a month here and fits the budget of most of the prospective tenants. The issue here is limited availability.
Therefore in case a tenant is not able to get a house within his stipulated budget, he hires the same at a given price and then shift to other locations adjacent to Gurgaon after a few months from then.
While such trends in the Adani Samsara Vilasa Gurgaon, the chances of any major hike in rental values are negligible. Real estate professionals also figure out that the house rent in Gurgaon is on top-ceiling and there is hardly any room for any spikes
Organized Retail Drives Gurgaon Real Estate
Organized retailing has become a key driver for real estate development in Gurgaon. The city now is fast progressing beyond simply providing air-conditioned space for shoppers to make their purchases. Specialty malls have now become destination points for shopping during specific occasions such as wedding and festivals.
Real estate developers are coming up with specialized malls that cater to customers that visit these malls for a specific product. Initially, developers preferred M.G. Road for setting up shopping malls but now with the growth of other areas have given opportunities to developers to explore new avenues such as Sohna Road, Golf Course Road and Palam Vihar.
This clustering of retail options in an area accessible easily from the airport has resulted in a large number of real estate developers investing in the creation of hotel space in the city ahead of the Commonwealth Games 2010.
Residential properties in Gurgaon
Quality of life in the privately managed residential properties in Gurgaon remains relatively good due to high standards of security, private parking, common area maintenance and sanitation being the norm. The plots in South City-I are being purchased by individuals who want to construct single homes.
Property project launched in Gurgaon was one that remained promising for a long time. Its turning point came when once the sample apartment was ready; the developer announced that power back-up would be provided for even standalone villas and townhouses. This was one move which swung the market and the prices escalated within a space of a few weeks.
A combination of all these factors has made locating and re-location to suburbs an optimum choice for corporates.
According to the new Master plan Gurgaon is stretching its boundaries to Manesar and it will be the new area for real estate development.
Many builders have started acquiring lands in Gurgaon Manesar Expressway to develop townships. The new industrial areas have been proposed along the express highway adjacent to IMT Manesar and a metro line has also been proposed, which will terminate at Manesar Village.
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