As per several studies, newly launched residential housing projects in Gurgaon are witnessing a slight rise in property prices. Gurgaon is one of the key housing markets in the National Capital Region (NCR) and after a little slump, is steadily reviving again as a major real estate hub. For the first quarter of 2018, the weighted average price stood at Rs. 4, 580 per sq. ft. for housing properties that were launched between the months of January and May 2018. In comparison, Rs. 4, 300 per sq. ft. was the weighted average price for housing properties launched between January and May 2017.
There is thus a slight increase in real estate prices in case of newly launched property in Gurgaon due to reviving end-user demand in the market as a result of RERA, better transparency and stable market trends overall. In the first quarter of 2018, around 4, 100 new launches have taken place in Gurgaon which takes up close to 32% of total NCR stock. Out of this tally, around 37% of new units in Gurgaon come under the affordable housing segment, i.e. lower than Rs. 40 lakh while 33% fall in the luxury category which is between Rs. 80 lakh and Rs. 1.5 crore. 28% come in the ultra-luxury segment which is above Rs. 1.5 crore. The mid-range segment witnessed fewer launches in this period.
In the first quarter of 2017, around 5, 600 new units were launched in Gurgaon which took up 43% of total stock in the National Capital Region. However, 83% of housing units pertained to the affordable housing segment and 16% were in the mid-segment between Rs. 40-80 lakh. There were no launches in the ultra-luxury and luxury categories in this period as per studies. New launches have come down a little since real estate developers are aiming to wrap up existing projects quickly before launching new ventures. There is better market sentiment and end-users are returning to the market again.