Increase in Demand for Extra 0.5 BHK in Under-Construction Residential Projects
Gurugram: The stupendous increase in demand in realty-sector can be confidently attributed to the Indian middle class, Gen-Z, and the millennials. The home-buyers are no more looking to buy traditional accommodation, they want an additional space of 0.5 BHK to use as office-space, study room or children’s room. As much as 70-80% of customers looking for that extra space in flats, particularly after post-Covid era. Reports also suggest that the concentration of jobs in A-class metros has raised demand for lofts also.
The developers like M3M, DLF, Godrej etc are aggressively meeting such demands by adding additional 0.5 BHK accommodation in their units. Most of the residential projects by M3M already have extra 0.5 BHK. Other developers like Omaxe, Vatika, Adani, Bharti real-estate and Tata Housing have also lined-up multiple projects in Gurugram.
When compared with other prominent A-class cities, Gurugram still seems to be a better choice for home-buyers. With the emergence of New Gurugram, where most of the projects are under construction and would offer possession in next 36-48 months, the affordability seems to be even better for investors. Many of the developers have offered flexible payment-plans suitable to most of the buyers.
The year 2023 has been very encouraging for realty-sector. The residential market has seen unprecedented growth with sales volume recording sale of more than 62,000 units in each of the two quarters in the first-half of 2023. Looking at the H1 of 2023, the residential sales reached a 15-year high at 126,587 units marking an increase of 21%, when compared to the same period last year. According to the Knight Frank India Real Estate Report 2023, residential sales are projected to grow to approximately 3.5 lakh units.
The realty-sector is also looking forward to reduction in the stamp duty and registration charges to boost investment in home-buyers segment. This is also necessary since the land-cost and construction material-cost has been consistently increasing exorbitantly. The developers are also asking for a streamlined and transparent online property registration system for the benefit of both developers and buyers.
M3M, the largest real-estate developer in Gurugram and amongst the top-3 realty developers in Northern India, has tremendous advantage of land-bank of about 3000 acres and legacy of over 50 projects in Gurugram itself. With in-house integrated business model, M3M projects gives buyers confidence of timely completion of residential projects. The company has already delivered three projects this year and is all geared-up to deliver another three projects by year-end. Incidentally, launched prior 2019, have already been delivered by M3M. Overall, in FY 24, M3M would be delivering about 6.5 million square feet of space with an investment of Rs. 3250 crore. M3M is also developing a 350-acre township in Panipat in Haryana, and few uber-luxury projects in NOIDA, as part of its expansion plan and pan-India presence.
DLF has lined-up projects on Southern Peripheral Road (SPR) and Golf Course Road. Godrej Properties will soon launch a luxury housing project in Gurugram with an estimated revenue potential of around Rs 3,000 crore. The company will develop nearly 750 apartments in a 9.5-acre housing project.
