Construction Industry News
Gurugram has emerged as one of the most beautiful and sought-after destinations for homebuyers who show an inclination to invest in low-rise independent flats costing between 70 lakhs and 5 crores. According to the JLL report published two years ago, the proportion of independent flats had reached a whopping 74% of the total housing starts in Gurgaon in 2021. The report attributes that a large proportion of home buyers purchase independent flats due to higher self-awareness and against a mature trend to choose larger and more spacious homes, which has especially flooded the general consciousness of the majority of home buyers after the pandemic.
The favorable trend has continued and strengthened over time as people, even after the mitigating effects of the pandemic, choose to invest in independent land. According to the findings of Anarock's research report titled 'ANAROCK Consumer Sentiment Survey (H1 2023)', at least 59% of respondents said they would prefer to invest in mid-range and premium properties (priced between Rs 45 lakh and Rs 1.5 crore). , despite widespread trends such as rising interest rates and rising real estate costs. Of them, 24% said they would like to settle in houses priced between Rs 90 lakh and Rs 1.5 crore.
The demand for larger homes remains at an all-time high and has witnessed relentless growth from consumers, with 47% of respondents in Delhi-NCR showing a preference for 3BHKs over 2BHKs. As Gurugram has become a hub for the IT industry and for large corporations offering thousands of white-collar jobs and high-paying opportunities, the overall monetary capacity to purchase larger and more spacious homes has visibly increased. The work-from-home culture has also kept spirits high in the market, with companies migrating to a remote or hybrid culture and people creating work-from-home spaces.
Increasing sensitivity towards individual space and privacy has also made self-contained flats popular in the property market. Millennial and Generation Z homebuyers are changing market assumptions and valuing wellness offerings over rising home prices. The allocation of ample green spaces, a healthy residential culture and a source of housing/recreational facilities are prioritized in independent apartment projects and therefore drive a large part of the investments in the region.
Gurugram has established itself as a thriving market for luxury independent flats. There has been a striking rise in the number of low-rise housing societies, more than anywhere in NCR, where high-rise community projects predominate. Both frugality and environmental reasons play an important role in homebuyers' propensity to purchase detached land. While more economical benefits include lower depreciation values, maintenance costs and greater resaleability, self-contained apartments also provide better cleaning facilities and indoor air quality, reduced concerns about pollution and health risks, and an expansion in the adoption of wellness services. Wellness facilities such as green roofs, meditation rooms, concierge services, recreation rooms and spa areas take up much more space in freestanding apartment projects.
Vikas Garg, Co-Director, Ganga Realty, said, “Gurugram has become the preferred choice for luxury home buyers. A wide range of housing options, scalable facilities, integration of the latest smart home technologies and features, assimilation of sustainable architecture and adoption of green housing principles to create a naturally enjoyable ecosystem are some of the key measures that have led users to invest in Gurugram. Post-pandemic, we have seen a visible shift in real estate consumers' purchasing preferences. “They are willing to spend more on premium accommodation to enjoy the wide range of wellness offerings.”
Giant real estate markets, such as the NCR in India, are often microcosms of important futuristic developments. The rapid introduction of independent flats in these regions is a sign of their gradual spillover effects on various property markets in the country. Brokers also find it much more profitable to invest in low-density societies, esp
