GURGAON / FARIDABAD
The recovery of the property market in Gurgaon was quicker than the other zones in Delhi NCR. Some lucrative offers by reputed developers led the quarter to close with an increased number of sales in comparison to the Apr-Jun 2020 quarter. New launches, too, reported an improvement, since the previous quarter saw no new unit additions. Resultantly, the unsold housing stock shrunk marginally to about 25,000 units.
Golf Course Extension Road remained the prime gainer in terms of traction in Jul-Sep 2020, closely followed by Dwarka Expressway and New Gurgaon. Excess inventory and poor connectivity, however, remained weak points for the latter, thus widening the window of negotiation to up to 15-20 percent in the resale segment. Homebuyers remained primarily interested in ready housing units, which occupy over 80 percent share in New Gurgaon.
NRI demand inched up significantly in the price bracket of Rs 1.5-2 crore. Housing belts along Golf Course Road and Golf Course Extension Road received maximum enquiries from NRIs; sales, however, remained low due to prolonged travel restrictions.
The rental landscape failed to move positively as the majority of offices in Gurgaon continued with the work-from home format. The segment is expected to remain grim for another one to two quarters, until offices reopen.
The planned metro corridor to New Gurgaon and Faridabad holds the potential to propel property prices and housing demand in the ensuing quarters. For now, the unchanged circle rates played a positive inducer for the market facing severe repercussions of the COVID-19-led slowdown.