Gurugram: The New Foremost in the Property Ladder
Many real estate assessment agencies are active in the country and Gurugram is always at the top in their assessment reports. As some of those agencies have reported, this place has witnessed superb improvement in real estate property prices in the past few years as well. This trend clearly indicates the enormous love people have for Gurugram. The city is a resource for Information technology (IT), automobile and garment industry which in turn attracts the biggest and best employment opportunities to the people which in turn enhances the real estate market.
An Expanding Union of Real Estate Lot.
Coming ten years back, there were ambitious or any real estate promoters willing to come and launch their project in Gurugram because they had occupied most of the land area in the city and the remaining was very little. At this moment, there are hundreds of real estate promoters and thousands of real estate projects which have acquired licenses from the land department of the State of Haryana. The government has endorsed the city center and is turning it into a potential real estate city center of the region. Therefore, government updates and it revises the collector rate every six months depicting the fact that Gurugram is highly potential eager real estate hub.
Economically Accessible Housing – Policies and Price Changes
The city has seen significant growth in the demand for mid-ranged housing from the service class. An affordable housing policy was formulated by the government in 2013, which has been amended on two occasions after. The land and property prices under this policy were set at a maximum of Rupees four thousand per square feet, then increased to Rupees four thousand two hundred a few years ago, and are now pegged at Rupees five thousand per square feet.
PropTiger’s Above the Trend Observations
As reported recently by PropTiger.com, a digital real estate brokerage segment and an affiliate of REA India, releasing a report titled ‘Real Insight Residential – April – June 2023, the average rate of residential dwellings across eight urban centers in India was recorded to be in the range of Rupees seven thousand to seven thousand two hundred per square foot during the period between April and June 2023. This is a 6% increase more than the same period in the last year. The report also shows how furious Gurugram’s growth was, reaching 12% in this aspect, the one with the greatest growth which is a great achievement. The study geographical coverage of this report is the following cities, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region, Delhi-National Capital Region and Pune.
Housing Demand in India after COVID
A significant rise in housing demand from low and mid-segment service class people has been observed after the COVID-19 pandemic. This shows a communication toward the well-being of families which is good for real estate growth in Gurugram and other cities over all India.
The Boom in the Market
‘Housing prices have been on the rise in the major Indian cities in the post-COVID years. While this upward trend in capital values attracts investors to some of the key real estate markets in the country, newer supply coming into the market is also helping to ease out price appreciation,’ over over the years, above picture was issued by REA India .
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