Now is the right time to invest in Gurgaon

Considered to be one of the leading industrial and financial center of the country- Gurgaon is a city that is located 32 kilometers away from New Delhi. Situated in the NCR (National Capital Region) near New Delhi, the city has witnessed brisk development. Cited to be one of the most preferred residential destination, many reputed real estate players are now creating extraordinary living space. Although the city is undergoing a turmoil due to lack of infrastructure new projects in Gurgaon are offering round the clock civic amenities thereby luring many potential home buyers.

According to recent reports, properties in Gurgaon have appreciated over 30% in the past one year. The real estate scene has revived from its stagnant stage and the market is currently brimming with construction activities. While the construction delays pushed home buyers to postpone their decision to buy homes, the current scenario is offering the perfect opportunity to individuals to buy their dream home. In a span of just one year, the market has show signs of recovery and for over 50 home buyers, there are over 100 homes available. Residential apartments in Gurgaon range from affordable to mid-segment to even ultra-luxurious homes. The constant demand for all of these sectors have resulted in abundant supply of housing units. Renowned real estate developers have created a number of residential projects that has given the home buyers the bargaining power.

Cited to be one of the best times to invest in the real estate market there is an inherit demand for bigger homes. While more than 50% of ready to occupy 3 BHK homes are available, 25% of 4 BHK flats are ready to be handed over. The insurgence of IT/ITes sector is improving the realty market, many working professionals are now attracted towards investing in affordable homes while the middle-income class group is targeting the mid-segment. A number of new projects in Gurgaon have mushroomed along the southern peripheral road that leads to National Highway 8. This stretch not only provides great connectivity towards cities like Manesar and Dwarka but it will also become one of the most sought after locality as its surrounded by developed sectors like Sector 70, Sector 78 and Golf Course Extension.

In just a span of one year capital values of apartments along the National Highway 8 have seen an appreciation of 15%. While the year 2013 recorded an average of Rs 5,900 per square feet, the following year saw a hike of Rs 1,000 ensuring that the current prices fall under the average of Rs 6,900 per square feet. Apart from NH 8, residential projects in Gurgaon along the Dwarka Expressway have seen a constant demand. Property prices along this stretch have increased over 42% in the past two years. Strategic location, great connectivity and top notch amenities are some of the factors that are pushing capital values of homes here. The ongoing rates for apartments in Dwarka Expressway are estimated to hover anywhere between Rs 5,300 and 5,600 per square feet.

So for all those home buyers who have postponed their decision to purchase a property, buying a property now is a safe bet.

What’s in store for real estate in Chennai

2014 was not that great a year for real estate in Chennai. The city recorded a drop in sales volumes during all the quarters of 2014. But the real estate sector here has been fairly protected from the prolonged slowdown faced by many of the metros in the country. The buyers in this market are very conservative and don’t want to speculate. They don’t generally want to park money in risky propositions. The market here is driven by end users and is hence protected from speculation to a great extent.

2015 is expected to be a much better year for the city. The housing segment is expected to grow and stabilize during the course of this year. Property prices and rentals are set to increase through the year according to latest reports. This will bring good cheer to the industry here which has been witnessing a slump for the past year or so.

Though these predictions have been made there are a few things that need to happen in order for the growth to materialize. From the developers’ side, many of them feel that the approval process to begin a project is rather tedious. There are about 58 approvals which have to be given by the government of the state before a developer can even start a project. Many of them are clamouring for a single window approval system. They seem to believe that the market for properties in Chennai will pick up if there are no delays in approvals.

Infrastructure is also a key driver when it comes to enhancing the demand for apartments for sale in Chennai. The thing about infrastructure is that it should not be limited to only certain parts of the city. The distribution of these infrastructure projects should not be limited to the known areas of the city. It should be evenly distributed so that the far flung suburbs also benefit from it. Currently the project which is attracting a lot of attention is the second phase of the Outer Ring Road which will north Chennai to south. Apartments for sale in Chennai which are located along this stretch will fetch good returns.
 
In some areas of the city even the most essential civic infrastructure seems to be missing. Properties in Chennai which are located along these pockets tend to not fetch much and are not preferred among buyers. If the infrastructure situation improves here, it will benefit the housing sector present in the city.

Areas which are catching the eyes of the buyers seem to be located in pockets which are affordable. North Chennai is one such market and so are the western parts of the city. With north Chennai, infrastructure remains a problem. If the projects in the pipeline come together and work out, the real estate values here will increase exponentially. There are areas along the GST Road which are also attracting buyer attention. These three markets will drive the real estate growth of the city in the days to come.