Over 70% of Gurgaon residential launches in 2021 were low-rise independent floors

New Delhi, 08 March 2022: Seventy-four percent of total units launched in Gurgaon in the Calendar Year (CY) 2021 were independent floor units, catering to demand from higher-end consumers. According to JLL, 16,418 units were launched in the Delhi NCR, including 6850 independent floors units in Gurgaon, representing a further recovery of consumer confidence in the region’s residential market.

The activity was spurred by developers, who actively launched new projects and units in this category given the surge in demand amidst Covid. The most prominent developers have already launched independent floors in the last two to three years, and according to JLL, more sites will come to market to meet demand. Apart from independent floors, plots and villa projects also recorded a healthy momentum with around 2569 units launched in 2020 and 2021 across Delhi NCR.

New Launches in Delhi NCR

New Launches in Gurgaon

Several key factors have been instrumental in attracting developers towards independent floors and plotted developments:

The residential corridors in Gurgaon, where independent floors have been launched in the last two years, include Golf Course Extension Road, Dwarka Expressway (Sector 37D), New Gurgaon (Sector 81, 89, 92), Sector 73, DLF City Phase II, III and IV, and Sohna.

Share of Micromarkets in independent floor launches in Gurgaon

The price range of independent floors in different micro-markets in Gurgaon:

Most of the independent floors launched in Gurgaon cater to the upper mid and high-end categories. The average size of these units is around 1900 sq ft.

“The domestic economic recovery and the consequent improvement in market sentiment in the residential segment, as buyers made a strong comeback to the market, instilled the confidence in developers to strategically launch projects across Delhi NCR in 2021. More buyers now give preference to bigger homes amid the rise of work from Home, hybrid culture, and e-schooling. The dominant configuration in these upcoming independent floor projects is 3BHK and 4BHK, with the additional room now becoming a good-to-have need from buyers and developers responding with such flexible home types,” said Dr. Samantak Das, Chief Economist, and Head Research and REIS, India, JLL.

Price Segmentation of Independent floor launches in Gurgaon in 2020 and 2021

The major micro-markets where plots and villas were launched across Delhi NCR include Greater Faridabad (Sector 77, 81,83,84), Pari Chowk in Noida, Dwarka Expressway, Sector 82, Sector 88B, and Sector 70 A in Gurgaon.

“Plotted development has also gained momentum as it provides the benefit of flexibility and customization to the prospective buyers as they can build their houses according to their taste and preferences. In certain cases, developers also offer services for construction to create bespoke houses for the buyers. In terms of demand, plotted developments and independent floors are gaining significant traction as buyers are increasingly looking at staying in low-rise independent floors which by design are low-density developments and are now mirroring gated condominium communities with more open spaces,” said Manish Aggarwal, Managing Director, North & East India, JLL

From the consumer’s point of view, it gives them more independence, a healthy and safe lifestyle coupled with amenities like a gated complex. The amenities offered in independent floors include a clubhouse, gymnasium, children’s play area, swimming pool, jogging tracks, etc. Independent floors take less time to be completed and a reduction in buyers’ wait times for project handover gives greater confidence for buyers to consider such projects more actively.

Outlook

The reduction in home loan rates to a decadal low, coupled with incentives and discounts by the developers, and improved buyer confidence, augur well for the residential sector. The buyer preference towards plotted developments and independent floors is expected to be reflected in a significant pipeline of plotted development and independent floors in the next year owing to both positive demand and supply dynamics. As this class of property provides superlative amenities within a gated complex, prospective buyers and investors are giving a good response to such launches.