Gurgaon Residential Property Scenario

By: George Gonigal

Although capital values of residential properties in most of the areas of Gurgaon is sky high, investors who had purchased properties, especially in the 60-sq. yard segment, in view of exorbitant returns are now adopting long-term perspective, and ready to wait rather than selling them in a hurry.

Oversupply

The premium residential property sector of Gurgaon is stricken by oversupply, flooded with $1 million-$2.5 million apartments and penthouses.

As per DTZ reports, the supply side in Gurgaon higher-end residential segment has far exceeded the demand side.

With this, the investors are not seeing the kind of returns that they had secured earlier from the deals, and that's why their interest in buying residential property in Gurgaon is comparatively lower than it was a couple of years ago, MP Singh of Silver Estates informed.

Residential rentals- record boom

Residential rental segment in Gurgaon remains upbeat constantly. Owing to its vibrant economy, lifestyle of residents here keeps on improving, which in turn translate into demand for quality accommodation.

On an average 5-per cent hike has been noticed all across the major residential areas of Gurgaon between August and December 2007. "Biggest reason for this spike is availability. Since, vacancy rates for good-quality houses is low in the prime areas of Gurgaon, landlords manage to get enhanced rental values on their properties," said Rajesh Kushwaha, a property dealer.

Enduring perspective

Having experienced an unprecedented boom in the past five years, the chances for short term gains have evidentially gone down in Gurgaon property markets; however the long term picture is bright and sunny.

The cyber city of Gurgaon is amongst one of the most potential property markets in India. A latest survey by Indicus Analytics revealed that Gurgaon is one of the most preferred cities to earn a living and provide unparalleled growth opportunities.

Interestingly, Gurgaon tops the list of best to 'earn-in' cities and is followed by Silvaasa, NOIDA, Faridabad, Rupnagar, Chandigarh, Surat, Bangalore, Gandhinagar and Pune.

Certainly, with such positive trends, the residential property markets of Gurgaon are seen as vivacious at least in the long term.

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