Next to south Delhi, Gurgaon has become a coveted destination for real estate investors, new settlers and relocators. Gurgaon is less crowded than Delhi. It has world class infrastructure, malls and high tech employment opportunities. A residential address in Gurgaon is a matter of prestige.
A huge rush of aspirants for real estate in Gurgaon pushed its prices to an all time high and a house in the city just became a dream for an ordinary middle class person.
The real estate developers are trying to cash in the huge demand of affordable houses and there is an explosion of housing units to bring them within the reach of ordinary buyers.
Now you can buy a 50 lakh rupee house for just 30 lakh rupees. A difference of 20 lakh rupees is really huge and can bring cheer to the potential buyers who have so far felt helpless as the prices were too steep and prohibitive for them.
According to an estimate, the supply of houses is likely to exceed the demand in the future pushing the developers to work extra hard to sell their housing projects.
There is a flood of applications from developers at the office of the Town and Country planning department. According to a report there are at least 250 applications for building houses over 3,800 acres of land with each acre of land supporting 50 apartments.
The department has also received applications for three plotted townships ranging from 100 to 180 acres.
According to the town planners, the real problem facing them is not the land for building houses, but electricity and water for the new units.Both these essentials are already in short supply.
Like in the stock market, real estate is also in for price correction. The real estate developers are already offering a price between Rs 2,400 and Rs 2,945 per square foot. It is far less than the prevailing Rs 3,500 to Rs4, 500 per square foot range.
Raheja Developers are offering premium housing for Rs 2,775 per square foot at their Atharwa project in sector 109 and for Rs 2,375 at their Vedanta project in sector 108.