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Gurgaon to have 10,000 Luxury Flats in Next 2 Years

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Gurgaon to have 10,000 Luxury Flats in Next 2 Years

Last updated: September 28 2010
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  • Gurgaon to have 10,000 Luxury Flats in Next 2 Years

    Gurgaon will see 10,000 new luxury flats over the next two years. This is regarding new residential projects which are scheduled to come up in the city soon.

    Starting with Indian real estate giant DLF, it is all set to develop another residential project ‘Belaire’. According to Rs 7,500 a square foot, an apartment in the complex will cost around Rs 3 crore.

    Close on heels is Emaar MGF which has planned to come up with its mega residential project ‘Palm Spring’ next to the DLF project. It is priced at Rs 7,200 a square foot and Parsvnath has ‘Exotica’ under construction on this adjacent plot, priced at Rs 6,500 per square foot.

    Such luxury apartments, which cost Rs 1.5 crore or more, will include around 30% of residential space in Gurgaon by 2010.

    With things planned in such a way, the city will see 10,000 luxury homes, up from 1500 units in 2006. That’s 300 units added each month.

    The average absorption will not go over 200 units. Of these, the demand for high end homes over Rs 1 crore is less than 50, says Ankur Srivastava, MD, DTZ.

    Gurgaon will see an oversupply of 300% in the next two years. The scenario is likely o push the property prices in the city. There has already been a price correction of up to 25% in the luxury homes segment.
  • #2

    #2

    Re : Gurgaon to have 10,000 Luxury Flats in Next 2 Years

    It surely is rightly suggestive of an over supply in this niche segment.Likewise, what do you feel about the land prices in Gurgaon with a 1 year horizon,can a further correction occur?

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    • #3

      #3

      Re : Gurgaon to have 10,000 Luxury Flats in Next 2 Years

      Varun,

      High swank buildings, the so "called" luxury ..... wat are u going to do with all that when 2 basic things are getting scarce and will be so in the coming years:
      (1) HORRIBLE roads/infrastructure
      (2) Regular power-cuts (electricity-woes)

      take care

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      • #4

        #4

        Re : Gurgaon to have 10,000 Luxury Flats in Next 2 Years

        Do you guys thinks it is wise investing in Gurgaon at these prices? I do not forsee any viable appreciation hapening in Gurgaon over the next couple of years. The market is flush with over supply and will surely soften the prices.

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        • #5

          #5

          Re : Gurgaon to have 10,000 Luxury Flats in Next 2 Years

          It will be totally insane to invest in Gurgaon. The prices aren't going to go up anymore. Its the developers who will make most of the moolah and the investors will cry out loud in the coming months. Delhi is still a better option (thanks to the little development due to the CW games). People seem to have no options and have little to choose from as Gurgaon is the base of many multi-nationals who pay high salaries. You gotto pay a price to live here and suffer ona day to day basis.

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          • #6

            #6

            Re : Gurgaon to have 10,000 Luxury Flats in Next 2 Years

            Originally posted by varun View Post
            Gurgaon will see 10,000 new luxury flats over the next two years. This is regarding new residential projects which are scheduled to come up in the city soon.

            Starting with Indian real estate giant DLF, it is all set to develop another residential project ‘Belaire’. According to Rs 7,500 a square foot, an apartment in the complex will cost around Rs 3 crore.

            Close on heels is Emaar MGF which has planned to come up with its mega residential project ‘Palm Spring’ next to the DLF project. It is priced at Rs 7,200 a square foot and Parsvnath has ‘Exotica’ under construction on this adjacent plot, priced at Rs 6,500 per square foot.

            Such luxury apartments, which cost Rs 1.5 crore or more, will include around 30% of residential space in Gurgaon by 2010.

            With things planned in such a way, the city will see 10,000 luxury homes, up from 1500 units in 2006. That’s 300 units added each month.

            The average absorption will not go over 200 units. Of these, the demand for high end homes over Rs 1 crore is less than 50, says Ankur Srivastava, MD, DTZ.

            Gurgaon will see an oversupply of 300% in the next two years. The scenario is likely o push the property prices in the city. There has already been a price correction of up to 25% in the luxury homes segment.
            Hi,
            This is a old thread regarding Luxary flats in Gurgaon , but I am curious to know what's happened to that "10K lux flast" over supply of Yr2007-08/ Has prices corrected or stable or increased further for luxary flats in gurgaon?

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            • #7

              #7

              Re : Gurgaon to have 10,000 Luxury Flats in Next 2 Years

              Instructive to see 3 year old opinions - reality has been so different. We all know how prices moved.

              Yes, some 10,000 flats must be available within 1 year or so, in Sohna Road.
              Venky (Please read watch a or before posting)

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              • #8

                #8

                Re : Gurgaon to have 10,000 Luxury Flats in Next 2 Years

                Originally posted by Venkytalks View Post
                Instructive to see 3 year old opinions - reality has been so different. We all know how prices moved.

                Yes, some 10,000 flats must be available within 1 year or so, in Sohna Road.
                the prices always move up. I guess is that the absorption of these 10,000 flats will not impact the prices much. the correction which people expect either dont happen or are minimal with only few transactions happening at lower price points. yes those who got in at the peak definately saw their ROI diminish for 2 year period.
                so the only word of caution is to have the holding power for long term. short term investors need to be careful

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