FOREWORD PropIndex entered the fourth year of operations. In the first issue of the series, PropIndex reflected the cautiously positive consumer sentiment with the National Property Index rising by 1 per cent in the Apr-Jun 14 quarter. The City Index values too, remained even across cities with a marginal increase or drop of 1 per cent, except in Delhi. Demand for property in the Upto Rs lakh dropped across the country, contrary to the industry buzz that this is undersupplied and in greater demand. The 2BHK unit remained the most popular category across cities, reflecting the aspiration of urban dwellers to own a property that would match their lifestyles. The most preferred price range remained Rs 30-50 lakh, where supply was in plenty and the budget was within reach of the middle class, which remained out of the market for a few quarters. Luxury properties, though in greater demand, remained over-supplied as developers across the country chose to build in this category. As more units hit the market, consumers have started choosing locations, budgets and conveniences in this category. Luxury values across cities have been included as a separate annexure. Rental values either dropped or stabilised in the quarter. The percentage growth in rental values was arrested as consumers again started looking for the buy option. Unlike the previous quarter, where rental values rose by 5-10 per cent, in this quarter, it dropped by upto 5-6 per cent, across cities. Demand preferences remained the same as in the previous quarters but was not evenly spread across the city. Locations near economic corridors continued to post greater demand. However, unlike the previous quarter, besides IT, the manufacturing sector too, drove demand in select cities such as Chennai. In Mumbai, the commercial hubs of the Bandra-Kurla Complex and even Thane drove demand. The completion of infrastructure projects such as the Santa Cruz-Chembur Link Road and the the Metro Phase-I from Versova to Ghatkopar, which eased connectivity to the commercial hubs, also contributed to change in demand patterns. The Union Budget of 14-15 presented recently, has addressed the housing market s concerns in many ways. It has featured budget housing, finance issues, township development road map and development of smart cities as part of the main Budget. While the outcome will take a while, the urban infrastructure and housing provisions are expected to boost sentiment. These are exciting times and change is in the air. Share your views on this report and how we could make PropIndex even better. Write in at sudhir.pai@timesgroup.com. Sudhir Pai Business Head, Magicbricks.com
NOTES
VOL 4, ISSUE 1; APR-JUN, FY 14-15 propindex.magicbricks.com NATIONAL PROPERTY INDEX (NPI) APR-JUN 14 n n Of the 12 cities 9 showed minor changes in the City Indices, while rental market showed subdued trends in majority of the cities Properties worth upto Rs 30 lakh recorded a significant drop in demand, whereas, properties worth above Rs 30 lakh, across the budget categories, witnessed a rise APR-JUN 14 In the Apr-Jun 14 quarter, no major change was recorded in the respective City Indices, except Delhi, which registered a drop of 4 per cent. All other Indices exhibited minus 1 to plus 1 per cent change, indicating a slow market. No significant increase was noted in supply, showing a cautious approach. NPI is a weighted average of supply and values across 11 cities in India. Average capital values across cities showed a range bound movement. On the other hand, unlike the previous quarter, average rental values exhibited a drop. This resulted in a marginal rise or stable rental values in the last six months. Lack of policy favourable for the real estate and no reduction in the home loan interest rates after the formation of the new government also impacted sentiments, contributing to the stable City Index values. This led to a small rise of 1 per cent in the NPI. Bangalore, Chennai, Gurgaon, Kolkata and Pune noted a small rise of 1 per cent in the City Index. On the other hand, Noida, Ghaziabad, Vadodara and Mumbai City Indices remained unchanged. Ahmedabad and Hyderabad showed a small drop of 1 per cent. Of the 12 cities tracked, Pune and Ghaziabad recorded the lowest number of localities with a drop in the average capital values. The new government has laid special emphasis on the real estate sector in the Union Budget 14-15. With the modified version of Real Estate Investment Trusts (REITs), the development of 100 Smart Cities, reducing the size and capital requirements of projects eligible for FDI, launching affordable housing schemes to proposing additional tax incentives on home loan, the n Demand for 2BHK units rose by 1-5 per cent across the cities, except Gurgaon government has announced a slew of measures to infuse fresh life into the real estae sector. In this edition of the PropIndex, we have also included Vadodara as an independent city. The residential market of Vadodara remained stable, with maximum development in and around the growth corridors such as Old Padara Road, Sama Savli Road, Waghodia Road and Gotri Road. IN THIS REPORT: National Property Index...1 Delhi...4 Gurgaon...13 Noida & Ghaziabad... 25 Annexures...37 Luxury...
propindex.magicbricks.com 02 VOL4, ISSUE 1; APR-JUN, FY 14-15 Unlike the drop of 1 per cent in the Jan-Mar 14 quarter, the Ghaziabad City Index also remained unchanged. The Listed Price Monitor recorded a drop of 1 per cent. Unlike other parts of the Delhi-NCR, Ghaziabad posted a rise between 1-3 per cent in capital values. Lal Kaun at 11 per cent was an exception. NATIONAL PROPERTY INDEX l Except Gurgaon, all other cities recorded growing demand of 1-5 per cent for 2BHK units l Properties worth Rs 30-50 lakh continued to top the buyer preference chart with a marginal increase of 1 per cent from the previous quarter l Demand for mid-segment properties worth Rs 50-70 lakh and premium properties worth Rs 1-2 crore rose by 6 per cent l Supply of premium properties in 8 of the 12 cities outstripped demand The Ahmedabad City Index again dropped by 1 per cent in the Apr-Jun 14 quarter. This was primarily on account of a drop in the capital values by 1-4 per cent in large number of localities in the city. This kept the City Index value intact. On the supply side, no significant change was registered in the current quarter. South Bopal showed maximum increase in listings. The Listed Price Monitor showed a similar drop of 1 per cent. The Delhi City Index registered a maximum drop of 4 per cent during the Apr-Jun 14 quarter. Increase in availability of properties on sale primarily in the single floor units and drop in the average capital values by 1-9 per cent contributed to the drop in the City Index. Uttam Nagar in West Delhi noted the maximum increase in supply, followed by Safdarjung Enclave in South Delhi. Over 80 per cent of total housing demand was for apartments. With nearly 45 per cent demand, 2BHK units continued to be the most preferred BHK category at the city level, followed by 3BHK units with 41 per cent demand. Similar to the previous quarter, the Gurgaon City Index rose by 1 per cent in the Apr-Jun 14 quarter as well. The Listed Price Monitor, on the other hand, remained stable, unlike the previous quarter where it recorded a drop of 1 per cent. No major change was recorded in average capital values in the current quarter. However, the rental market showed a drop, unlike the previous quarter. Similar to the previous quarter, the Noida City Index showed no change. Increase in availability of residential apartments for sale coupled with an overall stability in the average capital values arrested the growth of the City Index. This too, kept the Listed Price Monitor unchanged in the current quarter. Over 65 per cent of residential localities tracked in the city witnessed a rise in the average capital values. This arrested the fall of the City Index inspite of slow uptake in the residential market. The Mumbai City Index remained unchanged in the Apr-Jun 14 quarter unlike the previous quarter where it registered a rise of 1 per cent. The Listed Price Monitor also remained unaltered against the Preferred Cities - Sale Locality Rank Q1 Q4 Mumbai 1 1 Bangalore 2 2 Pune 3 3 Chennai 4 4 Gurgaon 5 8 Kolkata 6 6 New Delhi 7 7 Hyderabad 8 5 Ghaziabad 9 9 Noida 10 10 Note: Q4 Apr-Jun 14, Q1 Jan-Mar 14 Preferred Cities - Rent Locality Rank Q1 Q4 Mumbai 1 1 Pune 2 2 Bangalore 3 3 New Delhi 4 4 Chennai 5 5 Hyderabad 6 6 Gurgaon 7 7 Ghaziabad 8 10 Kolkata 9 8 Noida 10 9 Note: Q4 Apr-Jun 14, Q1 Jan-Mar 14
VOL4, ISSUE 1; APR-JUN, FY 14-15 03 propindex.magicbricks.com National - Consumer Budget Preference 30% 25% % 15% 10% 5% 0% 25% 21% 17% 18% 12% 5% 1% Upto Rs Lakh Rs -30 Lakh Rs 30-50 Lakh Rs 50-70 Lakh Rs 70-100 Lakh Rs 1-2 Crore Rs 2 Crore & Above 2 per cent rise it witnessed in the Jan-Mar 14 quarter. East and West Pune remained the most preferred residential corridors, quarter-over-quarter. No significant change was noted in the average capital values. The increase or drop in values was registered between minus 4 to 6 per cent, with a healthy supply. This led to a 1 per cent rise in the Pune City Index. A 1 per cent increase was registered in the Kolkata City Index. Inspite of increase in the average capital values in majority of the localities tracked in the city, the Listed Price monitor remained unchanged. Statistics showed maximum residential development in South and East Kolkata, followed by North Kolkata. The city continued to yield higher rental returns of over 3 per cent, owing to lower base price of property and healthy rental values in comparison to other metropolitan cities. Similar to the previous quarter, the Chennai City Index continued to rise. It rose by 1 per cent yet again in the Apr-Jun 14 quarter. The Listed Price Monitor reported a drop of 2 per cent in the current quarter against a rise of 4 per cent in the Jan-Mar 14 quarter. Residential properties worth Rs -60 lakh remained the most preferred budget category, followed by properties in the budget range of Rs - lakh at 25 per cent. Post the peace that followed the Telangana decision, Hyderabad seemed to have stabilised. The residential property sector was relatively subdued in the Apr-Jun 14 quarter, as compared to the Jan-Mar 14 quarter. The Hyderabad City Index dropped by 1 per cent, primarily attributed to stable property prices and infusion of new inventories at a steady pace. This arrested the City Index growth. The Listed Price Monitor also dropped by 1 per cent as against a drop of 3 per cent in the previous quarter. Bangalore City Index rose by 1 per cent, in line with the NPI. With buyer sentiments in a waitand-watch mode post elections, the Bangalore market has been mostly passive, resulting in little change in property values in the current quarter. There was no change in the Listed Price Monitor. However, the rental market was subdued in the current quarter unlike the previous quarter. The Vadodara City Index value remained unchanged during the Apr-Jun 14 quarter. Drop in the average capital values in areas witnessing maximum development arrested the growth of the City Index. This resulted in the City Index value remaining unchanged in the current quarter. TOP YIELD GROSSERS Gross yield is a ratio of average annual rental value to the average capital value of the property. Given below are the top yield-grossing localities in each city. Locality Gross yield Bangalore, Sarjapur Road 4.97% Kolkata, Banshdroni 4.78% Hyderabad, Nallagandla 4.41% Ahmedabad, Vejalpur 4.% Chennai, OMR 3.92% Delhi, Uttam Nagar 3.62% Noida, Sector-92 3.42% Mumbai, Parel 3.31% Pune, VL Vishrantivadi 3.18% Ghaziabad, Indirapuram 3.01% Gurgaon, Sushant Lok 2.99% CAPITAL GAINS The table given below indicates maximum increase in capital values in each city. Locality % Change Ghaziabad, Lal Kuan 11.36% Bangalore, Sahakar Nagar 10.27% Hyderabad, Begumpet 9.% Kolkata, Narendrapur 8.46% Mumbai, Mulund West 7.66% Ahmedabad, Ghatlodia 7.46% Chennai, Anna Nagar West 6.69% Pune, Kalyani Nagar 5.85% Noida, Sector-93A 4.75% Delhi, Kalkaji 3.31% Gurgaon, Sector-67 2.08%
DELHI propindex.magicbricks.com 04 VOL4, ISSUE 1; APR-JUN, FY 14-15 PROPINDEX - DELHI E d i t o r i a l The Delhi City Index dropped by 4 per cent in the Apr-Jun 14 quarter. This was in contrast to the 1 per cent rise witnessed in the previous quarter. The Listed Price Monitor also dropped by a per cent in the current quarter, as opposed to the 1 per cent rise recorded in the Jan-Mar 14 quarter Key Takeaways l The number of properties on sale went up across the city. Increase in the availability and low sentiments primarily led to a drop in the City Index value. Uttam Nagar in West Delhi noted the maximum increase in supply, followed by Safdarjung Enclave in South Delhi l Listed Price Monitor exhibited varied trends with most of the localities seeing an increase or drop of 1-3 per cent l Greater Kailash-1 in South Delhi, Sector 13 and 24 in Rohini, North Delhi and Vikaspuri in West Delhi negated the trend with a drop of 5-9 per cent l Unlike the Jan-Mar 14 quarter, average rental values registered a drop, leading to overall stable rental values in the last six months in the city l In East Delhi, Mayur Vihar, Vasundhara Enclave and Indraprastha Extension witnessed the lowest variation in rental values in the current quarter. This was primarily owing to proximity to Noida l Except Uttam Nagar in West Delhi, all other residential areas in the city offered gross rental returns on investment between 1.53-2.45 per cent in the Apr-Jun 14 quarter l Delhi recorded equitable demand for properties across the budget range, except for properties worth Upto Rs lakh l Supply at 48 per cent showed higher availability of premium properties worth Rs 2 crore and Above compared to the previous Jan-Mar 14 quarter l Over 80 per cent of total housing demand was for apartments. This resulted in an increase of 8 per cent during the Apr-Jun 14 quarter. With nearly 45 per cent demand, 2BHK units continued to be the most preferred BHK category at the city level followed by 3BHK units with 41 per cent demand l Over-supply was recorded for premium properties of 4BHK and Above configuration at the city level with more than 25 per cent availability in the current quarter Dr DB Gupta Senior Consultant, NCAER Former HDFC Chair Professor, HUF The slow down of the population rate in Delhi is accompanied by growth in the number of nuclear families. An increase in FAR resulted in the addition of new floors. The growth in the number of young high income earners and better access to housing finance added to the demand for high-end properties, in Delhi, Gurgaon, Manesar and Noida-Ghaziabad. The improved connectivity (via the metro) helped in reducing the pressure on Delhi s property market. The City Index of Delhi NCR declined by 4 per cent over the last quarter. Many localities experienced a fall in capital values. Notable exceptions were Kalkaji and Vasundhara Enclave. Most of the localities also experienced a drop in the rental values. Uttam Nagar and Dwarka remained the most preferred localities for purchase. Demand for properties in the price range of Rs - lakh increased by 8 per cent and supply decreased by 2 per cent. Demand for 2 and 3BHK units increased, while that for 1BHK and 4BHK and Above declined. The supply remained unchanged. South Delhi noted an increase in the demand-supply gap of high-end properties. Larger properties of 4BHK and Above had high supply and low demand while units of 2BHK had high demand and low supply. The supply of Rs 2 crore and Above and 4BHK and Above categories increased in North Delhi. The demand remained stagnant. Demand for Rs -100 lakh category and 2BHK units remained consistently high over the last two quarters. Supply in East and West Delhi was in the Rs 1-2 crore range. Demand remained unfulfilled. Shortfall in demand for low end housing might be filled as DDA plans to roll out 27,000 flats across Rohini, Narela and Dwarka starting this month. About 90 per cent of these flats are likely to be in the EWS category and the rest in LIG, MIG and HIG categories.
VOL4, ISSUE 1; APR-JUN, FY 14-15 05 propindex.magicbricks.com DELHI L I S T E D P R I C E M O N I T O R R E N T M O N I T O R -1% l As opposed to the 1 per cent rise reported in the previous quarter, the Listed Price Monitor dropped by 1 per cent in the current quarter l More than 60 per cent of the tracked localities recorded a drop in capital values in the range of 1-9 per cent during the Apr-Jun 14 quarter l While Rohini Sector-24 recorded the highest drop of 9 per cent, localities such as Rohini Sector-13, Vikaspuri and Dwarka saw a 6 per cent drop in capital values in the current quarter l Minor rise in values was witnessed only in South Delhi localities such as Kalkaji, Vasundhara Enclave and Hauz Khas l More than 70 per cent of the tracked localities witnessed a drop in rental values in the Apr-Jun 14 quarter. This negated the significant rise observed in the Jan-Mar 14 quarter l Most of the localities that witnessed a drop were from South Delhi. These localities included Sarita Vihar, Malviya Nagar, Alaknanda and Kalkaji l The highest drop was witnessed in Shivalik (7%) followed by Sarita Vihar (6%) l In Dwarka, Sectors 3-6, 10 and 12 recorded an increase of 2-6 per cent in rental values in the current quarter. Sector 5 recorded the highest rise of 6 per cent Y I E L D M E T E R Locality Average Rental Average Capital Gross Value (Rs/sqft/mth) Value (Rs/sqft) Yield Hauz Khas 28.50 22,0 1.53% Malviya Nagar 24.00 11,775 2.45% Vasant Kunj 24.75 14,150 2.10% Greater Kailash I 28.50 18,975 1.80% Greater Kailash II 26.00 19,875 1.57% Kalkaji 23.75 15,600 1.83% East of Kailash 25.00 18,550 1.62% Uttam Nagar 12.75 4,225 3.62% Indraprastha Extn 19.50 11,775 1.99% Sarita Vihar 18.50 10,925 2.03% l The Yield Meter of Delhi varied from 1.53-3.6 per cent in the Apr-Jun 14 quarter as compared to the 1.6-2.5 per cent range witnessed in the Jan-Mar 14 quarter l Uttam Nagar witnessed the highest yield of 3.6 per cent in the present quarter displacing Malviya Nagar as the top grosser l Malviya Nagar continued to clock high rental returns with 2.45 per cent gross yield in the Apr-Jun 14 quarter l Vasant Kunj and Sarita Vihar also recorded healthy rental returns this quarter. As witnessed in the previous quarter also, both clocked more than 2 per cent returns
DELHI propindex.magicbricks.com 06 VOL4, ISSUE 1; APR-JUN, FY 14-15 PREFERRED LOCALITIES SALE RENT Locality Rank Capital %age Q1 Q4 Values change Uttam Nagar 1 2 3850 to 4900-3% Dwarka 2 1 7600 to 9800-6% Vasant Kunj 3 3 12900 to 160 1% Aya Nagar 4 8 3450 to 40-1% Mayur Vihar Ph-I 5 5 11450 to 14800-2% Saket 6 4 16800 to 210 0% Defence Colony 7-27950 to 360-2% Janakpuri 8 7 11700 to 15000 2% Chattarpur 9 10 4300 to 5700 1% Paschim Vihar 10 6 10300 to 13000-3% Note: Q1 Apr-Jun 14, Q4 Jan-Mar 14 Locality Rank Rental %age Q1 Q4 Values change Mayur Vihar Ph-I 1 2 19000 to 24500-7% Dwarka 2 1 11000 to 13500-2% Saket 3 3 23500 to 31500-4% Vasant Kunj 4 4 22500 to 28500-2% Malviya Nagar 5 5 200 to 27500-5% Defence Colony 6-39000 to 52500-10% Sarita Vihar 7 6 17000 to 21500-6% Kalkaji 8 7 21500 to 28000-4% Safdarjung Enclave 9 8 28000 to 38500-8% Janakpuri 10 9 15000 to 19500-4% Note: Q1 Apr-Jun 14, Q4 Jan-Mar 14 l Five out of the top ten preferred localities for sale in Delhi were in South Delhi. These included Vasant Kunj, Aaya Nagar, Saket, Defence Colony and Chattarpur l Defence Colony was a new entrant in the list this quarter notching the seventh position. Properties were available for Rs 28,000-36,000 per sq ft l Uttam Nagar displaced Dwarka as the most preferred locality for sale in Delhi. It moved up one position as compared to the previous quarter l Vasant Kunj and Mayur Vihar retained their third and fifth positions, respectively, on the list l Preference for Saket and Paschim Vihar dropped in the current quarter. While Saket moved down two positions to settle at number six, Paschim Vihar dropped to the tenth spot from the sixth l Aaya Nagar jumped up four spots this quarter to settle at number four from the eighth position it held in the previous quarter l All localities on the list of the top ten preferred localities on rent this quarter witnessed a drop of 2-10 per cent l Seven out of the ten localities on the list were in South Delhi. Third to ninth position on the list were occupied by these localities l Mayur Vihar Phase-I displaced Dwarka as the most preferred locality for rented properties. It moved up one position as compared to the previous quarter l Saket, Vasant Kunj and Malviya Nagar retained their positions at third, fourth and fifth spots l Defence Colony was a new entrant in the list of preferred localities on rent. It occupied the sixth spot and offered properties at Rs,000-50,000 per month. It also recorded the highest drop of 10 per cent in rental values this quarter l Sarita Vihar, Kalkaji, Safdarjung Enclave and Janakpuri dropped one position each on the list to occupy the seventh to tenth spots in that order Home in your Budget Upto Rs Lakh Uttam Nagar, Aya Nagar, Khanpur, Mehrauli Rs - Lakh Mahavir Enclave, Burari, Chattarpur, Dwarka Mor Rs -100 Lakh Vikaspuri, Dwarka Mor, Mahavir Enclave-I, Indraprastha l Localities in West Delhi witnessed high supply in most categories in this quarter l Uttam Nagar witnessed high supply of properties worth upto Rs lakh. Dwarka Mor and Mahavir Enclave recorded high supply of properties in the Rs -100 lakh range Rs 100-0 Lakh Rs 2 Crore & Above Patparganj, Dwarka Sector-6 & 22, Sarita Vihar Defence Colony, Greater Kailash I, Safdarjung Enclave l Localities in South Delhi witnessed the maximum supply of high end properties worth above Rs 2 crore
VOL4, ISSUE 1; APR-JUN, FY 14-15 07 propindex.magicbricks.com DELHI Broker Mohit Minocha Founder& Director South Delhi Floors Consultant Surabhi Arora Associate director Research Over the years, it has become difficult to buy property in the real estate market of Delhi. In the wake of this, DDA is planning to launch a housing scheme, largely for the economically weaker section. In another key announcement, the state government decided to remove one crucial layer in the registration of properties. DDA lines up largest-ever offer of 27,000 flats Four years after its last housing scheme which had Delhiites stampeding to apply, Delhi Development Authority (DDA) will soon be coming out with its largest-ever offering of 27,000 flats. The 14 housing scheme will offer flats across all categories. These houses will be spread across Rohini, Narela and Dwarka and will be priced from Rs 14-15 lakh to Rs 1 crore. Almost 90 per cent of the houses on sale or 24,000 units will be put to draw exclusively for the EWS, revealed senior DDA officials. n The Times of India, Delhi/NCR One hurdle less for property deals in Delhi At a time when ways to reduce bureaucratic hurdles are being debated across the country, the state government has decided to remove one crucial layer in the registration of properties. From now on, registration of property sale deeds will not require a no-objection certificate (NOC) from the local civic authority. Builders had been complaining that such NOCs delayed land deals and were tainted by corruption. The move is taken to revive the struggling realty sector. n Times of India, Delhi NCR E X P E R T S P E A K With MCD s move to make provisions for smaller farmhouses, buyers now have more options to invest in the luxury segment. Moreover, with a stable government at the centre, the number of transactions have picked up which was almost stagnant till now. As the city will see the new government taking control, more activity in the real estate sector is anticipated, especially in the coming six months. Delhi realty was distressed from the last four quarters. Post elections, the positive business sentiments are likely to boost confidence. The absorption rates are expected to strengthen and new development is likely to pick up. Enquiries have increased but volumes have not yet picked up. With the new government expected to focus on various installed infrastructure projects, a welcome revival in Delhi residential market is expected. R E A L T Y N E W S To read full story and more news go to www.content.magicbricks.com Q&A Abhishek Jain Managing Director Angel Group How has the city performed in the last quarter? Why? The affordable category, primarily the sub Rs lakh budget range, is performing much better across major cities in India in comparison to the budget range of Rs 50 lakh and above. The strict monetary regulations due to high inflation, RBI not releasing funds easily, home loans difficult to get, impending elections and property prices reaching peak levels by the end of last year have propelled this turn around. In Delhi NCR, price levels have remained stable but the rate of increase might not have been as high as last year. Which budget ranges have done well in the last quarter? Why? Property prices between Rs 15-30 lakh sold well in the last quarter of this financial year because of the slowdown in the real estate market. Small investments yielded good results in the past year. What type of property is in demand? Residential 1 or 2 bedroom flats are in demand, starting from 500-10 Sq ft. Which areas or corridors have seen the maximum launches in the last quarter? Which areas are expected to see new launches/possession in the coming months? The maximum numbers of project launches in the last quarter were seen in Noida Expressway and Noida Extension. The maximum expected possession in the coming months will be in Indirapuram. At least 5-6 major residential projects are about to get delivered in the coming months. Any new infrastructure project that had an impact on the real estate market in the last few months or is expected to impact the market in the coming months? In Gurgaon, Sohna Road, Jaipur Highway-Bhiwadi has seen a tremendous growth due to excellent infrastructural development, in and around Haryana by the development authorities.
DELHI propindex.magicbricks.com 08 VOL4, ISSUE 1; APR-JUN, FY 14-15 D E M A N D - S U P P LY A N A LY S I S Demand was largely concentrated on properties priced within Rs -100 lakh. However, supply was concentrated for properties worth Rs 1 crore and Above. Demand for affordable properties priced below Rs lakh was almost negligible. Apartments remained the preferred property type at the city level with 85 per cent demand and 91 per cent supply. Over-supply of premium properties was reflected in the BHK configurations also. Larger units (4BHK and Above) were over-supplied with more than 25 per cent availability. With nearly 45 per cent demand, 2BHK units were the most preferred category. The 3BHK category was also popular with more than per cent buyer interest in the Apr-Jun 14 quarter. Figures in percentage(%) Figures in percentage(%) Figures in percentage(%) 100 80 60 60 0 0 60 0 2 1 32 24 28 25 22 21 (Jan-Mar 14) (Apr-Jun 14) 24 21 < - -100 100-0 0 & above 85 77 - City Level Figures in Rs lakh Figures in percentage(%) 60 - City Level (Jan-Mar 14) (Apr-Jun 14) 9 5 14 10 Apartment Residential House Residential Plot 14 11 44 39 41 BHK Configuration - City Level (Jan-Mar 14) (Apr-Jun 14) 7 4 1BHK 2BHK 3BHK 4BHK & above Figures in percentage(%) Figures in percentage(%) 80 60 0 0 60 0 3 4 8 10 14 12 27 26 (Jan-Mar 14) (Apr-Jun 14) 48 48 < - -100 100-0 0 & above 92 91 5 5 22 22 5 6 47 47 Figures in Rs lakh (Jan-Mar 14) (Apr-Jun 14) 3 3 Apartment Residential House Residential Plot (Jan-Mar 14) (Apr-Jun 14) 26 26 1BHK 2BHK 3BHK 4BHK & above l Maximum demand was noted for the Rs - lakh budget range, a rise of 8 per cent from the previous quarter. However, supply in the category remained low at 10 per cent, registering a mismatch l While almost uniform demand was noted in the Rs -100 lakh, Rs 1-2 crore and Rs 2 crore and Above categories, supply (48%) was largely concentrated in the Rs 2 crore and Above category in the current quarter l Demand for apartments (85%) moved up by 8 per cent during the Apr-Jun 14 quarter as compared to the previous quarter. Supply remained almost unchanged and led demand by 6 per cent l Supply for plots lagged behind the existing demand by 7 per cent in this quarter. However, demand (10%) dropped by 4 per cent. Demand and supply for residential houses remained low, with demand dropping by 4 per cent - City Level l Demand for 2 and 3BHK units moved up by 2-4 per cent in the Apr-Jun 14 quarter. While 2BHK units were the most preferred at 44 per cent demand, 3BHK units followed a close second with 41 per cent demand l A significant over-supply of 22 per cent was noted for larger units (4 BHK and Above). Supply was stable at 26 per cent in the last six months, while demand witnessed a drop of 3 per cent
VOL4, ISSUE 1; APR-JUN, FY 14-15 09 propindex.magicbricks.com DELHI & - South Delhi Most of the supply in the zone was concentrated in the Rs 2 crore and Above category. With nearly 80 per cent availability in this segment an over-supply of 30 per cent was recorded in the zone. However, it remained the preferred budget range for buyers with nearly 45 per cent demand. The 3BHK category was the most preferred and supplied category in the quarter. On the other hand, demand for 2BHK units considerably led supply, resulting in a mismatch. Supply was lower than demand at 12 per cent while demand was at 35 per cent. 42 44 15 12 23 18 23 77 77 9 10 7 7 Rs < lakh Rs - lakh Rs -100 lakh Rs 1-2 crore Rs 2 crore and above l Almost 45 per cent demand was noted for high-end properties worth above Rs 2 crore. A significant over-supply of 30 per cent was recorded in the segment with 77 per cent availability in the Apr-Jun 14 quarter l Demand moved up by 5 per cent in the Rs - lakh segment to settle at 23 per cent in the current quarter. However, supply lagged behind by 18 per cent in the current quarter. The Rs -100 lakh category was also under-supplied by 13 per cent l While demand in South Delhi witnessed fluctuations in the last six months, supply in the zone stayed almost stable in the last two quarters (Jan-Mar 14 and Apr-Jun 14) 15 13 94 10 6 81 75 6 89 7 89 Apartment Residential house Residential plot l Supply in the zone remained almost stable in the last six months across categories. Demand for apartments moved up by 6 per cent from the Jan-Mar 14 quarter. Supply led demand by 8 per cent to stand at 89 per cent l Demand for houses witnessed a marginal drop of 4 per cent in the current quarter and stood at 6 per cent. Supply in the category kept pace with demand with 7 per cent availability l Plots were the most preferred property type, after apartments, demand (13%) in the category still dropped by 2 per cent, in the Apr-Jun 14. However, supply for the same category was significantly lower at 4 per cent 11 7 41 44 33 35 15 14 38 44 13 46 12 1 BHK 2 BHK 3 BHK 4 BHK & above l South Delhi recorded the highest demand for 3BHK units with nearly 45 per cent buyer interest. This was an increase of 3 per cent from the previous quarter. Supply matched demand at 46 per cent in the current quarter l There was a considerable mismatch in the demand and supply of 2 BHK units. While demand inched up 2 per cent in the current quarter to settle at 35 per cent, supply fell short of demand by 23 per cent l A significant mismatch of 10 per cent was also noted in the demand and supply of 1BHK units. While demand was at 14 per cent supply stood at 4 per cent during the Apr-Jun 14 quarter
DELHI propindex.magicbricks.com 10 VOL4, ISSUE 1; APR-JUN, FY 14-15 & - North Delhi There was excess supply for apartments in the zone. Supply in this category led demand by 13 per cent. A healthy demand of per cent was noted for plots in North Delhi. As far as BHK configuration was concerned, supply for both 2 and 3BHK units witnessed a drop in the Apr-Jun 14 quarter. This led to an undersupply of 10 and 3 per cent respectively, in both the categories. Properties worth Rs - lakh and above Rs 2 crore were over-supplied this quarter. Demand, on the other hand, was found to be highest for properties priced at Rs -100 lakh. 15 15 21 26 21 17 16 24 27 32 21 27 21 23 Rs < lakh Rs - lakh Rs -100 lakh Rs 1-2 crore Rs 2 crore and above l In North Delhi, majority of the demand (%) was concentrated for properties worth Rs -100 lakh. Supply lagged by 13 per cent to stand at 27 per cent. This was a drop of 5 per cent from the Jan-Mar 14 quarter l Supply in the zone was almost equally distributed (23-27%) in all the budget ranges except in the Upto Rs lakh category. Maximum rise in supply was noted for high end properties priced over Rs 2 crore l An over-supply of 6 per cent was noted in the Rs - lakh category while the Rs 2 crore and Above category was over-supplied by 9 per cent. Almost negligible demand and supply was noted for affordable properties priced below Rs lakh 7 9 94 6 89 9 7 85 71 73 Apartment Residential houses Residential plot l Apartments were the most preferred property type with 73 per cent demand, a rise of 2 per cent from the Jan-Mar 14 quarter. However, a significant over supply of 13 per cent was witnessed in the category. Localities such as Rohini Sector-9 and Pitumpura contributed towards this supply l Demand and supply of plots remained almost unchanged since the previous quarter. A healthy demand of per cent was noted while supply lagged behind by 11 per cent l Demand and supply for residential houses remained low. While demand dropped by 4 per cent during the Apr-Jun 14 quarter supply inched up marginally matching the demand in the category 30 32 46 47 19 17 10 19 33 44 29 37 13 15 1 BHK 2 BHK 3 BHK 4 BHK & above l While demand for 2BHK units remained almost stable in the last six months at 47 per cent, a drop of 7 per cent was noted in the supply of this category, which settled at 37 per cent in the Apr-Jun 14 quarter as against the 44 per cent in the previous quarter l A similar trend was noted for 3BHK units. While demand inched up by 2 per cent in the current quarter, supply dropped by 4 per cent to 29 per cent as compared to the 33 per cent supply noted in the previous quarter l Moderate demand of 17 per cent was noted for 1 BHK units. However, this was a drop of 2 per cent from the previous quarter. Supply inched up by 2 per cent to settle at 15 per cent
VOL4, ISSUE 1; APR-JUN, FY 14-15 11 propindex.magicbricks.com DELHI & - West Delhi More than 90 per cent demand and supply was noted for apartments in the western zone. Demand in the category moved up by 6 per cent during the current quarter. Both 2 and 3BHK units were preferred in the zone. While 2BHK units led demand with 46 per cent buyer interest, 3BHK units followed close with 42 per cent demand in the Apr-Jun 14 quarter. However, there was an over-supply of 3BHK units in this zone. Properties priced above Rs 1 crore were the most supplied. However, demand was largely limited to the Rs - lakh budget range in the current quarter. 14 9 26 23 28 26 30 41 13 16 47 24 44 18 16 12 6 Rs < lakh Rs - lakh Rs -100 lakh Rs 1-2 crore Rs 2 crore and above l There was complete mismatch between the demand and supply in West Delhi. While the maximum demand of 41 per cent was noted in the Rs - lakh category, supply (44%) was concentrated in the Rs 1-2 crore range l The Rs - lakh category was the only category that witnessed a rise in demand (11 per cent). All other categories witnessed a drop of 1-5 per cent in demand during the Apr-Jun 14 quarter l An equal supply of 16 per cent was noted for the Rs - lakh and the Rs 2 crore and Above category. This was a rise of 3-4 per cent from the previous quarter. Supply dropped by 4 per cent in the Rs -100 lakh range 8 94 86 6 92 93 95 Apartment Residential house Residential plot l Demand and supply for apartments in West Delhi saw a rise during the Apr-Jun 14 quarter. While demand noted a rise of 6 per cent in the current quarter, supply moved up by 2 per cent. The demand (92%) was almost synonymous with supply (95%) l Preference for plots saw a downward trend in the current quarter. Demand for the same dropped from 8 to 4 per cent in the Apr-Jun 14 quarter. However, supply remained negligible, as was visible in the previous quarter l Supply for residential houses matched the existing demand in the category during the current quarter. Demand witnessed a marginal drop of 2 per cent from the Jan-Mar 14 quarter 6 42 43 46 11 9 11 13 54 29 53 28 6 6 1 BHK 2 BHK 3 BHK 4 BHK & above l Nearly 90 per cent demand was concentrated for 2 and 3BHK units. Both categories witnessed a rise in demand. While 2BHK category saw a demand of 46 per cent, a rise of 3 per cent from the previous quarter, 3BHK units saw a demand of 42 per cent l Supply for 2BHK units fell short of the existing demand by 18 per cent while an over-supply of 11 per cent was noted for 3BHK units in the Apr-Jun 14 quarter l A mismatch in demand supply was also noted in the 1BHK and 4BHK and Above categories. While 1BHK units were under supplied by 3 per cent, an over-supply of 10 per cent was noted for larger homes in the Apr-Jun 14 quarter
DELHI propindex.magicbricks.com 12 VOL4, ISSUE 1; APR-JUN, FY 14-15 & - East Delhi Buyer interest was largely inclined towards apartments in East Delhi with nearly 90 per cent demand. Supply in the zone was also likewise aligned with nearly 95 per cent availability. The zone recorded the highest demand for 2BHK units across all zones with 50 per cent buyer interest. An over-supply of 9 per cent was noted for 3BHK units. Demand moved up for premium properties priced between Rs 1-2 crore. A rise of 13 per cent was noted as compared to the previous quarter. Even though supply dropped in the category in the current quarter, it led demand by 12 per cent. 15 17 25 37 34 26 24 18 19 21 56 49 18 16 7 8 Rs < lakh Rs - lakh Rs -100 lakh Rs 1-2 crore Rs 2 crore and above l Both demand and supply was the highest in the Rs 1-2 crore category. Demand settled at 37 per cent in the current quarter, a rise of 13 per cent from the previous quarter. Supply, on the other hand, dropped by 7 per cent to settle at 49 per cent l In the Rs - lakh range a demand of 18 per cent was recorded, a drop of 6 per cent from the previous quarter. Demand for the Rs -100 lakh settled at 26 per cent, a drop of 8 per cent from the previous quarter l Both demand and supply recorded a rise of 2 per cent in the Rs 2 crore and Above category during the Apr-Jun 14 quarter 8 7 6 89 86 95 94 Apartment Residential house Residential plot l Apartments remained the most preferred and supplied property type in East Delhi. As compared to the previous quarter, demand (89%) inched up by 3 per cent and supply (94%) dropped marginally during the Apr-Jun 14 quarter l Localities such as Indraprastha Extension, Mayur Vihar Phase-I and Vasundhara Enclave recorded the highest supply of apartments l Demand in the other categories (residential houses and plots) dropped marginally in the current quarter. Almost negligible supply (3%) was noted for both residential houses as well as for plots. Supply for plots fell short of the demand by 4 per cent. This difference was at 6 per cent in the Jan-Mar 14 quarter 38 38 46 50 12 10 8 9 47 44 39 42 6 1 BHK 2 BHK 3 BHK 4 BHK & above l East Delhi witnessed the highest demand for 2BHK units across zones with 50 per cent buyer interest. This was an increase of 4 per cent from the previous quarter. Supply also inched up by 3 per cent even though it fell short of demand by 8 per cent l An over-supply of 6 per cent was noted for 3BHK units even though supply dropped by 3 per cent in the current quarter. While supply settled at 44 per cent, demand remained unchanged at 38 per cent l Preference for smaller units dropped in the zone. A drop of 1-2 per cent was noted in the demand and supply of 1 BHK units in the current quarter
VOL4, ISSUE 1; APR-JUN, FY 14-15 13 propindex.magicbricks.com GURGAON PROPINDEX - GURGAON E d i t o r i a l Similar to the previous quarter, the Gurgaon City Index rose by 1 per cent in the Apr-Jun 14 quarter as well. The Listed Price Monitor, on the other hand, remained stable during the same period, unlike the previous quarter where it recorded a drop of 1 per cent. The NPI rose by 1 per cent Key Takeaways l At the city level, a marginal increase in availability was noted in the Apr-Jun 14 quarter. Sector 71 recorded the maximum increase in the availability of sale/re-sale properties, closely followed by Sector 67 l No major change was recorded in the average capital values in the current quarter. However, the rental market showed a drop, unlike the previous quarter l Overall, the availability of properties on lease went up in the current quarter as compared to the previous quarter. Sohna Road and Sectors 47 and 56 witnessed the maximum rise l The Yield Meter exhibited 2-3 per cent rental returns on investment in the city. DLF Phase-V, Golf Course Road and Sohna Road offered maximum options for lease. Of these, Sohna Road offered the highest rental returns at 2.39 per cent l Sohna Road continued to be the most preferred residential destination, owing to commercial offices and large scale residential development along the corridor l The supply of 3BHK units was over 50 per cent across the city. Almost similar demand was noted for the category across the city, except localities falling under the Old Gurgaon (Sectors 1-24) l Maximum demand was registered for units worth Rs 1-2 crore, closely followed by properties worth Rs 60-100 lakh in the current quarter l Maximum demand was witnessed for the budget range of Rs 60-100 lakh in the New Developing Sectors (81-95) and residential pockets of Manesar l Merely 1-3 per cent increase or drop was registered in the demand and supply of residential housing. Multi-storey apartments recorded the highest demand l Residential plots continued to be the second most preferred category. The localities of Old Gurgaon, Manesar and New Gurgaon recorded the maximum demand in the current quarter Dr DB Gupta Senior Consultant, NCAER Former HDFC Chair Professor, HUF Gurgaon is the hub of many important commercial offices. Property market in areas close to Gurgaon, such as Manesar and Gurgaon-Faridabad stretch, is growing due to the high prices in Gurgaon. Unlike Delhi and Noida, the City Index for Gurgaon increased by 1 per cent. While Sector 73 experienced a fall in capital values, Sector 67 and Sohna Road experienced an increase. Sohna Road and Palam Vihar were the most popular localities for purchase. New Gurgaon and NH-8 are likely to see expansion in future. The rental market registered a slowdown in most of the localities. The rental yield was mostly higher than 2 per cent, better than the yield in Delhi NCR. Sohna Road and Sector 56 were the most popular localities for rent. There was a greater supply of apartments than demand while there was a shortfall in the supply of residential plots. An increasing demand for apartments in the price range of over Rs 1 crore was noted. The demand and supply was highest for 3BHK apartments. The demand was skewed towards 2BHK apartments, while the supply was more towards the 4BHK and Above category. Sohna Road saw an increasing supply of high-end and 4BHK and Above apartments, while there was a shortage of 2BHK apartments. In Old Gurgaon, an oversupply of 3 and 4BHK properties was seen, but the market is adjusting by increasing the supply of 1 and 2BHK homes. A huge unmet demand of 2BHK properties was also noted. New Gurgaon and Golf Course Extension Road experienced an increased supply and demand of high-end properties of Rs 2 crore and Above. Affordable market of Rs 60-100 lakh is expanding to Dwarka Expressway, Manesar and other New Developing Sectors.
GURGAON propindex.magicbricks.com 14 VOL4, ISSUE 1; APR-JUN, FY 14-15 L I S T E D P R I C E M O N I T O R R E N T M O N I T O R 0% l The Listed Price Monitor for Gurgaon remained stable during the Apr-Jun 14 quarter. This was largely due to the drop in the capital values witnessed in most localities l The drop in capital values ranged from 1-4 per cent in the present quarter l Sohna Road, Golf Course Road and Sector 67 were the only localities that saw a nominal increase of 1-2 per cent in capital values. Sectors 47, 70, 81, 82 and 92 reported no change l Maximum drop in capital values was observed in Sector 73, while the minimum dip was observed in DLF City Phase V and Sector 84 l Contrary to the previous quarter, almost 85 per cent of the localities in the city witnessed a drop in rental values in the Apr-Jun 14 quarter l Golf Course Road and Palam Vihar reported the maximum drop of 8 per cent in the current quarter l Sectors 27, 48 and South City-I were the only localities that registered a rise in rental values. A rise of 2 per cent was observed in each of these localities in the current quarter l A drop of 5-6 per cent in rental values was observed in localities such as Sector 43, Nirvana Country, MG Road, Ardee City and Sohna Road in the Apr-Jun 14 quarter Y I E L D M E T E R Locality Average Rental Average Capital Gross Value (Rs/sqft/mth) Value (Rs/sqft) Yield Dlf City Phase-V 25.00 13,100 2.29% Dlf City Phase-IV 25.00 12,100 2.48% Golf Course Road 25.00 12,975 2.31% Sector-56 16.00 7,575 2.53% Sushant Lok 24.50 9,825 2.99% Sector-54 19.00 11,575 1.97% Sector-52 17.00 7,125 2.86% Dlf City Phase-II 21.50 11,325 2.28% Sector-57 15.50 8,175 2.28% Dlf City Phase-I.50 9,875 2.49% l During the Apr-Jun 14 quarter, the Yield Meter noted a range of 1.97-2.99 per cent which was almost similar to the previous quarter. Stable rental and capital values was the major reason l Sushant Lok clocked the highest rental yield of 2.99 per cent among all other localities, followed by Sector 52 which marked 2.86 per cent gross yield l Sector 54 recorded the lowest gross yield of 1.97 per cent in the current quarter. The locality registered a drop of 4 per cent in the rental values while the capital values increased by 5 per cent l Other localities with high rental returns included Sector 56, DLF City Phase-I and II with rental yield ranging from 2.48-2.53 per cent
VOL4, ISSUE 1; APR-JUN, FY 14-15 15 propindex.magicbricks.com GURGAON PREFERRED LOCALITIES SALE RENT Locality Rank Capital %age Q1 Q4 Values change Sohna Road 1 1 7750 to 9950 1% Palam Vihar 2 2 7300 to 9150-1% Golf Course Road 3 5 150 to 14600 1% Sector-56 4 3 7050 to 8550 0% Sector-57 5 6 7500 to 90-2% Golf Course Extn Road 6 7 7550 to 9600 0% Dwarka Expressway 7 4 4650 to 6100 1% Nirvana Country 8 10 8500 to 10050 - Sushant Lok-I 9 8 8550 to 11250-2% Sector-92 10-3750 to 4850 0% Note: Q1 Apr-Jun 14, Q4 Jan-Mar 14 Locality Rank Rental %age Q1 Q4 Values change Sohna Road 1 1 14500 to 18000-5% Sector-56 2 2 13500 to 17000-2% Golf Course Road 3 5 500 to 27000-8% Nirvana Country 4 3 14500 to 18000-5% DLF City Phase-III 5 6 19000 to 26000-4% DLF City Phase-IV 6 9 21000 to 26500-3% Palam Vihar 7 4 100 to 17500-8% DLF City Phase-II 8 8 17500 to 23500-10% DLF City Phase-V 9 10 21000 to 26500-3% Sushant Lok-I 10 7 18000 to 23500-9% Note: Q1 Apr-Jun 14, Q4 Jan-Mar 14 l Sohna Road continued to be the most preferred locality for sale in Gurgaon since the last one year. The locality saw a nominal rise of 1 per cent in capital values in the current quarter l Even though Palam Vihar saw a drop of 1 per cent in capital values, the locality retained its second position in the list l Sector 92 was a new entrant in the top ten preferred localities for sale in the current quarter. The sector offered the lowest capital values l Golf Course Road and Nirvana Country improved their standing in the list by moving up two positions in the current quarter l Dwarka Expressway saw the biggest drop by slipping down three positions to settle at the seventh slot l Sector 57 and Golf Course Extension Road gained one position each while Sector 56 and Sushant Lok-I dropped one slot in the current quarter l Sohna Road and Sector 56 continued to retain their top slots as the preferred rental areas l Golf Course Road climbed two positions to occupy third slot replacing Nirvana Country which dropped to the fourth position l Palam Vihar and Sushant Lok-I registered a dropped of 8-9 per cent in rental values in the present quarter and slipped three positions each to settle at seventh and tenth positions, respectively l DLF City Phase-IV improved its standing in the list of preferred localities for rent by moving up to the sixth spot as compared to the ninth position it occupied in the Jan-Mar 14 quarter l Golf Course Road, DLF City Phase-IV and V commanded the highest rental values in Gurgaon l Even though DLF City Phase-II registered a significant drop of 10 per cent in rental values in the current quarter, the locality continued to hold its eight position in the list Home in your Budget Upto Rs - Lakh Sohna Road, Sohna, Sector-79, Golf Course Road Rs -60 Lakh Sector-37D, Sector-82, Sector-83, Sector-91, Sector-92 Rs 60-100 Lakh Sector-69, Sector-70, Sector-71, Sector-82, Sector-83 l Sohna Road and Golf Course Road offer both affordable and premium properties. Both locations noted high supply in the Upto Rs lakh and Rs 2 crore and above segments l Supply of properties worth Rs -100 lakh was high in Sectors 82 and 83 Rs 100-0 Lakh Rs 2 Crore & Above Sector-51, Sector-56, Sector-66, Golf Course Extension Golf Course Road, Sushant Lok - I, Dlf City Phase V l Premium properties worth Rs 2 crore and Above were high in DLF City in the current Apr-Jun 14 quarter
GURGAON propindex.magicbricks.com 16 VOL4, ISSUE 1; APR-JUN, FY 14-15 Broker Gaurav Johar Anmol Propmart Gurgaon Consultant Kinni Gujral Associate Director Colliers International R E A L T Y N E W S Expanding its footprints to New Gurgaon, many investment avenues have opened for affordable and high-end properties. With the growing IT set-ups, the city is becoming popular among young buyers, as per the IIM-B-Magicbricks Housing Sentiment Index (HSI) survey. New Gurgaon, NH-8 hold promise in Gurgaon Multi-level developments in terms of infrastructure and commercial activities have spurred the residential property segment in New Gurgaon and NH-8. The residential segment has a slew of projects ranging from affordable to high-end, low-rise to high-rise, condominiums, huge penthouses and villas, owing to the growing purchasing power among the younger generation. New Gurgaon, the area along the NPR (Northern Peripheral Road) zones, holds potential due to its proximity to the airport and Delhi. n Times Property, The Times of India, Delhi/NCR Young buyers keen on Gurgaon market Gurgaon has grown on the back of the IT revolution that hit the city several years ago. It may not be wrong to assume that the IT professionals have given great impetus to the residential market of the city. As per the latest edition of the IIM-B Magicbricks Housing Sentiment Index (Jan-Mar 14), buyers in the age group of 25-29 years have the highest HSI (136), indicating that the younger lot are more positive about the market and expect prices to rise in Gurgaon as opposed to the older generation. n Magicbricks.com Bureau E X P E R T S P E A K Completion of the Dwarka Expressway will definitely be a game changer for the Gurgaon real estate market. Sentiments are much better here because of the changing skyline of Gurgaon with affordable products. With the new government coming in, people are actually talking about real estate investment, which they were avoiding till now because of the negative economic conditions and lack of liquidity in the market. Till last year, more than 70 per cent purchases were from investors for short term profits. The scenario is changing with cautious investor sentiment. Limited demand is seen from end users looking for ready-to-move-in houses. Despite high expectations quick revival was not experienced post elections. Any increase in prices is unlikely in the coming quarters. In the medium to long term prices are expected to increase with upcoming infrastructure. To read full story and more news go to www.content.magicbricks.com Nikhil Jain-CEO, Ramprastha, Gurgaon Q&A How has the city performed in the last quarter? Why? Gurgaon is one of the growing markets since the last few decades. When the country was recovering from the slowdown and was stagnant, Gurgaon saw a constant augmentation. The city offers scope of growth with investors taking keen interest. Property prices have risen in new areas such as the Dwarka Expressway, KMP Expressway and Sohna Road. Which budget ranges have done well in the last quarter and why? Budget range of Rs 60 lakh to Rs1.5 crore have been in demand. The market is recovering from the slowdown and so investors are sceptical about spending large amount of money in highend projects. Thus, the mentioned budget range has been doing well. What type of property is in demand? Properties in the mid-segment have been doing well. Which areas or corridors have seen the maximum launches in the last quarter? Which areas are expected to see new launches/possession? Areas closer to the Dwarka Expressway, FNG Expressway, Southern Peripheral Road and KMP Expressway have witnessed construction of many large scale residential projects. Once the roads are functional, Gurgaon realty market will see a new high. These are expected to see new launches and possessions in the next quarter. Any new infrastructure project that had an impact on the real estate market in the last few months or is expected to impact the market in coming months? The ongoing infrastructure projects such as the Dwarka Expressway, FNG Expressway and KMP Expressway are slowly nearing completion. Once completed, the areas closer to these projects will see a new high.