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The real estate market in the NCR is set to display a powerful rebound amidst the uncertainty of the pandemic. This is according to one of the most reputed consultants in the real estate sector which has come up with the latest projections. As per industry experts, the end of the current year is likely to witness the availability of around 50,000 affordable properties. Among these, around 16K homes are likely to be developed in Gurgaon, one of the largest pockets of residential real estate in the region.
Presently, the NCR has around 1.8 lakh homes falling within the affordable category under different stages of development. These homes are priced under INR 40 lakhs. The government has issued housing licenses for around 110 properties in Haryana since 2014. A major share of these properties is situated in Sohna and Gurgaon. Out of these, as many as 80,000 units have already been sold. However, 22,000 units have been delivered to the buyers till now.
As per industry experts, the markets in the real estate sector would be opening up, as businesses return to normal. Therefore, the residential real estate market would come back on track. By 2021, a significant number of residential projects will be completed. Out of these the affordable segment accounts for 43% of the share. The mid segment accounts for 39%, while the premium segment would have 13% of these homes. The luxury real estate homes account for 5% of the share. The ripple effect has already been generated in places like Cyber City and MG Road. The state government has also significantly focused on the affordable housing segment. In order to foster a better growth of the real estate segment in this part of the city, around 40% of the residential units have been priced under INR 50 lakhs.
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