Gurgaon: Years of slowdown in the actual estate sector has piled up unsold stock of residential gadgets in Gurgaon, one of the most main markets in the country.
As per the commercial survey, some 50,000 unsold stock of residential homes is to be had in Gurgaon, of which 65% are underneath construction and around 15,500 are in a position to move in.
This yr's financial survey has highlighted that Mumbai has the perfect proportion of vacant homes amongst 19 main cities while Gurgaon ranks first with regards to the proportion of vacant homes to the residential stock in the town. "In terms of share of vacant houses to total residential stock, Gurgaon ranks highest (26%)," says the report.
The survey indicates that a majority of the unsold stocks are in new sectors 74-113. "Southern Peripheral Road and Dwarka expressway constitute a major chunk of unsold and vacant housing stocks," stated Navdeep Sardana, founder & CEO of Elite Landbase, a real estate consultant.
"There are negligible new launches in the past few years and most of the unsold stocks are in projects which are at different stages of construction," he stated.
According to professionals, in the past few years, consumers have moved to commercial properties instead of the earlier pattern of reserving residential properties. This is basically on account of higher returns in commercial properties, which has impacted investment in residential gadgets.
"Over the past two years, commercial properties especially hi-street retail and pre-leased properties have done very good business owing to assured returns, yielding rental and regular income and appreciation scope," stated Sardana including that appreciation in the residential section isn't as it was previous.
Anuj Puri of ANAROCK Property Consultants attributed massive provide in the areas to the unsold housing gadgets. "Lack of adherence to stipulated timelines for completion of Dwarka expressway and housing projects has also restricted the movement in real estate sector," he stated.
"High-end projects, big ticket-size sales impacted due to demonetisation and other structural changes," he added.
Anshuman Magazine, chairman for India and South East Asia -CBRE, stated, "People from across the country and even in another country have invested in the NCR and Gurgaon, specifically.
"These other folks are not citizens of NCR and neither have they rented out their area for some or different causes. This is the cause of high vacancy."
"It will take some time for residential actual estate section to pick out up. The prices are too high and buyers have moved to different sectors because of new laws," he added.
As per the commercial survey, some 50,000 unsold stock of residential homes is to be had in Gurgaon, of which 65% are underneath construction and around 15,500 are in a position to move in.
This yr's financial survey has highlighted that Mumbai has the perfect proportion of vacant homes amongst 19 main cities while Gurgaon ranks first with regards to the proportion of vacant homes to the residential stock in the town. "In terms of share of vacant houses to total residential stock, Gurgaon ranks highest (26%)," says the report.
The survey indicates that a majority of the unsold stocks are in new sectors 74-113. "Southern Peripheral Road and Dwarka expressway constitute a major chunk of unsold and vacant housing stocks," stated Navdeep Sardana, founder & CEO of Elite Landbase, a real estate consultant.
"There are negligible new launches in the past few years and most of the unsold stocks are in projects which are at different stages of construction," he stated.
According to professionals, in the past few years, consumers have moved to commercial properties instead of the earlier pattern of reserving residential properties. This is basically on account of higher returns in commercial properties, which has impacted investment in residential gadgets.
"Over the past two years, commercial properties especially hi-street retail and pre-leased properties have done very good business owing to assured returns, yielding rental and regular income and appreciation scope," stated Sardana including that appreciation in the residential section isn't as it was previous.
Anuj Puri of ANAROCK Property Consultants attributed massive provide in the areas to the unsold housing gadgets. "Lack of adherence to stipulated timelines for completion of Dwarka expressway and housing projects has also restricted the movement in real estate sector," he stated.
"High-end projects, big ticket-size sales impacted due to demonetisation and other structural changes," he added.
Anshuman Magazine, chairman for India and South East Asia -CBRE, stated, "People from across the country and even in another country have invested in the NCR and Gurgaon, specifically.
"These other folks are not citizens of NCR and neither have they rented out their area for some or different causes. This is the cause of high vacancy."
"It will take some time for residential actual estate section to pick out up. The prices are too high and buyers have moved to different sectors because of new laws," he added.
Unsold housing units pile up in Gurugram, economic survey puts stocks at 50,000
Reviewed by Kailash
on
February 07, 2018
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