12th March 2017 - Weekly Market Scoop 1st Week March 2017
So thought I'd assess and type out my thoughts on the week so far in March 2017 as far as the property market is concerned in Gurgaon or Gurugram as it is now officially known as.
Residential Market has seen a fillip in terms of demand side queries no doubt in the last two weeks I would say with residential segment buyers and tenants stepping into the fray to assess prospective buys and lettings.
I would always maintain that a healthy state of the market is when residential segment buyers show an increased interest in the market. This is normally the first step in the cycle of an up market movement though it's early times yet and the trend must continue for months on end for the trend to establish.
In terms of the complex options we've presented to clients the range lies from Camellias and Magnolias at the top end to Crest, World Spa, Belaire in the next segment and finally Park Place, Bestech Park View Spa and Ireo Grand Arch in the final lower segments.
The predominant interest has been in the 3-5 Cr. segment (residential). This works for us mainly on a referral basis with clients coming in through known references.
Office buying activity is slack although few large ticket size sellers have entered the market particularly in the institutional area of sector 44 in Gurgaon.
In terms of residential rentals we are seeing demand at Magnolias and Aralias at the top end followed by World Spa and Laburnum in the premium segment and Uniworld City in the semi-premium segment. Demand spread is fairly even across the complexes mentioned.
Office rentals seem to have hit a seasonal halt however with few demand side queries in February notably on the golf course road only with a limited budget scope.
I expect residential side fillip to continue in both buying and renting spheres though it is to be seen for how long. I also would expect office leasing market to show some seasonal return in terms of demand side interest either in this month or the next..
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