23rd February 2017 - February 2017 Monthly Property Market Wrap for Gurgaon
February has been a fairly quiet month as far as real estate is concerned in Gurgaon. Office Leasing Market showed a stagnation in terms of transactional activity and queries with prospective tenants either deferring space take-up decisions and some even mulling over whether to buy rather than lease in the current market scenario. We received queries with specific and targeted requirements, with prospective tenants asking for more than what was available in the market both in terms of pricing and configurations. Oddball office space transactions occurred on the golf course road (7000 sq. ft. or so in size) while others in the 1000 – 2000 sq. ft. segment occurred in buildings near HUDA City Centre with the Metro being the obvious propellant.
We closed a couple of residential rental transactions at premium end complexes off-shooting from January site visits and negotiations. This segment of the market is most happening in terms of activity levels with maximum transactions being recorded across the board.
Also, what seems to be picking up is residential sales demand in the secondary market at this stage. Slow but somewhat reassuring we had demand in the range of 3-5 Cr. apartments after a while which bodes well for the market. Feedback from other associates is that residential purchase queries in the secondary and primary markets are building up. I would like to watch this space and trend for the next few months.
Developers are staying cautious and inactive in terms of project launches and concentrating on promoting left-over stock from prior projects and marketing those properties with certain USP's. Finally, if we venture out of Gurgaon, some developers are promoting second home projects as financial products rather than just real estate products in holiday locations offering assured rentals and buy-back schemes. Tough market to operate in regardless.
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