25th March 2017 - Q1, 2017 Residential Market Wrap - Gurugram
Q1, 2017 saw a spurt (increase) in residential sales / rentals in Gurugram over the last quarter. Primary and secondary market demand side fillip occurred with developers keen to get closure on leftover inventory whilst in the secondary market deals that were on the table from the last quarter matured.
In terms of pricing there was somewhat of a correction in secondary market transactions to the tune of 10% but those were primarily in relatively older residential complexes.
Specific buy side transactions occurred at world spa, crest, camellias, laburnum and park place. Rentals occurred at laburnum, world spa, magnolias, belaire, pinnacle, ivy to name a few.
There seems to be common consensus that this slight improvement in volume of transactions is a sign that the market is on its way to recovery. I'd watch the next couple of quarters closely. More end users seem to be stepping into the market. There are ofcourse still those on the wait and watch mode. We don't see prices falling and rather sustained steady and gradual improvement in the volume of transactions.
As far as rentals go, infact most landlords are looking for an increment in rentals or escalation from existing tenants as leases roll over.
The mindset of investors deciding to invest in residential property in Gurugram is still with a medium to long term perspective in mind. That is unlikely to change for the next year or two..
Copyright © Future Gold