Property Market Wrap – Q2, 2017 - Gurugram
Property markets in Gurugram took a swing for the better in this quarter overall. With roughly a 5% rise in transactional activity Q2 was symbolic of what was a healthy recovery for the market as per most agents, developers and associates.
To understand the segment wise movement let's analyse the sub-segments more carefully.
Residential buying activity increased in Q2 particularly in the months of April and May. Apartment complexes where transactions occurred include Camellias, Crest, World Spa, Magnolias and Pinnacle.
Buyers also showed interest in Aralias, Central Park 1, Park Place, Belaire, Laburnum and Palm Springs.
Deals were negotiated at somewhat discounted rates whilst Primary Markets maintained prices mostly. The healthy fillip in volume is a good sign of activity in the market at large and should bode well for the coming quarters.
Residential leasing was also fairly active with Magnolias, Belaire, Park Place, World Spa, Laburnum being active in terms of transactional activity. Other complexes where prospective tenants showed interest include Aralias, Uniworld City and Central Park 1. Residential rentals showed a 3% hike quarter on quarter.
Office Leasing interest surprisingly took place in polar opposite size requirements with a large tenant looking for plus 60,000 sq. ft. of office space with us whilst there was small business centre demand as well with us. Rentals remained status quo as far as office leasing goes this quarter.
A few office purchases are believed to have happened for 10,000 sq. ft. plus sizes. Acquisition prices remain undisclosed.Q3, 2017 is expected to see resuming activity after the June holiday season particularly after RERA and GST are established. August and September should be interesting months to watch..
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