Sales volumes for possessions in Gurgaon further went down along with fresh unit launches were restricted in the city.
Further, demonetization at the end of 2016 further influenced programmers in Gurgaon like in the rest of the nation. There was equilibrium noticed in quoted prices and discounts were still available, but people stayed away from buying residential flats in Gurgaon. Gurgaon saw a drop in investment at the residential properties as property buyers, much of whom were primary end users were on the watch for ready-to-move-in flats and were wary of guarantees of future infrastructure or property. Overall, Gurgaon’s market saw a terrific dip lately.
With the new budget putting affordable housing under the category of infrastructure, the government plans to get closer to its aim of providing affordable housing for all by 2022. This newly-granted infrastructure standing also makes available cheaper funding choices from real estate contractors who can now get funds in a borrowing rate significantly less than 10 percent for creating affordable housing, leading to a following and definite decrease in purchase costs for homebuyers.
About 95 percent of the requirement in the real estate sector has been of affordable housing projects in gurgaon. With reduced borrowing rates, the real estate developers can now focus on constructing housing projects in which a major requirement lies, and look forward to a healthy expansion in this segment.
The budget has gained the end consumers the most. With enormous tax benefits provided to people in the lowest income bracket as a substantial instrument to push affordable housing, the dream of many to own a house now seems to get nearer to realization.
As a real estate market, Gurgaon has excellent chances of recovering from the downtime in the recent past. Among its driving strengths has been its ability to churn out high quality office spaces, and now while building on this advantage, if programmers in Gurgaon prioritize building and launch ready-to-move-in affordable housing jobs that end-consumers place high value and subsequently reward, then Gurgaon will soon rise up as a strong real estate supplier meeting the housing demands of its residents.No comments