The real estate sector in Gurgaon seems to have finally started coming out of a multi-year slump, as per Haryana Real Estate Regulatory Authority (H-Rera) in its recent study. The property market in Gurugaon during 2018 and 2019 recoded 45% rise in residential launches and in 2019 it recorded its highest-ever sale of 8.6 million square feet in the office space - a 17% growth year-on-year. The H-Rera study found that 8,016 residential units were launched in Gurgaon in 2019 compared with the previous year's 5,540 units. And the unsold units came down to 42,729 last year over 2018's figure of 49,702 — a decline of 14%. Unsold residential inventory saw a decline of 14% in 2019 over the previous year. But while the signs of a revival are there, the average residential property price saw only a marginal increase of 4% year-on-year — from ₹4,240 per sqft in 2018 to ₹4,431 per sqft last year. In the office space segment, some of the locations that witnessed major traction in the second half of 2019 included the Southern Peripheral Road, Golf Course Road (extension) and Cyber City. Gurgaon has remained the preferred choice for corporate firms and because of the dearth of quality office spaces, even the under-construction office stock is seeing enquires for pre-lease. Sectors, other than IT, which were key consumers of office space included co-working offices, media and consulting companies, e-commerce and legal firms. Leasing activity was driven by companies such as Concentrix, Google, Oyo, Huawei, Simpliworks and Genpact, which, on an average, leased over 50,000 sqft of floor space, according to the study.
📅Published on:
10 February 2020
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