Sales volumes for possessions at Gurgaon further went down and fresh unit launches were restricted in town.
Further, demonetization at the end of 2016 further affected developers in Gurgaon like in the rest of the country. There was equilibrium observed in quoted prices and reductions were available, but people stayed away from purchasing residential flats in Gurgaon. Gurgaon saw a drop in investment at the residential properties as property buyers, a lot of whom were chief end consumers were on the watch for ready-to-move-in apartments and were wary of guarantees of future infrastructure or property. Overall, Gurgaon’s market saw a terrific dip lately.
With the newest budget placing affordable housing under the category of infrastructure, the government intends to get closer to its goal of providing affordable housing for all by 2022. This newly-granted infrastructure standing also makes available cheaper funding options from real estate contractors who can now access funds at a borrowing rate significantly less than 10% for developing affordable housing, leading to a following and definite reduction in purchase costs for homebuyers.
About 95 percent of the demand in the real estate sector has been of affordable housing. With decreased borrowing rates, the real estate developers can now concentrate on constructing housing projects in which a significant requirement lies, and anticipate a healthy expansion in this section.
The budget has gained the end users the most best affordable housing projects in gurgaon. With tremendous tax benefits provided to people in the lowest income bracket as a substantial tool to drive affordable housing, the dream of many to have a home now appears to have closer to realization.
As a real estate marketplace, Gurgaon has great chances of recovering from the downtime in the recent past. Among its own driving advantages has been its ability to churn out high-quality office spaces, and now while building on this advantage, if developers in Gurgaon prioritize building and launch ready-to-move-in affordable housing jobs that end-consumers put high value on and subsequently reward, subsequently Gurgaon will soon rise up as a strong real estate provider meeting the housing demands of its occupants.