Properties In Gurgaon To Cost More
Despite the low demand for property in the
wake of the pandemic, DLF has promised a price hike. The realty major will
increase the prices of its apartments in the housing projects by 4% despite the
fact that the sales have been sluggish and there has been a slowdown in the
market.
The realty major decided to increase the
prices of its flats in one of its housing societies, Regal Gardens by INR 250
per sq. foot to INR 6500 per sq. foot from July 15. The country’s largest real
estate developer had launched the Regal Gardens project that will have 516
apartments that is spread across 10 acres in March 2012. The initial cost was
INR 4,750 per sq. foot where the construction is being done by Simplex
Infrastructures.
The reason for the revision in the prices is
that the project is in its advanced stage, and not only 10% of the total
inventory remains to be sold. 90% of the homes have already been sold because
of the structural work already being completed while the services and finishing
work is in progress.
The immense slowdown in the market over the
past 2-3 years has led to a liquidity crunch for the developers which has
resulted in a significant delay of 7-8 years in some of the project completion.
Gurgaon recently had the highest number of unsold units with the figures
shooting up to 57,950 as of 2019 end, which is the highest unsold stock amongst
the NAtional Capital Region (NCR). a hike will only worsen the situation in the
area. The demand and supply in the market are currently tepid and the proposed hike
could dampen the investor sentiments and end-user sentiments while negatively
impacting the primary and secondary housing markets.
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