Purchasing affordable homes in Gurgaon has turned out to be a popular trend, with the real estate industry picking up pace in the city. Presently, Gurgaon happens to be one of the prime real estate hubs in the country. With various investment schemes available to the property owners, along with the PMAY scheme, affordable home sales in the city are on the rise. Particularly, people in the low- and mid-income range groups are investing in such homes. Following a phase of stagnancy, the city is witnessing a growth phase in real estate, thanks to affordable housing in Gurgaon.
It would be a logical decision to invest in this type of property considering several reasons.
Where does the real estate industry in Gurgaon stand?
In the past, most of the real estate projects in Gurgaon catered to high-end customers. Investors were also inclined towards premium housing. However, the trend started changing in 2018. Between July and December in the same year, it was noted that 60% of the residential properties came within INR 50 lakhs.
Some of the factors driving the popularity of affordable flats in Gurgaon are:
- Excessive supply: Compared to the demand, the supply of residential apartments in Gurgaon is high. This indicates that the builders would be selling off the inventory at a lower range. No wonder, why homebuyers in Gurgaon can purchase these properties at lower prices.
- Increasing property prices: Due to the rising demand for residential real estate in Gurgaon, the average property prices are increasing. Although affordable housing projects in Gurgaon are gaining popularity, investors would have to shell out a higher price after a few years.
- Demand for affordable homes: Younger professionals and millennials account for a major segment of the buyer group of affordable homes in Gurgaon. In case you are a corporate professional or want to purchase a new apartment, check out the best affordable housing projects in Gurgaon.
The real estate industry in Gurgaon, therefore, presently looks favorable for investors. Considering the low price and infrastructural developments in the city, this would be the right time for you to invest in these affordable properties in Gurgaon.