Supply of independent floors up in Gurugram, Faridabad
Real estate developers have launched 4,500 independent floors during the January-September 2021 period in Gurugram and Faridabad, about 40 per cent of the new housing supply in these two cities, to meet rise in demand of such properties during the COVID-19 pandemic, according to property consultant Anarock.
Over 20,000 independent floor flats are expected to be launched in both the cities in the next one year, it estimated.
''Approximately, 10,970 units across different property types have been launched in Gurugram and Faridabad between January to September 2021, of which 4,500 units are independent floor units,'' said Santhosh Kumar, Vice Chairman, Anarock.
Between 2006 and 2010, nearly 21,300 independent floor units were launched in these two cities. However, supply dropped to about 10,000 units between 2011-2015 and just 2,990 units during 2016-2020.
Kumar attributed increase in supply to the changing buyer preferences due to the pandemic and the Haryana government’s Deen Dayal Jan Awas Yojna scheme, under which developers can build independent flats up to four floors and sell them individually.
''Many developers with land banks in these cities are now lining up for licenses to construct independent floor homes,'' he added.
Earlier, independent floors were typically developed by local NCR developers, Anarock said.
The development turnaround time for independent flats is faster than high-rises, and money generated from builder floors starts flowing within one year, Anarock said, while highlighting the reason for growth in this particular category.
''Homebuyers today are keen on quick possession. The possession time for independent floors is significantly shorter than for multi-storey apartments. Builder floors are also gaining popularity because they combine the benefits of both traditional apartments and villas,'' Anarock said. Realty firm M3M group Director Pankaj Bansal attributed the rise in demand for independent floors in Delhi-NCR to increased consumer awareness towards holistic living.
''People get more space with a sense of privacy in the independent floors which can be customized as per their requirements,'' he said.
M3M plans to launch more independent floors in Gurugram. ''Since October 2020 we have launched premium independent floors across DLF City in Gurugram as well as DLF Gardencity in New Gurgaon and have received a phenomenal response from the market,'' DLF CMO Karan Kumar said.
The independent floors launched from October 2020 in different phases at DLF City, Gurugram started with Rs 11,000 per square feet in October and have gone up to Rs 15,000 per square feet in subsequent launches to date, he said.
The prices of floors in New Gurugram have risen to Rs 7,000 per square feet from Rs 5,500 per square feet.
Signature Global Chairman Pradeep Aggarwal said the demand for independent floors in Gurugram have increased since they offer speedy and quality construction and are limited to four stories per plot along with a provision of many other premium amenities within a gated complex. Deen Dayal Jan Awas Yojana (DDJAY) has helped in boosting supply and demand of independent floors, he added.
Nayan Raheja, Executive Director, Raheja Developers said the COVID-19 pandemic has encouraged interest in this format as a long-term investment. ''Due to land scarcity and high prices, buying an independent floor near city centre is a pipe dream; as a result, these developments are springing up in newer locations, and Gurugram has some of the greatest options due to increasing connectivity in recent years,'' he added.
Trehan group Chairman Harsh Trehan said: ''Builder floors segment is now getting organized, so far it was a fragmented market and ignored by established developers. We recently launched 320 luxury builders’ floors in multiple locations of Gurugram and have been a getting phenomenal response from home buyers.'' Vivek Singhal, CEO of Smart World Developers, said prospective homebuyers are now preferring homes to accommodate an office space, study home for the kids to have a perfect work-life balance. ''This has propelled a preference for independent floors located in gated townships endowed with best-in-class amenities, allowing families to live without compromising on their privacy and optimized living at a comparatively lower cost than villas and penthouses,'' he added.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)