Luxury housing, co-working spaces gain traction in Gurugram realty biz

Gurugram: Tough times call for innovative measures, new trends and the paradigm shift is now being seen in the realty market of Gurugram that has seen a downward trend since 2012. According to the official records, this year the residential launches in Gurugram has reduced by almost 60 percent as compared to last year but there has been an increase in sale by 20 per cent. In 2017 out of 8,923 units that were launched, sales of 4,226 units were registered.

In the last six months of 2018, there was a drastic reduction in launches that was recorded at 3,578 units but there were healthy sales that were reported at 5,105 which is more than 20 percent than the previous year. Sources indicate that most of the sales have been witnessed in Golf-Course extension road, Sohna Road and also at Dwarka Expressway. The luxury housing market is still seeing a good market with maximum sales in the category of Rs 60 lakh–15 crore category. In what can prove to be a good news for the developers, the unsold inventory has come down from 36,000 units to 31,000 units

There was a drastic drop in the collections of revenue through registration from the Gurugram circle. Out of Rs 3,900 crores of total revenue collected by the government through registration of properties, Gurugram contributed about Rs 1,464 crore last year. This amount was less than the revenue that was collected in the year 2013-14 which was over 1,900 crore. There has also been a marked slowdown in the sale of housing units.

While 2013-14 saw 55,220 units being sold, in 2016-17 the sale transactions reduced to 52,476 units. The presence of larger inventories however generated Rs 26,073 crore, which was higher than 2013-14's Rs 19,500 crore. Compared to residential market, the commercial sales have seen much better business. However, even in this space, the co-working space, a concept in which office space is leased to various organizations has gained a lot of traction.

Co-working spaces are the office space that has been leased to various organizations. Startups are still growing in Gurugram, most of the new businesses are opting for this concept as it guarantees lesser rent for the office space. It must be noted that co-working spaces have already gained a lot of popularity in cities like Bengaluru and Mumbai. In Delhi-NCR, Gurugram is a leading choice for the companies that provide this concept. To provide a fillip and transparency to real estate, the government has introduced several measures like increasing the floor area ratio (FAR) to revising the circle rates.