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As many as 74 percent of total units launched in Gurugram in the Calendar Year (CY) 2021 were independent floor units, catering to demand from higher-end consumers, according to a report by JLL.
As many as 16,418 units were launched in the Delhi NCR, including 6,850 independent floors units in Gurugram, representing a further recovery of consumer confidence in the region’s residential market.
There is a 42 percent increase in the number of independent floors launched in Delhi NCR and 74 percent in Gurugram in 2021, the report said.
The activity was spurred by developers, who actively launched new projects and units in this category given the surge in demand amidst Covid-19. The most prominent developers have already launched independent floors in the last two to three years, and according to JLL, more sites will come to market to meet demand.
Apart from independent floors, plots and villa projects also recorded a healthy momentum with around 2,569 units launched in 2020 and 2021 across Delhi NCR.
Going forward too, buyer preference towards plotted developments and independent floors is expected to be reflected in a significant pipeline of plotted development and independent floors in the next year owing to both positive demand and supply dynamics. As this class of property provides superlative amenities within a gated complex, prospective buyers and investors are giving a good response to such launches, the report noted.
The residential corridors in Gurugram, where independent floors have been launched in the last two years, include Golf Course Extension Road, Dwarka Expressway (Sector 37D), New Gurgaon (Sector 81, 89, 92), Sector 73, DLF City Phase II, III and IV and Sohna.
Most of the independent floors launched in Gurugram cater to the upper mid and high-end categories. The average size of these units is around 1900 sq ft.
“The domestic economic recovery and the consequent improvement in market sentiment in the residential segment, as buyers made a strong comeback to the market, instilled the confidence in developers to strategically launch projects across Delhi NCR in 2021," said Samantak Das, Chief Economist, and Head Research and REIS, India, JLL.
"More buyers now give preference to bigger homes amid the rise of work from Home, hybrid culture, and e-schooling. The dominant configuration in these upcoming independent floor projects is 3BHK and 4BHK, with the additional room now becoming a good-to-have need from buyers and developers responding with such flexible home types,” he said.
The major micro-markets where plots and villas were launched across Delhi NCR include Greater Faridabad (Sector 77, 81,83,84), Pari Chowk in Noida, Dwarka Expressway, Sector 82, Sector 88B, and Sector 70 A in Gurugram.
“Plotted development has also gained momentum as it provides the benefit of flexibility and customization to the prospective buyers as they can build their houses according to their taste and preferences. In certain cases, developers also offer services for construction to create bespoke houses for the buyers," said Manish Aggarwal, Managing Director, North & East India, JLL.
"In terms of demand, plotted developments and independent floors are gaining significant traction as buyers are increasingly looking at staying in low-rise independent floors which by design are low-density developments and are now mirroring gated condominium communities with more open spaces,” he said.
