Gurgaon sees launch of several Large-size Apartments
The third quarter of 2014 has seen the emergence of various market trends in the NCR. There have been multiple projects launched during this period, particularly in Greater Noida followed by Gurgaon. But one of the most significant trends seen in the ‘millenium city,’ as per CommonFloor research, was the launch of large-size apartments. While most developers pan-India are reducing property sizes so as to lower overall ticket prices and offer ‘affordable’ properties, builders in Gurgaon are not seen to be following suit.
According to CommonFloor research, most properties of all BHK configurations launched in Gurgaon were relatively bigger than those in other key cities in the NCR. Despite skyrocketing prices, builders in Gurgaon refrained from reducing the apartment sizes. This could be mainly due to high demand for luxury and ultra-luxury homes in this market. In contrast to this, Greater Noida is considered to be an affordable destination and to be well within the affordable bracket builders started to reduce property sizes. One of the major reasons for developers in Greater Noida to reduce property sizes was to stay in the market and survive the competition of affordable prices.
As per data, NCR witnessed several new launches in Q3 2014, especially in the 2 and 3BHK configurations. Out of these, more than 50 per cent were located in Greater Noida. As for 1BHKs, almost equal number of launches happened in all the three major markets – Greater Noida, Gurgaon and Noida.
However, if we consider the property size for a 1BHK apartment in NCR, Greater Noida saw new supply in the size range of 500-650 sq. ft. while 1BHK properties in Gurgaon were 650 sq. ft. onwards. In the 2BHK configuration, apartments were within the size range of 1000-1500 sq. ft. while in Greater Noida more than 80 per cent of the 2BHK properties were below 1000 sq. ft. Similarly, the sizes for 3BHK units in Gurgaon were within the range of 1500-3000 sq. ft. while in Greater Noida more than 60 per cent of the 3BHK properties launched were of sizes below 1500 sq. ft.
Some prominent projects launched in Gurgaon were Cattaro by Advance India Projects, M3M Latitude by M3M India Limited, Chintels Acropolis by Chintels India Pvt Ltd, Viva County by VSquare Development Company Pvt Ltd and Godrej New by Godrej Properties Limited. Other key developers having spacious and affordable properties in Greater Noida include Mahagun Mantra 2 Villaments by Mahagun Group, Misty Heights by Mascot Homes Pvt. Ltd, Apex Golf Avenue by Apex buildcon India Pvt. Ltd, etc,.
