Looking for an apartment in Gurgaon? It’s time to buy now

If you have been waiting for the right time to buy your dream home in Gurgaon, the current market situation in the city might just give you a window of opportunity. Why? Let’s find out.

In the last one year, real estate markets have been slow across cities in India. The Gurgaon market is no different. While buyers are still looking for property in Gurgaon, supply in the market has exceeded the demand of late. This trend is more visible in the apartment category. Does this indicate good news for buyers looking for an apartment? Probably yes.

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As per the PropIndex, Apr-Jun 2014 quarter, apartments in Gurgaon have witnessed an over-supply of 15 per cent in the last three months. This indicates that for every 100 home buyers seeking an apartment in Gurgaon, there are 115 units available in the market.

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Commenting on this scenario, E Jayashree Kurup, head, content and research, Magicbricks, says, “The over-supply in the market is not due to reduced demand. Gurgaon is always in demand. However, while transactions were low in the last 6-12 months, developers have constructed the projects they had launched. This has resulted in ample supply of apartments in the market.” This gives a good chance for negotiating and striking a good deal with the developers while the sentiments are low, she adds.

Kinni Gujral, associate director, Colliers International also highlights why it is a good period to buy. “Despite high expectations, quick revival of the market was not experienced post elections. Any increase in prices is unlikely in the coming quarters. In the medium to long term, prices are expected to increase with the upcoming infrastructure and the opening of the Dwarka Expressway.”

Thus, this indeed seems to be a right time to buy.

So what is available in the market? As per data with Magicbricks, 3BHK units are the most common in the market with more than 50 per cent availability. It is followed by 4BHK units with slightly more than 25 per cent supply, indicating a tilt towards larger homes.

The ‘Home in your Budget’ table also shows where one can find properties within your budget:

So, all those who have been keeping their buying decisions on hold, may now take a leap into the property market, as far as buying an apartment in Gurgaon is concerned.

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/looking-for-an-apartment-in-gurgaon-its-time-to-buy-now/75027.html