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Low cost flat options sees upswing in Gurgaon

While property prices may be increasing across several parts of Delhi-NCR circuit, the announcement of HUDA’s new affordable housing scheme may help revive Gurgaon’s realty market.

The real estate market in Gurgaon is expected to gain momentum with new initiative of Haryana Urban Development Authority (HUDA).  In a fresh bid to allot low cost flat, HUDA has put on offer for around 1,500 Ashiana Houses in Gurgaon and Rewari.

Around 1,088 flats located in Gurgaon’s Sector 47 and another 408 flats in Rewari’s Sector 18 are up for grab.

About Ashiana Project:

The low-cost housing project had been approved in October 2009 and HUDA had begun the construction work as part of its Ashiana Project, to offer living space with basic amenities to the people belonging to the economically weaker section. HUDA constructed around 9,990 low-cost units in urban areas of the state, including Gurgaon and Faridabad.

Apart from this approved affordable housing project by Haryana government; private building firms have also lined up several housing projects within budget price bracket in Gurgaon. In a recent report by Cushman & Wakefield – some of the new localities of Gurgaon like Sohna have set the record in terms of infrastructure developments and the absorption of residential units. After Gurgaon’s central location, the livability index of some promising areas with respect to residential budget property availability is constantly growing.

According to realty market expert, Gurgaon has now become the epicenter of the affordable housing scheme and major realty players want to convert it into their best opportunity and are putting maximum effort to accelerate sales.

“The demand for affordable housing has increased in Delhi-NCR and this new trend has been well realised by the real estate developers which remained untapped for a long time in the housing segment. With the government’s special effort on affordable housing scheme and exemption in tax benefits, builders who have been concentrating on only high-end luxury projects, have started investing in this segment too”, says Harish Arora of Saksham Services.

According to Dhiraj Jain, director, Mahagun Group, “Housing choices that people make are completely dependent on their economic, social and psychological impulses. While some may choose to spend more on housing because they feel they can afford to, others may not have a choice. This portion of population that migrates to urban areas for jobs is the main driver of affordable housing”.

Alongside the growth of urban population, rising incomes have led to the expansion of the middle class. This has led to a spike in demand for housing that is “affordable” but includes basic amenities, he adds.

Some of the front runner private realty players like Global Signature, Supertech, Raheja, Pyramid Infratech and Pivotal Infrastructures are building low cost homes in the millennium city. Most of the affordable housing options are coming up in the newly developed sectors such as 58 to 115.

Here are some of the top low cost property options in Gurgaon.

Project Name Property Type Size Location
Signature Solera 1 BHK 350 sq. ft. approx. Sector 107, Gurgaon
Supertech Basera 1 & 2 BHK 404-592 sq. ft. Sector 79, 79 B of Gurgaon Manesar Urban Complex
HCBS Sports Ville 1 & 2 BHK 528-841 sq. ft. Sector 2 & 35, Sohna Road, Gurgaon
Raheja Krishna Housing 1 & 2 BHK 414-640 sq. ft. sector 14, Sohna, South of Gurgaon
Raheja Maheshwara 1 & 2 BHK Sector 11 &14, Sohna road, South of Gurgaon