In fact this widespread apprehension
is not well founded on substantive and cogent reasoning. Since the onset of the
slump in the property market over the last couple of years, the real estate
prices in this region underwent a downward trend.
Des: There is an upward trend in
Gurgaon properties now and there is some apprehension among investors, property
dealers, property owners and all others concerned that the market will slacken
soon. In fact this widespread apprehension is not well founded on substantive
and cogent reasoning. Since the onset of the slump in the property market over
the last couple of years, the real estate prices in this region underwent a
downward trend. But now the slump has almost come to an end and the real estate
market is back in the saddle. The average prices prevailing in the main centres
of the city are like this: DLF Phase IV, apartments Rs.3000 to 7000 per square
feet, builder flats 7000 to 8000 and plots 55000 to 70000. These figures were
approximately 6% to 12% less about 8 months ago. Currently, in the South City,
apartment rate per square feet is from 3500 to 8500, builder flats 3500 to 6000
and plots 11000 to 27000. The current trend in price was about 12% less about
10 months ago. However, in spite of this better appreciation in so short a
period, the Gurgaon real estate scene is apprehensive about the sustainability
of the prices.
However, industry experts and
investment consultants are of the view that the current uptrend in Gurgaon
properties is not likely to slacken soon. The basis for the said apprehension
in the recent slump in property market was a natural fall out of the global
economic meltdown which has had its toll across the continents. In consequence,
a sizable majority of investors, builders, property owners and real estate
consultants aver that the same situation will come back after a short respite.
But this fear is out of place. There are other causative factors which can
further lend a fillip to the property market in India as a whole in the coming
years. First of all, the recent governmental initiatives will work as
sustainable impetus to not only Gurgaon properties, but to the Indian
real estate market as a whole. The recent governmental notifications
have features such as: (1) Urban Land (Ceiling and Regulation) Act, 1976
(ULCRA) repealed by increasingly larger number of states; (2) In case of
integrated townships, the minimum area to be developed has been brought down to
25 acres from 100 acres; (3) 51 per cent FDI allowed in single-brand retail
outlets and 100 per cent in cash-and-carry through the automatic route; (4)
Full repatriation of original investment after three years; (5) Minimum capital
investment for wholly-owned subsidiaries and joint ventures stands at US$ 10
million and US$ 5 million, respectively; and (6) 100 per cent FDI allowed in
realty projects through the automatic route; etc.
Ravi Chauhan, he writes on behalf of Globalncr.com, which is an
internet portal dedicated to meet every aspect of the consumers needs in the
real estate industry. It is a best Gurgaon Real Estate site where buyers,
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