Gurgaon’s high-end homes may see price dip

eal estate consultancy firm Jones Lang LaSalle Meghraj also agrees that there will be an oversupply within the next two years.

The demand for high-end apartments is mostly investor-led and they currently comprise 60% of the total customer base. “Only 40% of buyers are actual end-users,” Sahel Pramendra, managing director, North India, Jones Lang LaSalle Meghraj, said.

The growth of Gurgaon has largely been led by the demand for quality residential and commercial space near Delhi, and prices have tripled in as little as three years, making it an attractive investment for those looking for a quick gain.

Gurgaon, often a measure of home prices in tonier Indian suburbs, has seen the development of many premium residential apartments with extra amenities such as swimming pools, acres of landscaping, private lifts and jogging tracks. According to DTZ, 25% of the existing and upcoming residential developments in Gurgaon are in the high-end residential segment.

India’s largest developer DLF Ltd as well as other big developers such as Unitech Ltd, Emaar MGF Land Ltd, Parsvnath Developers Ltd have all developed or are developing high-end residential apartments in Gurgaon. The price of high-end spaces ranges from Rs2 crore to up to Rs10 crore, depending on the size and the amenities.

DLF’s luxury home project, The Magnolias, has large centrally air-conditioned apartments which vary in size between 5,825 sq. ft and 10,000 sq. ft. Located inside the DLF golf course, the homes cost between Rs5 and Rs9 crore.