Good and Bad News for Buyers Looking for Flats in Gurgaon

To those who want to buy 2 BHK flats in Gurgaon there is good news and bad news. The good news is that the price of flats in the Millennium is dropping, the bad news is that the size of flats in Gurgaon is being reduced as well.

Developers are trying to counter the rising price of land in Gurgaon by building smaller units. Builders and developers in Gurgaon are trying to target middle-income bracket households who builders believe are in the right segment to purchase the new 2 BHK units being built.

Why Build Cheaper Units Now?

One reason why less expensive units are being built today is that builders have begun to respond to the rising uproar from buyers with respect to the skyrocketing price of real estate in Gurgaon. Sky high prices for real estate have kept buyers at bay from purchasing property in Gurgaon. However, homebuyers who sense that they may finally be able to purchase an affordable home in Gurgaon should take note of the fact that the size of flats has been reduced and this is the reason for the lower asking price for new flats in Gurgaon. Thus we can safely conclude that the price per square foot for flats has remained the same in most regions of Gurgaon.

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Quantity Versus Quality

Many experts in the real estate sector have stated that plush and relatively high-end homes have given way to smaller and more functional houses. In new projects in Gurgaon where one may have earlier found units that ranged in size between 1,200 to 1,500 feet, today one increasingly finds unit sizes that range from 800 to 1,200 square feet.

What Happened in the Past?

Over the past few months’ new purchases almost came to a standstill in Gurgaon. The presence of a large number of technology companies did not ensure that more and more employees in the tech sector would continue to buy realestate in Gurgaon. Gurgaon’s real estate market has been pummelled over the past few years and demonetization had an adverse impact upon Gurgaon’s property market as sales here over the past three months’ came to a virtual standstill. Hence builders in Gurgaon had little option but to change their strategy and have begun to build smaller units so that such homes are affordable to a larger segment of homebuyers.