The real estate market in Gurugram, in the Delhi-NCR, has witnessed significant changes over the past few years. With the prime areas reaching saturation, in terms of occupancy and prices, Gurugram may also see the emergence of newer areas. According to Santhosh Kumar, Global Nyumba, Gurugram’s property market is expected to head northwards in 2018, as the dust settles on new policies like the Real Estate (Regulation and Development) Act (RERA) and the Goods and Services Tax (GST).
“Increased commercial activity in 2017, coupled with several infrastructure upgrades, like the widening of NH-8 and the expansion of Sohna Road and the rapid metro, bode well for the realty sector in the city. In 2017, the state government also reduced the circle rates in most localities, paving the way for developers to eventually clear their unsold stock of ready-to-move-in apartments,” Kumar explains.