There was a time when premium residential properties in Gurgaon were clocking appreciation of as much as 50 to 200 per cent in a period of 6-24 months but two years down the line things have changed a lot. Future of more than 50 per cent of the newly launched luxury apartment projects in Gurgaon is lurking in the middle, brokers inform.
Emaar Marbella Villas Projects that used to sell within a few weeks of launching are now seeing tough times. In fact, a number of residential buildings, which are ready for possession have vacant apartments waiting for buyers.
The hype seems to be over, says Vijaypal Singh, a Gurgaon-based property broker. He informed that given the property prices, investors have lost interest in Gurgaon properties. As far as the end-user is concerned, it is a tough job to convince him for buying a Rs 50 lakh apartment coupled with Rs 2,000 to Rs 8,000 of maintenance charges, he says.
Sanjay Maheshwari, another property broker, describes Gurgaon property markets on the basis of his experiences. "For a highly-mobile corporate executive, Gurgaon does not make a very lucrative proposition.
The city suffers power cuts of 10-15 hours a day. Though, the 24 hour power backup facility is available in the apartments, the generator costs goes to Rs 1,000 to Rs 3,000 per month. Now, how many people can buy a Rs 35-60 lakh apartment and pay such high costs in addition to the monthly home loan installments of Rs 30,000-Rs 75,000? Practically, it is impossible," he says.
For investors, buying a Rs 50 lakh apartment in Gurgaon does not make sense. The capital values are not likely to move up in the next two-three years and blocking such large amounts in property is not viable for them, comments an investment advisor.
If he buys property in consideration of rental income, it comes to 5-6 per cent a year, which is less than even the rate of return government securities offer. No green pastures for developers ahead.
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