rovision of 24 hour power backup and water supply in all the apartments, flats and villas.Gurgaon is one destination that has attracted millions of property buyers and sellers from all over India. The rapid development of the city is one of the major reasons for the rising demand of residential properties. Everyday new companies and businesses are being set up in Gurgaon and more and more people are coming forth to work in these companies. People who come from different cities require a comfortable and safe place to live in. On looking at the growing demand for residential spaces in the city, various builders are coming up with new housing projects in Gurgaon.
Living life king size is the dream of every individual and to fulfill this dream, there can be nothing better than living in a luxury home. Gurgaon has developed at a rapid speed and various builders are coming up with elite projects in the city. The already existing and new launched projects in Gurgaon are giving every individual a chance to live a luxurious life.
Why to buy a home in Gurgaon?
- Continuous infrastructural development
- Assured high returns on the investment
- Huge number of upcoming housing projects
- Composed and serene surroundings
- Major IT hub
- World-class education opportunities in proximity
What to keep in mind before choosing a house in Gurgaon
- Be well-informed: Not many people are well-informed about all the luxury projects in Gurgaon. However, before choosing a luxury home, it is extremely important to have a clear idea about the various options available around you. Also, since not many options are available, it is recommended to book the apartment, flat, villa or house well in advance. For example, if you are willing to book a 3 BHK flat in Gurgaon, look at all the options available and only then make the final decision.
- Think about resale options: When buying a home, you must always keep in mind the option of resale. Determine the value of the property before you buy it, so that if in future, you plan to resell it, you get a handsome amount of money.
- Focus on the surroundings: Paying attention to your surroundings is extremely important. Firstly, the property must be situated in a secure location and secondly, it must be in proximity to schools, malls, cinemas, shopping centers etc.
- Have a look at the builder’s previous projects: If you are investing in a property for the first time, make sure you move cautiously. Since various real estate builders in Gurgaon are coming up with numerous elite housing projects, it is important to check the quality of their work. This can be done by having a look at the builder’s previous projects.
- Hire a real estate agent: Investing in the real estate is a profitable, yet risky decision. Hiring a real estate agent is one of the wisest decisions as these agents have a clear idea about the latest real estate market trends.
The future for Gurgaon real estate forecasts huge growth in residential as well as commercial sectors. This developing commercial hub of India is a known location for a number of reputed realtors, builders and estate consultants. (www.echelon.health) Well known builders are interested in having residential and commercial land dealings in this place. The main reason for this is the growing commercial significance and increasing urbanization of this area. The promising development scenario of townships in Gurgaon, as well as high availability of plots, further facilitate the immeasurable potential of this region. Also, it is quite simple to purchase and sell land in this city. Luxury homes in Gurgaon, are also contributing towards making it a favored residential destination.
All realtors offer professional services that are crucial for purchasing any kind of residential house in Gurgaon. The city is an important centre for real estate in entire North India and a large number of properties are available here, for sale. So, it is highly recommended that you take the assistance of a professional to buy, sell or lease any of the residential or commercial properties. These trained realtors not only have complete knowledge about the real estate market, but are also fully aware of all kinds of legal processes that have to be taken care of, in all kinds of property transactions.
Independent floors on NH 8 Gurgaon, commercial properties in DLF city and luxurious residential apartments in Sushant Lok, are the heart and soul of the city’s property business. Residential areas in Palam Vihar has also benefited because of the huge availability of ready-made houses and plots.
This commercial capital offers a variety of lands, as well as pre-built residential houses such as apartments, houses, condos and stores in the local markets. Commercial properties also include offices, exhibition halls, warehouses, factories, industrial sites, retail shopping marts, etc. These properties are available for sale, lease, rent and purchase, with the help of local realtors. You just need to contact a reliable agent in order to get an entire list of properties to choose from. These lists are categorized on the basis of independent colonies, along with their respective realtors.
Buying your dream home in a place like Gurgaon cannot be an instant decision. The decision has to be taken after doing serious planning and research. At times, buyers get confused as to whether they should opt for ready to move flats in Gurgaon offered by property developers or should go for under construction flats. The real estate property in Gurgaon is spurring with various options starting from ready-made flats to villas to residential houses to plots to ready to move floors or 3 bhk or 4 bhk flats in Gurgaon . Under such circumstances, it becomes a great problem for the buyer to make a decision. For those who are stuck in this confusion, here is a small comparison between ready to move in flats and under construction flats.
It is said that if you are making your first property investment, ready to move-in flats are a perfect choice. This will help to save your rentals. There is no risk factor involved in delays and hassles as you will get a ready accommodation. But the disadvantage here is that the price of this property is very high in comparison to the construction and time plans. On the other hand, property developers offer different plans to buyers in case of under construction flats depending on the affordability and requirement of the buyer. The rate of return on such flats is high because they are affordable as compared to the ready to move-in ones. This is perfect for home buyers who want to purchase their second home. The major disadvantages of such a project are price escalations, delays, changes from the planned layout, etc. Also home buyers who opt for under-construction flats also have to spend money both, for the new house as well for their rental accommodation.
Nowadays, the customers are very smart and they invest in projects that are safe and productive. Before making the final call, they make thorough checks on the realty firms. They properly inspect the developers’ past projects. While they opt for ready to move in flats, they may even settle down for under construction projects if they are satisfied with the credibility of the developer along with the promised quality and facilities of the project. But then again, considering the present market dynamics, ready-to-move flats are certainly a preferred choice for both the risk-averse and those in a hurry.
The modernization and development of cities have heavily contributed in the increasing demand for commercial and residential properties among people. Every day, numerous builders are coming up with commercial and housing projects in NCR to fulfill this growing demand. While investing in the real estate, often people get confused between existing and upcoming residential projects in Gurgaon. Investing in old properties means purchasing real estate in a well-settled area; however, new projects have many advantages that can make the investment worthwhile in the long run.
Today, the concept of living has changed into ‘the bigger is better’, and builders are focusing on optimum space utilization. Unlike old homes, new housing projects in Gurgaon have more space inside as well as outside. Recently developed as well as new projects are better planned and have sufficient space for everything, from playing area to parking space. New houses are built with spaces that are expected to be developed soon and, thus, hold immense growth potential.
Nowadays, builders think about calm and friendly environment while developing the property in order to provide an unparalleled living experience. While constructing new houses, builders usually consider state-of-art-infrastructure with all modern conveniences inside and outside the house. Solar panels are used to provide the houses free and clean energy, while making them ecofriendly. Moreover, proper insulation is provided to walls, floors and ceilings, to protect them from natural disasters like earthquakes. The windows of these houses have dual panes that keep the home warm during winters and cool during summers.
More maintenance is needed for an old property in Gurgaon, India. Replacement of wiring and plumbing can be another problem for those shifting to old homes. New properties are clean and untouched and, thus, can easily attract potential consumers. These new houses are incorporated with the latest security systems that keep unwanted visitors out.
A new home can easily be customized in comparison to the old property. There are certain things in the home that buyers wish to change as per their needs. From kitchen cabinets and flooring to showcase and bathroom structure, anything can be customized at the time of construction itself.
There can be nothing better than the feeling of residing in a home that you can call your own. Investing in a residential property in Gurgaon is one of the best decisions, however, one must always be careful while investing in a property. The first thing that must be kept in mind is that you must never make a hasty decision. Before making the final decision, it is extremely important to have a look at the various options available. There is an availability of a huge number of apartments for sale in Gurgaon, so make sure you take the right decision. Let us have a look at a few factors that must be kept in mind while investing in a property in Gurgaon.
- The first thing that you must plan out is your budget. It is very important to work out the budget as thinking about the finances at a later stage can prove to be heavy on your pockets.
- Next, make sure that your credit is free of any debt. This will make your work much easier.
- If you are planning to take a loan, make sure you find a credible financial institution that will lend you loan at a reasonable interest.
- Plan your down payments carefully. If your down payment is higher, your mortgage rate will be low. Plan your down payment in such a manner that you do not have to pay heavy interests.
- It is a wise decision to take the help of a real estate agent as an agent has knowledge about the property trends and can guide you in the best possible manner. The real estate agent is familiar with the various houses in Gurgaon and can help you choose a housing option of your desire.
- If you are not willing to take the help of an agent in the initial stage, you can start an online hunt all by your yourself. Look for the list of residential apartments in Gurgaon and shortlist your preferences.
- Take a look at the various options available and negotiate on the best deal. A real estate agent can be of tremendous help while negotiating.
- Before signing the final agreement make sure you inspect the property. Conduct a walk-through and see if everything is in place. If any changes needs to be made, make sure you point that out immediately.
By keeping the above mentioned points in mind you can never go wrong while investing in a property.
There is a wide variety of residential properties and luxury homes in Gurgaon. Budget apartments and housing societies cater to the middle class segment. Higher end segments like independent houses, condominiums, villas, penthouses and lifestyle apartments in Gurgaon, cater to the rich.
How Does Gurgaon Score over Other Metropolitan Cities
The primary reason of Gurgaon’s transformation is its location. Fortune 500 companies, major IT companies and popular brands like Maruti, Honda, etc, have made it their home. Better infrastructure and transport services like Metro, have further contributed to its development. This has fuelled Gurgaon’s growth, directly or indirectly leading people to come to Gurgaon, resulting in a huge demand for housing projects in NCR.
Gurgaon has become one of the most desired locations for residential requirements, therefore raising the real estate prices. Choosing the right property becomes an even more difficult task because of a host of property options available in the city. Following points emphasize on how you can get the best residential deals in Gurgaon.
- Getting hold of a good real estate agent is the most important task while attempting to buy a property in Gurgaon. They are aware of the region inside out and are also knowledgeable of the existing price trends.
- You should do some homework of your own and get to know about Gurgaon properties and the prices at which they are available. This gives you a good idea about the property rates in various locations.
- While making the deal just ensure that there are no hidden clauses and that the deal is completely transparent.
- Finally, ensure that the property does not have legal issues or any other problem, before going to the registrar’s office.
In the past decade, Gurgaon has come to the limelight as the prime NCR area for residential properties. Different areas in Gurgaon provide various options in residential properties, for example, residential places on Nh 8 Gurgaon, are fairly popular for purchasing properties. Since the post liberalization era, various cities in India went through a massive growth, both in the corporate as well as industrial sector. Gurgaon was one of the cities which was blessed with this transformation.
Indian real estate has come a long way and is broadening its horizons. People are no longer seeking just an average two-bedroom house. Instead, they are looking out for houses similar to Scottish villas and Spanish homes in regions like Gurgaon, which excels in these kinds of real estate properties.
Gone are the days when people, in order to have a taste of fine living, used to look for such properties abroad. Such world-class properties are now easily available in India, especially in places like Gurgaon. Palatial houses built with Italian marble and having designer furniture, are now available in the city. It’s all being done in Gurgaon and in order to pursue the High-Net worth Individuals (HNIs), these global building trends are being introduced by property developers, in the Indian property market. Even the independent floors on NH 8, Gurgaon, follows the most basic international theme and architecture.
The initial players in this segment were the big-wigs of Indian real estate segment, but now plenty of new construction companies are entering the market. All the lifestyle apartments in Gurgaon, luxury homes, penthouses and villas come under this segment. New residential projects in Gurgaon, follow a particular theme, for example if they are building on a Scottish theme, the construction will follow basic rules of Scottish architecture.
Indian architecture is not a part of the construction at all, as the houses will have flat tops, instead of slanted roofs and domes, which are typical of the architecture of Indian buildings. The upholstery and interiors consist of light colors such as suede and beige. (https://escapecitybuffalo.com/) While selling such properties, promoters will claim things like, “elegant interiors having designer marbles and mirror finish”.
A 1500 sq ft sized penthouse, built with a particular theme, will cost more than one crore rupees. Maintenance charges for these apartments are separate and generally very high.
New housing projects in Gurgaon, are being launched by prominent builders, on the same lines as the Spanish architecture. The reason for such popularity of foreign themed houses are that people are impressed with their way of building houses and want to try out their style in the Indian scenario.
Gurgaon has always set a trend for other cities to follow, in case of the real estate segment. Gurgaon was one of the first cities which organized retail segments such as shopping malls. After that came upcoming residential projects in Gurgaon, the plotted development and now is the trend for integrated townships.
The concept of integrated townships in Gurgaon is being pushed by private property developers. The thought process behind integrated township is that along with residential properties, these spaces will also have commercial spaces and people will be able to walk to their workplaces as well as leisure spaces. These townships define urban living.
The property seekers in Gurgaon have received these property developments very well. Corporate firms as well as home seekers are equally interested in these integrated townships. Even the local infrastructure gets a boost because of them. MG Road saw the first phase of development and benefited in terms of infrastructure development.
Many developers benefited from the transport link as they bought land banks near MG road. There was an unimaginable rise in property prices of projects. The occupancy rates of commercial and residential properties in Gurgaon increased, as they were located on the arterial road.
A number of property builders are trying the same formula for real estate on Golf Course Road, Sohna Road and Palam Vihar. These areas have amazing shopping malls and other leisure activities and therefore, property builders are building residential and commercial properties around these malls. Residential plots in Gurgaon are also located around these areas. Thus, the demand for integrated township has increased because of organized retailing and this impacts property prices as well.
Impressive infrastructure, good road and rail network, banking facilities, well developed industrial estates, modern institutes and good communication network makes Gurgaon a very good prospect for having integrated townships.
As Gurgaon’s is located close to Delhi, it is emerging as one of the best destinations for real estate. Consumers are finding it the best city to buy residential as well as commercial properties and integrated townships are the next best thing in Gurgaon’s real estate segment.
Over the last five years, property prices in India have touched the pinnacles significantly. Nevertheless, for the Non Resident Indians, slight increment owing to the reduction of the rupee against the dollar has played the major role. And this has made investments in India’s real estate sector extremely lucrative for them. Also, as the Union Cabinet has approved the real estate regulation and development bill, the investment in property is becoming more and more transparent as well as better in respect to consumer interest.
While planning for investing in residential projects in Gurgaon, every NRI needs to go for ground checks. First-of-all, check the nature of the property as according to the guidelines of the Reserve Bank of India, an overseas investor can’t purchase any farm land or agricultural land in India. Secondly, check all the legal documents prior buying the land. In the past, it has been witnessed that NRIs have invested on agricultural land for residential projects without any approval from the government of India. In this case, contracts have been cancelled. Therefore, the best possible way can be investing in new residential projects. Gurgaon is flourishing with different residential projects, where investing is quite profitable.
Below are some important points to keep in consideration before investing in any residential project.
Checking the legal papers: First of all, it is very important to check all the papers, such as all the clearances by law, clean papers from environment and municipal sectors and others. In case of under construction projects, ensure the safe investment with these documents. Also, advisable is the use of the lawyer services to approve the claims as this will cover all the legal aspects.
The purchase documents: A sale agreement is drawn for Rs. 50 stamp paper with the mention of the advance payment, final amount, and time limit to pay the due amount with the complete details of installments.
Taxation matters: Besides registration cost and stamp duty, service tax is charged on the transaction, but it depends on the nature of the property. In case, you are planning to invest in the property constructed by a builder, service tax of 12.36% on 25% on the total price needs to be paid.
One of the preferred investing destinations for NRIs are the plots by Vatika in Sector 82, which are free from all the legal hassles.