Data from property consultant Anarock and other industry experts reveal that aaround 50,000 affordable houses including 16,000 in Gurgaon would be up for sale by the end of 2021.

NCR’s affordable real estate market appears to be making an impressive rebound, despite the general gloom triggered by the pandemic.

Around 1.8 lakh affordable houses (below Rs 40 lakh) are currently at different stages of development in NCR. As many as 110 affordable housing licences have been released by the department of town and country planning (DTCP) in Haryana since 2014, with a significant share in Sohna and Gurgaon.

Industry experts say that with markets opening up and business coming back to the track, the residential realty market seems to be coming back to normal.

Anarock Chairman Anuj Puri told the media that 1.16 residential real estate units are scheduled for completion in 2021 in NCR. Of these, at least 43% are in the affordable section, 39% in the mid-segment, 13% in the premium section and 5% in the luxury section.

Fast-paced development in places like Cyber City and MG Road produced a ripple effect that accelerated development to new areas like Southern Peripheral Road (SPR), New Gurgaon and Sohna. The state government’s enhanced focus on affordable housing is helping in the growth of these neighbourhoods, where more than 40% of units cost less than Rs 50 lakh.

GLS Group Director, Surinder Singh, told the media that so far only 22,000 affordable housing units have been sold. About 80,000 units were sold in the last seven years. They estimate about 50,000 units are going to be delivered by year-end.

MRG World Deputy Managing Director Vikas Garg said that many people felt that challenges related to revenue generation during the second wave of Covid-19 would damage the housing market, causing consumers to postpone home purchases. But, the affordable and middle-income housing segments are observing a significant movement.

RS Batth, the District town planner, told the media that the department is strictly observing the progress of affordable housing projects. About 10 developers have been served show-cause notices for the delay in the completion of 12 such projects in Gurgaon.

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