As more investors are becoming interested in Gurgaon, the prices of the plots are increasing. Here you all need to know about, Property Rates of Gurgaon. The rates are to increase by 10 to 20 percent in the future. There is no single reason for this. In this article, you will find a detailed, in-depth discussion of all the aspects that are leading to an increase in prices day by day.
Why are the property rates of Gurgaon increasing day by day?
The market is seeing this increase because of the RERA (Regulation and Development Act) 2016. Thanks to this Act, buyers are becoming more confident in investing their money in the Gurgaon market. The strict implementation of this law is leading to the revival of this trend. In the past, developers used to take money from the buyers and would invest it in other projects. Obviously, this situation was leading to the buyer’s loss. However, the RERA act prevents this issue from arising.
This Act has transformed the real estate market in India. Thanks to this, there is higher accountability in this market. It determines the cut-off date for each project. So, the developers can reassess the business models and finish the project before the cut-off date. So, builders are forced to complete their projects without any kind of delays.
A few years ago, the market was going down as there was lesser demand due to the widespread corruption by some builders. In the present time, as the top builders such as M3M, Elan, DLF, etc. are taking part in construction in Gurgaon, everyone is getting more interested in investing their savings in Gurgaon.
The demand for property in Gurgaon has increased due to some other factors as well. It has developed as a strategic area between Delhi and Manesar. It also has a direct connection to the NH-8. Furthermore, many schools, colleges, hospitals, shopping malls, offices and shops have opened in the place. The transport system has improved as the roads are better with an excellent Metro system. Also, residential properties are improving. For example, the trend of studio apartments has picked in Gurgaon.
With all these improvements in Gurgaon, the opportunities have also increased. For example, career-oriented young professionals will find many job openings here. So, it will give a head start to their careers. Moreover, Gurgaon houses many commercial companies that are renowned on both the national and international levels. So, it will not be wrong to call it an industrial and financial hub. The Dwarka Expressway has also led to a boost in the demand for property in Gurgaon.
Another factor that has led to more demand is that banks are also readily giving loans for residential and commercial properties as they know that the projects will be completed in time.
All these factors have led to an increased demand for plots in Gurgaon. As a simple rule of economics, where there are more demand and limited supply, the rates will increase.