New residential projects in Gurgaon continue to mushroom all across the city looking for new territory to conquer and at which to attract buyers despite many such apartments carrying price tags of several crore rupees each. Such is the lure of owning flats in Gurgaon that many builders will make money on projects where apartments were constructed on prohibitively expensive land. This despite a glut in inventory and a sharp fall in real estate prices in the city.
Among such upcoming projects in Gurgaon one development at Sector 78 offers spacious 2 BHK flats in Gurgaon for approximately 1.5 crores. The development in question has already appreciated by over 15 percent in the last few years and is expected to be completed within a year and a half.
Though Sector 78 in Gurgaon is as yet sparsely populated and provides poor access to amenities such as hospitals and schools, it is very likely in time where parts of Gurgaon such as Sector 55 were a little more than a decade ago. Today the same parts of Gurgaon are among the most coveted parts of the city to live at.
You would be hard pressed to think that Sector 78 is not yet fit for habitation if you were to glimpse the price of property at the region. Over the past 3 years prices here have shot up by nearly 15 percent and today apartments here are priced at slightly over 7,000 Rupees per square foot.
Another region of the city, Sector 72, has several apartments in Gurgaon where the same are priced close to 10,000 rupees per square foot. Prices here have on average appreciated by close to 6 percent over the past 3 years and this part of Gurgaon has considerably better access to social infrastructure than Sector 78 does. Sector 72 Gurgaon in addition to apartments also has villas within the locality which are very chic and hence are priced as such; the price of a 4000+ square foot villa here would cost the buyer well over 5 crores. Larger sized villas at the locality could cost in excess of 8 crore Rupees.
Sector 72 is a fully functioning community and an evolved neighborhood, unlike many newer developments located at parts of Golf Course Extension Road which today may have an eerie sense of abandonment; Sector 72 has great schools nearby as well as a plethora of restaurants to cater to the sectors affluent residents.
A great number of developments under construction at remote corners of Gurgaon will one day almost certainly be great neighborhoods with homes that are occupied largely by families. Today investing in these same parts of the city is beyond the reach of many who reside in Gurgaon; many such homebuyers purchased property in Gurgaon at a time when property here was cheap and are now enjoying a bonanza which many of them may not have initially expected they would. Today they have joined an elite set of people who own their own flats in Gurgaon and with it a deal of financial security as well as prestige.