Publication: The Economic Times, Jan 11, 2021, 11:16 AM IST
New Delhi: Demand for independent floors in south Delhi and Gurgaon has increased as high-end homebuyers look for large and standalone spaces after the Covid-19 pandemic changed buyer behaviour.
DLF NSE -0.54 % and Birla Estates have reported an uptick in the sales of independent floors, while developers of boutique apartments in south Delhi claim there is a shortage of such ready-to-move in accommodation.
“Now, buyers are not hesitant about buying under-construction property since plotted development takes just a year. We have sold independent floors in Defence Colony, Green Park and Greater Kailash and other south Delhi areas and there is hardly any ready-to-move in inventory available now,” said Rohit Chopra, founder of southdelhiprime.com, a real estate advisory and transaction company.
Prices of independent floors range from Rs 2 crore to Rs 30 crore in south Delhi and Gurgaon. DLF is said to have sold close to 80 independent floors within days of a project launch.
“With work-from-home continuing, the younger generation is looking to stay close to parents and that is one reason behind the increase in demand. Also, there is always a limited supply in south Delhi,” said Nishit Jalan, CEO of Grovy India Ltd., a developer.
BK Birla Group company Birla Estates is investing Rs 550 crore to develop about 700 high-end independent floors in Gurgaon.
According to a report by international property consultant Jones Lang LaSalle, developer floors in Gurgaon have seen a surge in demand over the past few quarters since they offer quick and quality construction and are limited to four floors per plot.
“The sale of independent floors has gained traction in Gurgaon after Haryana notified a rule under which up to four floors can be constructed on a plot and sold individually,” said Dhruv Agarwala, group CEO of Housing.com. “The demand for floors is seeing an upswing, especially after the coronavirus pandemic, as people are now looking for larger spaces.”
Another reason for the rising demand for independent floors by well-known builders is that they take care of the infrastructure and other amenities.
“Inquiries for luxury homes have increased substantially in south Delhi, where gated townships are not as many,” said Santhosh Kumar, vice chairman at ANAROCK Property Consultants. “There are more than 10 buyers at any given time – at least twice as many as in pre-Covid-19 times. These are almost exclusively end-users and with very specific demands and the stock that meets these demands is limited.”
Experts said the most preferred home sizes are in the range of 400-800 square yards (3,600-7,200 square feet) and mostly on the third floor with a large terrace.