New Delhi, Mar 8 (PTI) As many as 6,850 independent floors were launched in Gurugram during the last calendar year, contributing 74 per cent of the total new supply of residential properties in the IT city, according to JLL India.
In a statement issued on Tuesday, JLL said that Gurugram saw the total new housing supply of 9,232 units, of which 6,850 units were independent floors, during the 2021 calendar year.
In the 2020 calendar year, 3,560 residential units were launched, of which 1,699 units were independent floors.
The residential corridors in Gurugram, where independent floors have been launched in the last two years, include Golf Course Extension Road, Dwarka Expressway (Sector 37D), New Gurgaon (Sector 81, 89, 92), Sector 73, DLF City Phase II, III and IV and Sohna.
Lower capital investment, quicker exits from investment, low project execution risk, fluid cash flow as saleability is faster, and faster development turnaround are some of the factors for higher demand-supply of independent floors, JLL said. The per square feet price of these independent floors ranges from Rs 5,000 to Rs 19,000, depending on the location. Commenting on this trend, Aakash Ohri, Group Executive Director & Chief Business Officer, DLF, said: “Today, independent floors are not just an attractive investment option, but also promise an opulent lifestyle. The trend has led to an influx in demand for plotted developments”.
“There is a section of the demography that does not necessarily enjoy an unnecessary influence of the community and enjoys certain privacy and individuality, and thus prefers independent floors over group housing,” Ohri said.
Signature Global Chairman Pradeep Aggarwal said the construction of four floors on a plot and its independent selling will be the biggest trend in the market.
Nayan Raheja of Raheja Developers said the need for large residential spaces has increased after the first wave of the COVID.
Saransh Trehan, Managing Director, Trehan Group, said: “After the outbreak of COVID-19 pandemic, there has been a sudden spurt in demand for low rise luxury independent floors. The recent policy decision by the Haryana government has resulted in increased supply”.
The new launches have been lapped up by affluent customers because of comparatively higher usable space than apartments, shorter construction period and low density in the building, Saransh added.
Vivek Singhal, CEO of Smartworld Developers, said homebuyers are now preferring homes that can accommodate offices and study rooms for kids for a perfect balance.
“This has propelled a preference for independent floors that allows families to live without compromising on their privacy and optimise living at a comparatively lower cost than villas or penthouses,” he said.
Independent floors have also witnessed a manifold appreciation in investment in the past few years, Singhal added.
Shashank Vashishtha, Executive Director, eXp India, noted that the popularity of independent floors has so much to do with shorter project turnaround time, privacy and bigger spaces.
This is becoming a trend, especially among the HNIs, he added.
Ashish Tandon, President – sales, marketing & CRM, SS group, said: “As the name suggests itself, the consumer gets independence with only one home per floor”.
The consumer gets the combined benefits of both traditional apartments and independence of villas with all the amenities of group housing like security, clubhouse, gated community, he added.
“The possession time for the independent floors is also significantly shorter. From the developer’s point of view, money generated from independent floors starts flowing in within a year while high-rises take at least four years to pay off. So it’s a win-win for both parties,” Tandon said. PTI MJH BAL BAL
