Starting of the year 2021 was very bad in comparison to the year 2020, due to the second wave of Covid. The real estate micro-market of Delhi NCR has observed a modification during this time owing to the effects of the Covid19.
But when it comes to the impact of the 2nd wave on the real estate sector, investment experts have a different point of view.
According to real estate developers, “it is true that at the time of lockdown, the number of site visits has reduced, but most of the visitors that we do get are serious buyers. And that’s why deal closures are happening at a much rapid pace than the normal days. These buyers are eager to take advantage of the low home loan interest rate. “
The average property value of residential properties in Gurgaon’s prime market has shown an insignificant boost during the second quarter of 2021, according to the published data on different property websites. While regions in Gurgaon like DLF City Phase 5, Dwarka Expressway, Golf Course Extension Road, and Golf Course Road have recorded an increase in rates of apartments when compared to the value in the same quarter of 2020.
Revised circle rate is one of the biggest factors behind the price rise in Gurgaon. The value of super-luxury residential projects like DLF Camellias & DLF Magnolias on Golf Course Road has seen the sharpest rises which have been increased by 25%. As well, the price of apartments of many multi-story communities at DLF City Phase 5, NH – 8, Dwarka Expressway, and Golf Course Extension Road has also been increased very much.
Is it a good time to buy a property during Covid19
In India, Covid-19 brought a surprising and big hit to economic activity. GDP fell and in sectors like farming and retail, there was barely any section of the economy that escaped unharmed from the pandemic. The residential real estate sector was no exception with the direct hit in 2020-21 when the country nearly locks down to stop the spread of the Coronavirus.
But the best thing in the favour of homebuyers is the lowest home loan interest rates and predicted to remain low for the next few months. So, most of the properties in Gurgaon are free from the impact of revised circle rates and this is the best time to buy property in 2021. At this point, the scale of the impact cannot be forecasted, but the possibilities of it being the smallest are very much. In addition, the COVID-19 pandemic has made us understand how significant it is to have a home and that too in big size is perfect for work from home.
Price Trends of Best Location in Gurgaon
| Golf Course Extension Road |
| Jan – Mar 2020 |
Rs. 6953/sq. ft. – 10595/sq. ft. |
1% Growth |
| Apr –June 2021 |
Rs. 7016/sq. ft. – Rs. 10888/sq. Ft. |
| Dwarka Expressway |
| Jan – Mar 2020 |
Rs. 4390/sq. ft. – 16395/sq. ft. |
1% Growth |
| Apr –June 2021 |
Rs. 4479/sq. ft. – Rs. 7327/sq. Ft. |
| DLF City 5 |
| Jan – Mar 2020 |
Rs. 10365/sq. ft. – 13802/sq. ft. |
1% Growth |
| Apr –June 2021 |
Rs. 10419/sq. ft. – Rs. 13866/sq. Ft. |
| Golf Course Road |
| Jan – Mar 2020 |
Rs. 9259/sq. ft. – 14100/sq. ft. |
0.3% Growth |
| Apr –June 2021 |
Rs. 9370/sq. ft. – Rs. 15203/sq. Ft. |
| NH - 8 |
| Jan – Mar 2020 |
Rs. 4429/sq. ft. – 7046/sq. ft. |
2% Growth |
| Apr –June 2021 |
Rs. 4391/sq. ft. – Rs. 7144/sq. Ft. |
| New Gurgaon |
| Jan – Mar 2020 |
Rs. 4179/sq. ft. – 6655/sq. ft. |
3% Growth |
| Apr –June 2021 |
Rs. 4226/sq. ft. – Rs. 6893/sq. Ft. |
| Sector 102 Gurgaon |
| Jan – Mar 2020 |
Rs. 4899/sq. ft. – 6817/sq. ft. |
1% Growth |
| Apr –June 2021 |
Rs. 5328/sq. ft. – Rs. 7445/sq. Ft. |
Last few words
Even if the pandemic severely hit the real estate sector in 2020, but the story was different during the second wave in 2021. According to the recent price trends & home loan interest rates, if you ask “is it a good time to buy property in Gurgaon?” then our answer will be yes.
