In Gurgaon and Faridabad, independent floors are more demanding Report

According to a report by Anarock (a famous real consultant), In the first 3 quarters of 2021 so far 4500 independent flats have been launched in the two NCR regions. This accounts for over a 40% share of the same period’s total supply in these two cities.

In Gurgaon and Faridabad in the housing markets, demand for independent floors is increasing more than high-rise apartments. The main reason for this reversal of trend is a change in buyers’ preference due to Covid- 19 situation and other advantages like shorter possession time, better area plan and privacy.

According to a report by Anarock, in the first 3 quarters of 2021 so far 4500 independent flats have been launched in the two NCR regions. This accounts for over a 40% share of the same period’s total supply in these two cities.

The vice-chairman of Anarock in an interview with economic times, Santhosh Kumar said amid high demand, more than 20,000 independent floors are likely to be built in these two cities over the next year.

He said, “With one flat constructed per floor, families have more space and privacy than the high-rise apartments.” He also added that the main benefit for homebuyers is that for independent floor possession time is much shorter as compared to high-rises.

The report claimed “Besides, the builder floor developers cater to a smaller group of buyers. Therefore, they can incorporate large balconies and windows, high-quality and pre-built wardrobes, as well the electrical and plumbing fittings are superior to apartments.”

The chairman of Trehan Group, Harsh Trehan, said during the pandemic with independent floors gaining importance, large developers having better layouts and amenities have entered the space. This is because independent floors take a shorter time for construction and provide faster monetization in comparison to large projects. During the festive season this demand can be further increased, he said.

Navdeep Sardana, Chairman of Elite Land Base, said in an interview with Economic Times that during the pandemic shoe increasing sales indicated that buyers have begun searching for properties where they see that they can have a healthy and secure life.  He further added, “Demand for plotted developments has gone up across the country.”

On the builders’ side, the development turnaround time for independent flats is faster than high-rises, providing an opportunity for faster monetization. Also, money generated from builder floors starts flowing in within a year, while high-rises take at least four years to pay off.

The chairman of signature global, Pradeep Aggarwal said a boom in demand for independent floors can be seen as these provide speedy and quality construction and come along with provisions of several other premium conveniences within a secured complex.