The housing market in Gurugram and Faridabad has seen a reversal trend wherein buyers prefer independent floors over high rise apartments. This reverse trend is the outcome of changing buyer preferences due to the pandemic and other reasons like shorter possession time and need for privacy and more area. Anarock- a real estate consultant firm- report states that these two NCR cities have witnessed launch of 4500 independent flats in the first 3 quarters of 2021. This number constitutes over 40% share of this period’s total supply in these two cities.
The Vice chairman of Anarock further stated that these two cities are going to add more than 20,000 independent floor units over the next year due to high demand. He then added that a key advantage for homebuyers is that the possession time of independent floors is shorter than high-rise apartments. He said, “With one flat constructed per floor, families have more space and privacy than the high-rise apartments,”. The report further claimed that “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 says, “With independent floors gaining importance during the pandemic, even big developers have entered the space with better layouts and amenities due to shorter construction time and faster monetization in comparison to large products. He then added that the demand is expected to accelerate during the festive season.
Looking from Builder’s perspective, the turnaround time for independent flat is quicker than high-rises, offering an opportunity for faster monetization. Also, money that comes from sales of builder floors starts flowing in within a year, while high-rise apartments take minimum 4 years to pay off.
The chairman of Signature Global, Pradeep Aggarwal says, “Independent floors are experiencing a boom in demand as these offer speedy and quality construction and are limited to four floors per plot along with a provision of many other premium amenities within a gated complex”.