Dwarka sub-city is mainly an end-user-driven market with the whole infrastructure up and running. It is well-connected with Metro Rail and airport, and a destination of choice for home buying.
We have seen a trend wherein, existing residents of the Dwarka sub-city look for better and bigger apartments within the Dwarka sub-city itself. These are primarily the ones who are residents of the earliest launched societies in the area and are now looking towards societies with better maintenance and construction quality. In a way, they are looking for an upgrade. Those who are already residing in a 3BHK with twin car parking, power back-up, etc, and are looking towards 3BHK+servant’s room with other things remaining the same.
We have seen good inventory available in Sectors 21 and 22 and now Sector 19B being a hot spot. The price range for the 1,500 sq ft, 3BHK apartment, with parking facility and power back-up in Sector 7, is Rs 95 lakh to Rs 1.15 crore, depending upon the location of the society, infrastructure quality, internal maintenance, and many other factors.
Is it the right time to buy?
For Dwarka-Gurgaon Expressway, this is the best time for first-time homebuyers, as they will not only get the property at discounted rates but also may get further discounts of 3-6 percent, in terms of freebies. The charges like PLC (Preferential Location Charges) and club membership can be waived off, based on the level of negotiation and the type of property.
For the Dwarka sub-city, we have seen the prices softening for the past six months, and there is no reason for delaying the decision now.
Is it time to invest?
For Investors, Dwarka-Gurgaon Expressway still holds a lot of opportunities, provided one can spot the properties under distress. We have been seeing the quantum of distress sales and one can have a great bargain in these times when short-term real estate investors are exiting.
It is not recommended to go for investment in the said stretch as far as the newly launched or already launched properties are concerned as better options are already available. An investor could rather consider other alternatives such as Sohna in Gurgaon and also Neemrana.
Neemrana provides the best point of price-entry that many have missed at the Dwarka-Gurgaon Expressway. This is backed by the whole infrastructural development that is coming up to support it, with Japanese cities coming into existence along with many other international firms setting up their base.
Rajat Dhar, managing partner, Cogent Advisory
The views expressed in this article are the author´s own. This article was published on magicbricks.com and can be accessed here.