Haryana-RERA sees realty revival in more housing launches

The real estate sector in Gurgaon seems to have finally started coming out of a multi-year slump. This inference can be drawn from the first study of its kind by Haryana Real Estate Regulatory Authority (H-Rera) of the city’s property market in 2018 and 2019 that found a 45% rise in residential launches in 2019 over the previous year. In 2019, Gurgaon also recorded its highest-ever sale of 8.6 million square feet in the office space market, a 17% growth year-on-year. The H-Rera study found 8,016 residential units were launched in Gurgaon in 2019 compared with the previous year’s 5,540 units. And the unsold units came down to 42,729 last year over 2018’s figure of 49,702 — a decline of 14%. Unsold residential inventory saw a decline of 14% in 2019 over the previous year, according to the study. But while the signs of a revival are there, the average residential property price saw only a marginal increase of 4% year-on-year — from Rs 4,240 per sq ft in 2018 to Rs 4,431 per sq ft last year. In the office space segment, some of the locations that witnessed major traction in the second half of 2019 included the Southern Peripheral Road, Golf Course Road (extension) and Cyber City.