New trend in town: Homebuyers in NCR eye entire complexes

Sellers of independent residential floors in the Haryana towns of Gurugram and Faridabad in the National Capital Region are witnessing a new trend — customers are buying entire complexes of four floors with friends and family.

Property consultants and developers see this as a result of the Covid-19 pandemic. They are getting more queries now from people wanting to live with someone they know.

The trend is playing out at a time when Gurugram and Faridabad are expected to attract investments of close to Rs 7,000 crore towards the construction of over 20,000 independent floors, as multiple developers have plans to focus on low-rise buildings following the launch of a government scheme.


“While the demand for independent floors has gone up, we are also seeing many families coming together to buy four floors so that it can become a family complex. In some cases, four friends are coming together and buying one floor each,” said Navdeep Sardana, founder of Elite Landbase that is working with developers in Gurugram to sell floors.

Developers including DLF, M3M, Birla Estates, BPTP, Signature Global, Central Park, Trehan Group and ILC group have applied for licence under the Haryana government’s Deen Dayal Jan Awas Yojna (DDJYA), which allows developers to construct up to four floors and sell them independently.

“The upcoming supply of independent floors in Gurugram is also attracting buyers because it is part of the gated community with common facilities that are usually available in high-rises only. Young buyers are attracted towards it and to avoid any hassle of dealing with a stranger, many are investing together,” Sardana added.

Independent floors are available in the range of Rs 50 lakh to Rs 4 crore.

According to developers, high-rise complexes take 5-7 years to monetise while it happens much faster in case of independent floors. With an ongoing liquidity crisis, the real estate sector is looking for quick monetisation of assets.

“In some cases, investors are also buying in bulk since demand for commercial space has gone down. People buying together offer quick exit in comparison with a high-rise flat and already we are seeing fluctuation in prices,” said real estate consultancy Investors Clinic’s corporate director, Sachin Arora.

According to property consultants, independent floors will account for 75% of the total launches in Gurugram — these used to account for less than 10% earlier. Some developers are even converting group housing licences to those under DDJAY.