Reportedly, there is a little slump in the Grugaon properties market now, though its magnitude is not alarming. Going by the industry assessments and reports, the nascent recession in the economy and its all-pervading sway is still keeping a thin pall of gloom in the residential as well as commercial segments of Gurgaon real estate market. In fact, the world economic meltdown started from the largest economy of the world, the US, and it has spread as shock wave across the global spectrum cutting across national and continental economic regions. As an inevitable corollary and consequence of this malady, the Indian economy has not been able to remain immune and has been affected to some extent. This has crystallized in to the economic matrix of the Gurgaon property market and market has been in jittery for long. However, now along with the recuperating national economy, Gurgaon property sector is back in the saddle, a little hang over notwithstanding.
It is an estimated fact that there is a little slump prevailing in the Gurgaon property market now. Let mathematics speak. Before the onset of the recession, property for sale in Gurgaon fetched an annual average appreciation of 15% to 20% in the prime residential locations of DLF Phase1, DLF Phase 2, DLF Phase 3, Sector 15, Sector 16 and sector 18. However, right now properties of the same description in the same locality do not show any considerable appreciation over what they could fetch before the incidence of the recession. In order to appreciate the real appreciation value, the analysis should be in the light of the escalating inflation. In fact, the prices went down during the recession. If the current rates are compared with the immediately preceding trend during the recession, there is an increase in prices from10% to 20% per cent now. But when we compare it with the prices before the recession, the current prices are a little less and that is indicative of a slight slump.
The little slump in the Properties in Gurgaon market is estimated to be of a transient phenomenon and the market will enter a growth trajectory in the immediate future. International investment analysts concur that the coming years the Indian property sector as a whole will show an appreciable growth. This speculation is in resonance with the finding of the World Bank that in a scene where the major world economies show a retrograde trend, in the coming years India along with China will show considerable growth in national income and gross national product. This growth in the national income will directly push up the real estate sector. Hopefully, Gurgaon property market will register considerable appreciation in the coming years.
