Gurugram real estate: Demand for independent floors, plots on the up, states report

Independent floors and plots are getting increasingly popular in Gurugram and Faridabad since the Covid-19 pandemic started and over 20,000 such units are expected to be launched in the next year, according to a report released by a private consultancy, Anarock, on Monday.

Experts said that the reason these floors are gaining traction is that they are larger than flats, delivery is quicker and can be customised to buyers’ requirements.

The report stated that a major reason for these properties becoming popular is the fact that turnaround time for independent floors is lesser than group housing projects, and builders also get money faster. Also, money generated from builder floors starts flowing in within a year, while high-rises take at least four years to pay off.

The average size of a builder floor flat is presently 2,000 square feet (sq ft) while that of an apartment is 1,375 sq ft, a difference of 625 sq ft.

Santhosh Kumar, the vice-chairman, Anarock, said, “As many as 4,500 independent floors have already been launched in Gurugram and Faridabad in the first three quarters of 2021, accounting for over a 40% share of this period’s total supply in these two cities. Approximately 10,970 units, across different property types, have been launched in Gurugram and Faridabad between January and September 2021, of which 4,500 units are independent floor units.”

According to the data, independent floors were popular between 2006 and 2010, when 21,300 such units were sold in these two cities. However, the demand dropped considerably between 2011 and 2015 as high-rise flats were preferred. The demand dropped further between 2016 and 2020, when only 2,900 such units were sold but the trend seems to have reversed over a decade on, with the demand for independent floors going up.

Pankaj Tomar, a Gurugram-based broker, confirmed the development and said that quick delivery time and Deen Dayal Upadhyaya Scheme, under which cheaper plots are being launched by developers, has helped in boosting the sale of independent floors and plots. “The sale of floors has also increased after Haryana government allowed the construction of four floors along with stilt,” he said.