The Indian real estate market, particularly in major cities like Delhi, has witnessed a dynamic journey in recent years. As we delve into the second half of 2024, the recently announced Union Budget has ignited fresh interest and speculation within the sector. We are keeping you informed about the ever-evolving Delhi property market.

Decoding the Budget’s Impact on Delhi’s Property Market

The budget has introduced both direct and indirect changes that will influence Delhi’s real estate sector. Let’s explore these in detail:

Direct Impact:

• Taxation: Revisions in income tax slabs and deductions might influence homeownership affordability for various income brackets. Budget 2024 might also introduce new schemes or deductions specifically catering to affordable housing, potentially boosting demand in this segment.
• Capital Gains Tax: Modifications to capital gains tax could impact property investors. While a lower long-term capital gains (LTCG) tax rate might seem attractive, the removal of the indexation benefit (adjusting purchase price for inflation) could increase the tax burden on sellers. This necessitates a careful evaluation before making investment decisions.

Indirect Impact:

• Infrastructure Development: Increased government spending on infrastructure projects, especially within Delhi, could lead to improved connectivity, creating new real estate hotspots with higher demand. This can positively influence property values in these areas.
• Economic Growth: The budget’s economic growth projections are crucial for the property market. A positive outlook can stimulate investor confidence and potentially lead to a rise in property prices.

Real Estate Projects in Gurgaon Sector 45

Gurgaon Sector 45 offers a diverse range of real estate projects to cater to different lifestyles and budgets. Let’s explore some of the prominent developments in the area:

1. Ambey Rani Sukh Apartment:

Ambey Rani Sukh Apartment, located in the heart of Gurgaon’s Sector 17, is a meticulously planned residential project by Ambey Rani Developer Pvt. Ltd. Launched in January 2014, this project offers a serene and well-connected living experience. With a single building comprising 60 thoughtfully designed 2 BHK units, ranging from 650* to 750* sq.ft., the apartments are ideal for those seeking a cozy yet comfortable home.

Key Highlights:

• Configuration and Size: The apartments are available in 2 BHK configurations, with sizes ranging between 650* to 750* sq.ft., offering just the right space for small families or individuals.
• Project Size and Structure: The project consists of one building with a total of 60 units, ensuring a close-knit community atmosphere. The structure is earthquake-resistant, providing safety and peace of mind to residents.
• Price and Value: With an average price of ₹3.79 K/sq.ft., Ambey Rani Sukh Apartment offers excellent value for money, combining affordability with essential amenities.
• Possession Status: Ready to move since October 2016, the apartments are available for immediate possession, allowing residents to settle in without delay.
• Amenities: The project includes vital amenities such as power backup, a gated community setup, and Vastu compliance. Additionally, the development emphasizes greenery with landscaping and tree planting.
• Location and Connectivity: Strategically located on Mehrauli-Gurgaon Road, near key landmarks like F1 Info Solution and Axis Bank ATM, the project enjoys excellent connectivity to various parts of Gurgaon. The surrounding area is rich in social infrastructure, including banks, schools, and parks, making it a convenient place to live.

2. OSB Golf Heights:

Located in Sector 69, Gurgaon, OSB Golf Heights is a prestigious residential project by OSB Group. It offers a blend of luxury and affordability. The project spans 6 acres and features 802 well-designed units. These include 1 and 2 BHK apartments ranging from 360 to 574 sq. ft. Launched in November 2018, OSB Golf Heights has gained attention for its prime location and competitive pricing. The average price is ₹4.1K per sq. ft.

Prime Location with Excellent Connectivity

OSB Golf Heights benefits from its strategic location, providing seamless connectivity to central areas of Gurgaon and the National Capital Region (NCR) via NH 248A and Golf Course Extension Road. The project’s proximity to renowned schools, colleges, banks, shopping malls, and entertainment centers ensures that residents have easy access to all essential amenities.

Modern Living at an Affordable Price

The apartments at OSB Golf Heights are designed to offer a comfortable and modern living experience. The cozy interiors are complemented by an elegant exterior, creating a pleasant and aesthetically pleasing environment. With possession starting in April 2023, this project is an excellent opportunity for homebuyers looking to own a stylish home at an affordable price in one of Gurgaon’s rapidly developing neighborhoods.

A Rapidly Growing Neighborhood

Sector 69 is emerging as a sought-after residential hub, with the surrounding area experiencing rapid development. The growth of nearby industrial centers provides ample job opportunities, making OSB Golf Heights an ideal choice for professionals seeking a convenient and well-connected living space.

3. Pyramid Midtown:

Pyramid Midtown is a premium residential project launched by Pyramid Infratech in Sector 59, Gurgaon. Spanning 5.69 acres with 50% open space, this project offers a serene and spacious living environment. The development features eight buildings, housing a total of 824 well-designed 2 BHK apartments, with carpet areas ranging from 578 to 599 sq.ft. The project was launched in July 2020, with possession expected to start in December 2024. The average price is set at ₹5,000 per sq.ft.

Project Highlights:

• Modern Living Spaces: Pyramid Midtown offers comfortable and well-ventilated 2 BHK apartments, designed to meet the needs of modern families. The apartments are equipped with high-quality fittings and finishes, ensuring a luxurious living experience.
• Comprehensive Amenities: Residents will enjoy a range of amenities, including a clubhouse, gymnasium, children’s play area, jogging track, and landscaped gardens. The project also features essential facilities like car parking, power backup, utility shops, and a community hall.
• Safety and Security: The project is equipped with CCTV cameras, a firefighting system, and 24/7 security, ensuring a safe and secure environment for all residents.
• Strategic Location: Located in Sector 59, Gurgaon, Pyramid Midtown is surrounded by top schools, hospitals, malls, and other essential services. This makes it a highly convenient and desirable location for families.

Specifications:

• Kitchen: Glazed tiles up to 2 feet height above the platform, CP fittings, and ISI mark Legrand switches.
• Interiors: Plaster and oil-bound distemper on internal walls, tiles, and color wash in bathrooms.
• Electrical: ISI marked copper wiring in concealed PVC conduits.
• Doors and Windows: Hardwood frame doors at the entrance, aluminum windows.
• Bathrooms: Branded chinaware fixtures.

Navigating the Budget’s Implications for Different Segments

Residential Property:

• Affordable Housing: The budget’s focus on affordable housing bodes well for this segment. Incentives and increased allocation for affordable housing projects could make homeownership more accessible.
• Luxury and Premium Housing: Depending on tax changes affecting high-income earners, this segment might experience a shift. However, the overall impact on luxury properties in prime locations might be less pronounced.
• Home Loan Interest Rates: Budgetary measures could influence home loan interest rates. A potential decrease would make property purchases more attractive, especially for first-time homebuyers.

Commercial Property:

• Office Space: The budget’s focus on infrastructure development can revitalize specific commercial areas, leading to increased demand for office spaces in those locations.
• Retail and Hospitality: Improved infrastructure and economic growth projections can positively impact the retail and hospitality sectors, stimulating demand for commercial properties catering to these industries.
• Commercial Property Taxes: Changes in taxes and levies impacting commercial properties can affect investor decisions and operational costs for businesses.

Land and REITs:

• Land Acquisition and Valuation: Budgetary measures related to land acquisition and valuation can impact the availability and cost of land parcels, influencing future development projects.
• REITs and Investor Treatment: Changes in tax regulations for REITs and investors can affect their attractiveness in the market.

Opportunities and Challenges in the Post-Budget Landscape

Positive Impacts:

• Affordable Housing Boost: The budget’s focus on affordable housing presents an excellent opportunity for first-time homebuyers and investors seeking stable returns.
• Infrastructure Push: Improved infrastructure can create new growth corridors in Delhi, leading to lucrative investment options.
• Foreign Investment Potential: A positive economic outlook can attract foreign investment in Delhi’s real estate market, increasing liquidity and boosting development.

Challenges:

• Interest Rate Fluctuations: Rising interest rates can potentially dampen demand across all segments. Careful financial planning is crucial, especially for buyers relying on loans.
• Economic Slowdown Risk: Global economic uncertainties may lead to a slowdown, impacting investor confidence and potentially stalling property price growth.
• Regulatory Hurdles: Streamlining administrative processes and approvals for real estate projects will be critical for ensuring efficient development.

Conclusion: A Market Poised for Growth with Cautious Optimism

The post-Budget 2024 scenario for Delhi’s property market presents a mix of opportunities and challenges. While affordable housing initiatives hold immense potential, a balanced approach is necessary. We, at Brandestate, continuously analyze market trends and budgetary implications to provide our clients with the most up-to-date insights. With careful planning and expert guidance, navigating the Delhi property market can be a rewarding experience.

Stay tuned for our upcoming blog posts where we’ll delve deeper into specific aspects of the Delhi property market.