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Real estate market will never go down in Gurgaon: Property Dealer
With Gurgaon being an industrial hub across NCR, the number of people looking for employment, business opportunities is increasing rapidly across the city. As a result of which the prices of property has increased tremendously. After the Modi government announced 'house for all' by 2022, people's hope of owning a house has increased.

However, property dealers reacted differently to it. They said that there will be no effect on the resale of land and only fresh property might witness some price reduction.

In Gurgaon, the real estate market has been stalled for the last two years due to more expensive property across NCR. Most of the property dealers complain that due to the improper infrastructure, transport and metro connectivity, people are not showing great interest.

On the future of real estate in Gurgaon, Vikram Arya, Garg & SK Associates, sector 23 near Huda market said, "Prices of property in Gurgaon may reduce in the future. 20 per cent of real estate market has gone downward in Delhi after Bharatiya Janata Party came to power at the centre. Apart from this, 5-10 per cent reduction in prices of property have been witnessed, because many infrastructure projects - Dwarka Expressway, metro connectivity from MG to Dwarka - are still stalled. Work is going at a very slow speed."  

He also added that 85 percent people from Delhi purchase land or flats in Gurgaon. One also expects property in Sohna road to boom as most of the MNC and IT companies are moving there.

Bhupender (Rinku), Mangalam property, sector 22 Huda market said, "I am of the view that new government can't interfere with entire real estate market in Gurgaon. There will be no effect on resale properties, which was purchased on high prices during Congress' regime. There will be relief on the sale of fresh property in new sectors and colonies now. Renting is more demanding with large number of industries setting up in Gurgaon."

Manav Chawla, Golden estates, sector 22, Huda market, said, "With more developers coming in the market, there is over supply of projects. That's why real estate market is still stable. People have a lot of options to buy property from different property dealers. This inventory will take at least one and half year to end. If new government revises circle rates of land, then the market may go downward."

He further added that infrastructure projects do not meet deadlines. For instance, Dwarka Expressway project is still hanging.

Jagbir Khatkar, Durga properties, sector 23 Huda market said, "Real estate market in Gurgaon may be stable but will never go down as most of our buyers come from Delhi. The circle rate of land in Delhi and Haryana was increased by 20 and 10 per cent respectively this year. Therefore, the property in Gurgaon is still cheaper than Delhi. There is a lot of congestion in the national capital."

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