Gurgaon will see 10,000 new luxury flats over the next two years. This is regarding new residential projects which are scheduled to come up in the city soon.

Starting with Indian real estate giant DLF, it is all set to develop another residential project ‘Belaire’. According to Rs 7,500 a square foot, an apartment in the complex will cost around Rs 3 crore.

Close on heels is Emaar MGF which has planned to come up with its mega residential project ‘Palm Spring’ next to the DLF project.  It is priced at Rs 7,200 a square foot and Parsvnath has ‘Exotica’ under construction on this adjacent plot, priced at Rs 6,500 per square foot.

Such luxury apartments, which cost Rs 1.5 crore or more, will include around 30% of residential space in Gurgaon by 2010.

With things planned in such a way, the city will see 10,000 luxury homes, up from 1500 units in 2006. That’s 300 units added each month.

The average absorption will not go over 200 units. Of these, the demand for high end homes over Rs 1 crore is less than 50, says Ankur Srivastava, MD, DTZ.

Gurgaon will see an oversupply of 300% in the next two years. The scenario is likely o push the property prices in the city. There has already been a price correction of up to 25% in the luxury homes segment.