Gurugram: The real estate prices of houses in Gurugram have risen to an average of 76 percent in the past two years driven by high demand and expectation for more homes. The newly released Prop Index Report by Magic Bricks reveals an average price of Rs 14,650 per sq ft, 15.5% up in the last quarter alone (July to September in the fictitious year 2024).
Mr. Gaurav K Singh, Founder & MD, Womeki Group, “As we embrace the vibrant festival season in India, the real estate market is experiencing a notable transformation. Recent trends reveal a shift in buyer preferences toward spacious homes that offer a blend of comfort and functionality. With remote work becoming a lasting reality, many are seeking properties that accommodate their evolving lifestyles, favoring amenities like home offices and communal spaces. Additionally, attractive financing options and festive discounts create a sense of urgency, prompting many to take the leap into homeownership. Many eager homebuyers wait for this period, motivated by the festive spirit and the desire to invest in new beginnings. real estate developers recognize this enthusiasm and often roll out attractive deals, catering to investors, end users, and channel partners alike. These incentives aim to make homeownership more accessible and appealing, offering prospective buyers additional financial benefits and added value to enhance their festive season. The festival season is not just about celebration; it’s a strategic moment in the real estate market that fosters investment, innovation, and community growth.”
This growth pattern can be accrued mainly to a major infrastructure factor led by the successful construction of Dwarka Expressway. Housing sectors in Gurugram and newer sectors, in particular, have become more attractive to home buying as this major project has helped to increase connectivity between the two cities. While core Gurugram locations remain steep in rates these emerging sectors are gaining attention for affordable prices in housing, especially around central business districts.
The report also pointed out that the prices have risen sharply and despite the demand for residential units going up a decent 9.9 percent QoQ, while new supply coming in at a much faster pace of 18.3 percent QoQ, thanks to an increase in the number of new listings and new project launches in the quarter.
Also, there is high demand of ready to move apartments, prices have gone up to 12.9 percent quarter on quarter to Rs 13,729/ sq ft, and under-construction apartment prices have gone up to 17.3 percent quarter on quarter to Rs 16,180/ sq ft.
This report factually shows that 3 BHK units are the most in-demand, taking the majority with 66% of the total share. The average price for these units has increased by 21.6 percent in the last quarter which is at Rs 14,600 per square feet. End-user interest is inclined towards upcoming apartment micro-markets like the Dwarka Expressway where the average residential rate was Rs 14,800 against Rs 12,600 in New Gurgaon and Rs 17,000 in Golf Course Extension.
The Dwarka Expressway along with New Gurgaon and SPR has become the most searched area for real estates, as the report identifies. This change signifies a rise in interest in the real estate market in Gurugram connecting the city as a key player to the Delhi NCR real estate market.
With infrastructure gradually developing more and new projects on the horizon, the residential market of Gurugram holds a promise of even more growth and the city remains as one among the top choices for consumers and investors.
Why These Areas of Gurugram Have Become Property Hotspots and :
With prime locations and excellent infrastructure development in NCR, the Gurugram Dwarka Expressway, Southern Peripheral Road (SPR), New Gurugram, Golf Course Road, Golf Course Extension Road, and Sohna Road have become property hotspots. Home buyers are showing significant interest in these areas. Gurugram is known for its various expressways and has the facilities of Indian Railways, Rapid Metro, and Delhi Metro, with the upcoming Rapid Rail facility also set to become available. Last year, the Haryana government formed Gurugram Metro Rail Limited (GMRL), a special-purpose vehicle to implement the 28.5 km metro expansion project from Millennium City Center to Cyber Hub, which will integrate a large part of the city into the metro network.
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