Gurugram Real Estate Market Witnesses Soaring Prices amidst Growing Demand
The residential real estate market in Gurugram has seen a remarkable surge in average prices over the past two years, with a staggering 76% increase. According to Magicbricks’ latest PropIndex Report, the average price for residential properties reached INR 14650 per square foot (psf) between July and September 2024. This surge reflects a 15.5% quarter-on-quarter (QoQ) increase in prices.
Despite a moderate 9.9% QoQ increase in residential demand, Gurugram’s real estate market has continued to drive prices upwards. The supply of residential properties also experienced growth, expanding by 18.3% QoQ. The surge in new listings can be attributed to increased market activity and the launch of new projects.
One significant factor contributing to Gurugram’s appeal is the completion of major infrastructure projects, especially the Dwarka Expressway. This improvement enhance connectivity between Gurugram and Delhi, attracting potential homebuyers to explore newer sectors with better access to key business hubs. As a result, these emerging sectors offer more affordable residential options compared to core areas while maintaining their proximity to important locations.
Pricing Trends: Ready to Move vs Under Construction Apartments
With the growing demand, the prices for both ready to move and under construction apartments have witnessed substantial increases. The prices of ready to move apartments have notably risen by 12.9% QoQ, reaching an average rate of INR 13729 psf. On the other hand, under construction apartments have experienced a sharper incline of 17.3% QoQ, touching an average rate of INR 16180 psf.
Preference for 3 BHK Units and Varying Property Types
According to customer searches analyzed in the report, 3 BHK units dominate the market demand, accounting for 66% of the total. The average price of 3BHK apartments has concurrently risen by 21.6% QoQ, reaching INR 14600 psf.
Regarding property types, builder floors command an average rate of INR 12,700 psf, while multistorey apartments come in slightly higher at INR 13,200 psf. The average price for residential houses stands at INR 16,100 psf, and luxurious villas are available at a higher rate of INR 25,600 psf.
Most Searched Areas and Their Average Rates
The report also reveals the most searched areas in Gurugram. Among them, the Dwarka Expressway, New Gurgaon, and Golf Course Extension have garnered the highest interest from potential buyers.
Using the PropWorth tool, the report provides average residential rates for these prominent areas. The Dwarka Expressway records an average price of INR 14800 psf, New Gurgaon stands at INR 12600 psf, and the Golf Course Extension boasts an average rate of INR 17000 psf.
In conclusion, the residential real estate market in Gurugram has witnessed a remarkable surge in prices, indicating significant growth and demand. Despite substantial price increases, new sectors and emerging areas are becoming attractive alternatives for individuals seeking affordable options without compromising proximity to major business hubs. As infrastructure projects and market activity continue to drive the Gurugram real estate sector, potential buyers should consider exploring the dwellings available in sought-after areas such as the Dwarka Expressway, New Gurgaon, and Golf Course Extension.
