Market watch: Prices peak in Gurugram

The prices of houses in Gurugram have risen to an average of 76 per cent 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...

IANS

Updated At : 11:01 AM Nov 09, 2024 IST

aerial drone shot over gurgaon showing monsoon clouds with light rays falling on ground crowded with homes houses, sohna highway feilds and water pools around under construction buildings and architecture

The prices of houses in Gurugram have risen to an average of 76 per cent 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).

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.

Fast facts

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 per cent 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.

Property Hotspots

Gurugram Dwarka Expressway
Southern Peripheral Road (SPR)
New Gurugram
Golf Course Road
Golf Course Extension Road
Sohna Road

While core Gurugram locations remain steep in rates these emerging sectors are gaining attention for affordable prices in housing, especially around central business districts.

Viren Mehta, Director, ElitePro Infra said, “This surge highlights the strong demand for housing, especially in key areas that offer enhanced infrastructure and connectivity. While the supply of residential units has also grown, the rising prices reflect sustained investor confidence and the premium that buyers are willing to pay for quality homes. Developers must now focus on balancing supply and affordability, ensuring that the market remains attractive for both homebuyers and investors alike.”

The report also pointed out that the prices have risen sharply and despite the demand for residential units going up a decent 9.9 per cent QoQ, while new supply coming in at a much faster pace of 18.3 per cent 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 per cent quarter on quarter to Rs 13,729/ sq ft and under-construction apartments prices have gone up to 17.3 per cent quarter on quarter to Rs 16,180/ sq. ft.

Santosh Agarwal, CFO and Executive Director of Alphacorp, “The impressive 76% surge in residential prices across Gurugram over the past two years is a clear reflection of the region’s growing demand and strong market fundamentals.