The real estate market in Gurugram has seen a phenomenal rise over the past two years. According to Magicbricks' latest PropIndex report, the average price for homes in the city has surged 76%, now standing at ₹14,650 per square foot as of Q2 FY25. This growth is largely driven by the rising demand for 3BHK apartments, which account for 66% of buyer interest.
Between July and September 2024, Gurugram’s real estate prices increased by 15.5% quarter-on-quarter, while the demand for residential properties grew 9.9%. Interestingly, despite the demand for homes increasing at a moderate pace, the supply of properties saw an 18.3% rise during this period, fueled by new listings and project launches.
One of the major contributors to this impressive price hike is the completion of infrastructure projects, particularly the Dwarka Expressway. The expressway’s enhanced connectivity to Delhi has made emerging sectors along its stretch highly attractive, drawing both investors and homebuyers. These sectors, with relatively more affordable prices than Gurugram's core areas, are expected to see continued growth.
In terms of property types, ready-to-move apartments have seen a 12.9% price increase, reaching ₹13,729 per square foot. Meanwhile, under-construction apartments have risen by 17.3%, now priced at ₹16,180 per square foot. Builder floors command an average price of ₹12,700 per square foot, and luxurious villas have reached an eye-popping ₹25,600 per square foot.
The report also highlights the most searched areas in Gurugram, with Dwarka Expressway, New Gurgaon, and Golf Course Extension leading the way. These areas continue to draw attention due to their growing infrastructure, connectivity, and proximity to business hubs.
While Gurugram's real estate market continues to rise, other major cities like Mumbai and Delhi are becoming less affordable, with property price-to-annual income ratios rising significantly. With household incomes increasing at a CAGR of 5.4% between 2020 and 2024 and property prices climbing 9.3% over the same period, the affordability gap is widening across the country.
For those looking to invest in Gurugram, the city’s continued infrastructure developments, coupled with growing demand for 3BHK apartments, make it an exciting real estate hotspot for the future. (Average Home Prices in Gurugram)
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