In the second quarter of 2023, the year-on-year price appreciation in Gurugram reached an impressive 12%, outshining cities such as Bengaluru and Noida, which recorded 9% and 8% growth, respectively.
With the city emerging as a hub for commercial and technological growth, the real estate landscape in Gurugram has undergone a significant transformation in recent times. Amidst a surge in property prices, the demand for residential spaces has shown an impressive trajectory, propelling the region’s real estate dynamics into a phase of unparalleled growth and development.
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According to recent reports, property prices in Gurugram have experienced a remarkable surge, surpassing other major Indian cities. In the second quarter of 2023, the year-on-year price appreciation in Gurugram reached an impressive 12%, outshining cities such as Bengaluru and Noida, which recorded 9% and 8% growth, respectively.
“This upward trajectory has placed Gurugram at the forefront of the real estate market, solidifying its position as a prime choice for businesses and large companies seeking to establish their presence in the region,” says Sachin Gawri, Founder and CEO, Rise Infraventures Limited.
In the same period, the city witnessed a staggering 28.9% quarter-on-quarter growth in property demand, significantly surpassing the national average of 10.4%. The real estate market in Gurugram continues to experience a remarkable transformation, with the surge in property prices being met with stable demand.
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This surge in demand can be attributed to Gurugram’s reputation as a commercial and technological hub, attracting a substantial workforce and big corporate names in search of quality housing options. It has also led, among others, to the decline of 14.0% in the supply of properties in Gurugram, overshadowing the national supply decline of 7.4%.
“The city’s growing prominence as a commercial and technological hub is set further to bolster its position in the national real estate landscape, making it an attractive destination for both investors and homebuyers looking for a lucrative and promising market to invest in,” says Shantanu Gambhir, Co-Founder and MD, Rise Infraventures Limited.
In the booming real estate market of Gurugram, several prominent developers have unveiled their latest projects, each catering to different segments of the population. DLF’s The Arbour, located in Sector 63, commands a hefty price tag of Rs 18,000 per square foot, translating to a unit price of a staggering Rs 8 crore. Meanwhile, Emaar’s Urban Oasis in Sector 62 stands at a slightly lower Rs 17,000 per square foot, resulting in a more modest unit price of Rs 5 crore. Godrej’s Arista in Sector 79 provides a more affordable option at Rs 11,000 per square foot, translating to a unit price of Rs 2 crore. However, Central Park’s recently-launched project boasts of the highest price point in the market, demanding a hefty Rs 23,000 per square foot, with the unit price also reaching Rs 5 crore. These offerings cater to diverse needs and budgets, giving potential homeowners various choices in this bustling city.
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Comparatively, the Delhi-NCR region observed a 6% growth, reaching Rs 4,800-5,000 per square foot, while Noida experienced an 8% rise to Rs 5,600-5,800 per square foot. Furthermore, Hyderabad recorded a 5% increase, with prices averaging at Rs 6,400-6,600 per square foot. These statistics underline the exceptional growth trajectory of Gurugram, positioning it as one of the key real estate hubs in the country.
Despite the significant surge in property prices, the demand for residential properties in Gurugram is expected to remain stable, owing to the city’s robust commercial and business landscape, according to property consultants. The unprecedented growth in demand, coupled with the steady expansion of businesses and companies in the region, is anticipated to sustain the property market, creating a stable and lucrative investment environment for developers and buyers alike.
