Home Prices Soar 76 Per Cent In Gurugram In 2 Years Even As Supply Grows Faster Than Demand: Magicbricks

The study said that the average prices of homes jumped by 15.5 per cent on quarter-on-quarter (QoQ) basis to touch Rs 14,650 per square foot during the July-September 2024 period

In asset classes, 3BHK seem to be the most in-demand and contributed to 66 per cent of the overall demand.

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Residential real estate in Gurugram is becoming increasingly expensive. The latest PropIndex report by Magicbricks found that the average home prices in the city soared 76 per cent in just a span of two years.

The study said that the average prices of homes jumped by 15.5 per cent on quarter-on-quarter (QoQ) basis to touch Rs 14,650 per square foot during the July-September 2024 period. While demand for residential properties grew by 9.9 per cent sequentially, the supply for the same climbed 18.3 per cent during the period under review, reported Business Standard.

This has resulted in a huge climb in prices as supply soared with an inflow of new listings backed by increased market activity and new project launches, the study found.

Explaining the rise in popularity for homes in the city, Magicbricks in a release said, “The completion of major infrastructure projects, especially the Dwarka Expressway, continues to enhance Gurugram's appeal, boosting demand in newer sectors with better connectivity to Delhi. As prices in core areas remain high, these emerging sectors are attracting attention, offering relatively more affordable options while maintaining proximity to key business hubs.”

3BHK Dominates Demand

In asset classes, 3BHK seem to be the most in-demand and contributed to 66 per cent of the overall demand. The average prices of 3BHK apartments climbed 21.6 per cent sequentially to hit Rs 14,600 per square foot in the reviewing quarter. 

Meanwhile, builder floors hit a price of Rs 12,700 per square foot, while multistorey apartments in the city commanded a price of Rs 13,200 per square foot. Luxurious villas reached the price of Rs 25,600 per square foot, and residential houses in the city now cost an average of Rs 16,100 per square foot.

In terms of localities, the most searches were seen for New Gurgaon, Golf Course Extension, and Dwarka Expressway.