Gurugram's real estate market has seen a remarkable 76% rise in property prices over the last two years, with a 15.5% quarter-on-quarter increase between July and September 2024, according to Magicbricks' PropIndex Report. This price surge is largely attributed to the completion of key infrastructure projects like the Dwarka Expressway, enhancing the city's connectivity and appeal. Despite moderate demand growth, supply has increased due to new project launches. Emerging sectors, such as Dwarka Expressway, New Gurgaon, and Golf Course Extension, are attracting buyers with relatively affordable rates.
Gurugram has witnessed 76% increase in property prices over the past two years, according to the latest PropIndex report from Magicbricks. Between July and September 2024, the average price per square foot reached INR 14,650, reflecting a 15.5% jump quarter-on-quarter (QoQ). This rise comes even as demand grew by a modest 9.9% QoQ, with supply rising by 18.3%, driven largely by new listings and project launches.
The ongoing completion of major infrastructure projects, most notably the highly anticipated Dwarka Expressway, has further boosted Gurugram's attractiveness to buyers, particularly in emerging sectors that now enjoy better connectivity to Delhi. As prices in central areas of Gurugram continue to rise, these newer sectors are gaining attention for offering relatively more affordable options while still being close to key business hubs.
The report also highlights a significant increase in prices for both ready-to-move-in and under-construction apartments. Ready-to-move properties saw a 12.9% rise in QoQ, now averaging INR 13,729 per square foot. Under-construction apartments have surged even more, with a 17.3% increase, reaching INR 16,180 per square foot. This upward trend reflects the growing buyer interest in newer developments that promise enhanced connectivity and modern amenities.
Demand trends indicate that 3 BHK units are the most sought-after, accounting for 66% of buyer searches. The average price for these units has climbed 21.6% QoQ to INR 14,600 per square foot. Builder floors command an average price of INR 12,700 per square foot, while multi-storey apartments stand at INR 13,200. Residential houses average INR 16,100 per square foot, and luxury villas reach INR 25,600 per square foot.
The PropIndex report also identifies the most searched areas in Gurugram: Dwarka Expressway, New Gurgaon, and Golf Course Extension. Residential prices in these areas continue to rise, with Dwarka Expressway averaging INR 14,800 per square foot, New Gurgaon at INR 12,600, and Golf Course Extension at INR 17,000 per square foot.
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