India’s real estate market has witnessed an unprecedented surge in demand for residential properties throughout the year 2023. According to the latest PropIndex Magicbricks report, Gurugram has experienced a remarkable 43.2% growth in its average real estate rates over the last eight quarters. This substantial increase not only reflects the market’s resilience but also underscores its sustained and robust nature. Particularly noteworthy is the significant uptick observed in the recent quarters, culminating in a remarkable 13.8% quarter-on-quarter (QoQ) rise in the last quarter, reinforcing Gurugram’s pivotal role in the residential real estate sector.
At the forefront of this dynamic market are two prominent locales, Dwarka Expressway and New Gurugram, each carving out a unique identity and contributing to the city’s emergence as a hotspot for those seeking a perfect blend of contemporary living and connectivity.
Remarkably, Dwarka Expressway and New Gurugram have emerged as the most demanding locations, witnessing the highest demand and being the most searched for 3 BHK luxury units in the last two years. This surge in popularity is further accentuated by the substantial increase in prices, with a noteworthy jump from Rs 8,016 to Rs 11,483, reflecting an impressive 43.2% average growth over the last eight quarters. The allure of these locales lies in their ability to offer not just residences but an unparalleled lifestyle that combines modern living with exceptional connectivity, making Gurugram a beacon in the realm of residential real estate.
Mr. Ravi Aggarwal, Co-Founder & Managing Director of Signature Global (India) Ltd., stated, “As the demand for quality living spaces continues to rise, Gurugram’s residential preferences align with Transit Oriented Development corridors. Dwarka Expressway, New Gurugram, SPR, and South of Gurugram (Sohna) have become focal points, offering not just residences but lifestyles enriched by superior connectivity and amenities.”
He further adds, “Dwarka Expressway maintains its position as the leading destination. This accolade is attributed to its robust commercial and retail infrastructure, complemented by superior social amenities. Post-COVID era demand for large homes has increased, and the recent Magic Bricks PropIndex report echoed the same sentiment about luxury and mid-housing properties. This trend indicates a promising future for growing locations across the millennium city.”
The National Housing Bank’s latest report further validates Gurugram’s real estate prowess, revealing a staggering 29.1% increase in the House Price Index (HPI) for under-construction properties in the third quarter of 2023, surpassing the 50-city average. This surge in demand is not merely a statistical anomaly but a testament to the discerning clientele’s pursuit of not just a home but an elevated living experience.
The recently published PropIndex Magicbricks report sheds light on the top micro-markets in Gurugram with the highest number of searches in the fourth quarter of 2023. New Gurugram leads the charts, securing the first rank with an average rate of Rs 8,200, closely followed by Dwarka Expressway at the second rank with an average rate of Rs 10,700. Southern Peripheral Road clinches the eighth position with an average rate of Rs 11,100.
Furthermore, the Gurugram residential real estate market exhibits a diverse pricing spectrum, ranging from INR 8,000 to 15,300 psf, encompassing a wide range of property configurations.
various configurations. The average rate for 1 BHK residence is INR 8,000 psf, whereas the luxury segments, particularly 3 BHK and above, command an average rate of INR 15,300 psf.
In the residential domain, significant attention is directed towards the highly sought-after 3 BHK units, which currently dominate with a 54% market share. The 2 BHK units are closely behind, securing a notable 29% of the demand. Moreover, properties within the cover area of 2,000-3,000 sq. ft. and above 3,000 sq. ft. emerge as the focal point, collectively holding an impressive market share of 47% and 44% respectively. This underscores the preferences of discerning homebuyers who prioritize expansive and well-designed residences.
A noteworthy aspect of Gurugram’s real estate dynamics is the strong inclination towards the luxury segment. Properties priced above INR 10,000 per square foot are witnessing heightened demand, underscoring the city’s appeal to discerning luxury property seekers.
Dwarka Expressway and New Gurugram have established themselves as the highest-demand markets in Millennium City, fueled by the convergence of economic opportunities, connectivity advantages, and evolving consumer preferences. As Gurugram continues to evolve as a prime real estate destination, these micro markets are poised to play a pivotal role in shaping the city’s future real estate landscape.