Gurugram witnesses a Surge of 76% in Average Home Prices in the Last 2 years- Report.
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Since Gurugram is turning into a real-estate hub, the demand for residential projects is on the rise. To further justify the claim, Magic Bricks reports that Gurugram has witnessed 76% surge in average home price in the last 2 years along with the sq.ft rate of Rs 14650 between July and Sept 2024.
The report also stated that although residential demand grew by a mild 9.9% QoQ, prices had climbed significantly. Due to an infusion of new listings brought on by heightened market activity and the introduction of new projects, the supply surged by 18.3% QoQ.
The survey also pointed out that despite modest growth in residential demand of 9.9% quarter over quarter, supply climbed by 18.3% during that same period due to an influx of new listings brought on by heightened market activity and the launch of new projects, prices have grown dramatically.
The report mentions that “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.”
Additionally, due to rising demand, ready-to-move-in flat prices have climbed by 12.9% over the last quarter to reach Rs 13,729 per square foot, while under-construction flat prices have surged by 17.3% over the same period to reach Rs 16,180 per square foot.
The survey indicated that 3 BHK flats dominate with 66% of demand based on client searches. The average cost of a 3BHK flat has risen by 21.6% in just one quarter to Rs 14600 per square foot.
The report mentions that Dwarka Expressway, Golf Course Extension, and New Gurgaon are gaining major search among homeowners. The average sq. ft rate of homes in Dwarka Expressway is Rs 14,800, Rs 12,600 per square foot in New Gurgaon and Rs 17,000 per square foot in Golf Course Extension.
Least Affordable Cities as Average Price Home
Magic Bricks in its another report named, ‘Housing Affordability in Major Indian Cities’, mentions, Delhi and the Mumbai Metropolitan Area are the most expensive places to invest. The compound annual growth rate (CAGR) of household income in the top 10 cities in the nation was 5.4% between 2020 and 2024; nevertheless, during this same period, property prices soared by 9.3% (CAGR), which had an impact on people’s purchasing power.
Similarly, India’s EMI-to-monthly income ratio jumped from 46% in 2020 to 61% in 2024, a reflection of the rising cost of homeownership and worries about the state of the nation’s economy generally and in major cities in particular.
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