Summary:
According to Magicbricks' PropIndex Report, average property prices in Gurugram increased by 76% over two years, reaching US$ 174.53 (Rs. 14,650) per square foot between July and September 2024, driven by surging residential demand. While residential demand rose by 9.9% quarter over quarter, supply surged by 18.3% due to new listings and project launches. Key infrastructural initiatives, notably the Dwarka Motorway, enhance Gurugram's desirability and attract demand in emerging sectors. According to the survey, ready-to-move apartments saw a 12.9% price increase, averaging US$ 163.56 (Rs. 13,729) per square foot, while under-construction apartments increased by 17.3% to US$ 192.76 (Rs. 16,180).
Demand for three-bedroom condos remains high, accounting for 66% of searches, with average prices rising by 21.6% quarter on quarter to US$ 173.94 (Rs. 14,600) per square foot. Builder floors average US$ 151.30 (Rs. 12,700) per square foot, while multistorey apartments average US$ 157.26 (Rs. 13,200). Residential houses average US$ 191.81 (Rs. 16,100), while luxury villas cost US$ 304.99 (Rs. 25,600) per square foot. The Dwarka Motorway, New Gurgaon, and Golf Course Extension are among the key areas. According to the PropWorth tool, prices in Dwarka Motorway average US$ 176.32 (Rs. 14,800), while New Gurgaon averages Rs. 12,600, and Golf Course Extension costs US$ 202.53 (Rs. 17,000).
Source: IBEF
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