The real estate hubs that people are most in demand for include Dwarka Expressway and New Gurugram

By Bricksnwall | 2024-01-31

Gurugram: Throughout 2023, the demand for residential real estate in India's real estate market saw an unheard-of spike. The most recent PropIndex Magicbricks study shows that over the last eight quarters, Gurugram's average real estate rates have grown by an astounding 43.2%. This significant gain highlights the market's persistence and robustness in addition to demonstrating its resilience. The notable uptrend in the past quarter?which culminated in an astounding 13.8% quarter-over-quarter (QoQ) increase?in the recent quarters is especially noteworthy, as it further solidifies Gurugram's crucial position in the residential real estate market.

Dwarka Expressway and New Gurugram, two well-known locations at the vanguard of this vibrant market, have each carved out an own character and helped the city become a destination for people looking for the ideal fusion of modern life and connection.

Surprisingly, in the last two years, Dwarka Expressway and New Gurugram have become the most sought-after destinations, with the highest demand and the most searches for luxurious three-bedroom apartments. The notable price increase from Rs 8,016 to Rs 11,483, which represents an astonishing 43.2% average gain over the prior eight quarters, further highlights this boom in popularity.

These locations are attractive because they provide not only homes but also an unmatched lifestyle that blends contemporary living with first-rate connectivity, which makes Gurugram a leader in residential real estate.

Gurugram's real estate success is further validated by the National Housing Ban's newest report, which shows a startling 29.1% growth in the House Price Index (HPI) for under-construction houses in the third quarter of 2023?a figure that beat the 50-city average. This increase in demand is evidence of the discerning clientele's need for more than just a place to live?rather than just a statistical aberration.

In the fourth quarter of 2023, the most popular micro-markets in Gurugram with the most searches were revealed by the recently released PropIndex Magicbricks report. At an average rate of Rs 8,200, New Gurugram tops the charts, closely followed by Dwarka Expressway at the second place (average rate of Rs 10,700). Southern Peripheral Road, with an average tariff of Rs 11,100, secures the eighth spot.

In addition, the Gurugram residential real estate market displays a broad range of property configurations and a varied cost spectrum, which spans from INR 8,000 to 15,300 psf.

different arrangements. The average price for a one-bedroom apartment is INR 8,000 per square foot, while the luxury segments?that is, those with three bedrooms and up?charge an average of INR 15,300 per square foot.

Within the residential sector, a great deal of focus is placed on the in high demand 3 BHK apartments, which currently hold a 54% market share. Securing a noteworthy 29% of the demand, the 2 BHK homes trail closely behind. Additionally, properties with a cover area of 2,000?3,000 square feet and larger than 3,000 square feet stand out as the main attraction, with a combined market share of 47% and 44%, respectively. This emphasizes the tastes of discriminating purchasers who value large, well-designed homes.

Gurugram's real estate dynamics are notable for their significant preference for the premium market. Demand for properties over INR 10,000 per square foot is rising, highlighting the city's attraction to discriminating buyers of luxury real estate.

The markets with the highest demand in Millennium City are Dwarka Expressway and New Gurugram, driven by the combination of growing economic prospects, the benefits of connectivity, and changing consumer tastes. These micromarkets have the potential to significantly influence Gurugram's future real estate scene as the city develops into a premier real estate destination.