The real estate hubs that people are most in demand for include Dwarka Expressway and New Gurugram
By Bricksnwall | 2024-01-31
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.
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
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.
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.
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
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
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
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.
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.
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
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.