Gurgaon’s real estate market experienced the largest growth in home demand during the second quarter of the year. Increasing home demand and decline in availability have created an exciting market environment that has raised usual rates and changed the dynamics of the Gurgaon real estate market.
According to the most recent data from Magic Bricks, the demand for properties in Gurgaon increased by 29% as compared to first quarter. It has also overtaken the national average of 10%. Gurgaon as a commercial and technical hub, draws an ample workforce looking for decent housing options, can be credited with this surge in demand.
The home supply in Gurgaon has experienced a significant drop of 14.0%. The imbalance between supply and demand has led to a 2.3% significant increase in Gurgaon’s average property rate.
The extraordinary growth trajectory of Gurugram is further highlighted when comparing the city real estate figures to the national average. Gurgaon’s rate index increase of 2.3% is higher than the 2.2% national average.
Gurgaon has seen a remarkable average rate increase of 23% over the previous year, with significant increases constant over the last five quarters. Gurgaon has concreted its place as one of the India’s hottest real estate markets because of its extraordinary development trajectory.
New Gurugram has become a top real estate destination for those who are looking for connectivity, expanding employment centres, and lifestyle. Due to their well-established infrastructure and amenities, the important areas of Central Gurugram, Sohna Road, Golf Course Extension, Dwarka Expressway, Sushant Lok, and Old Gurugram continue to draw home buyers interest.
It’s interesting to note that the majority of people looking for real estate prefer 3 and 4BHK flats, with a spacious 60% of supply and demand lying between 10,000-15,000 per square foot range.
Real estate experts are closely following the changing environment as Gurgaon’s real estate market experiences this extraordinary demand spike and supply scarcity to determine the long-term consequences for both buyers and sellers. Gurgaon’s real estate industry continues to be a key driver of growth and potential in the Indian market, with new projects and developments on the prospect.
Source- APN news