Gurugram And Delhi-NCR Property Rates: Gurugram, which is known as the hub of multinational companies, is currently creating a huge opportunity for real estate companies to make money. At present, realty projects are going on in full swing there and an atmosphere of enthusiasm is being seen in the companies involved in selling property. If we look at this on the basis of customer search, then a huge jump is being seen in the property rates here and especially in the rates of high priced flats and commercial properties. With prime location and excellent infrastructure development, Gurugram is witnessing great times for the realty sector.
Both price and demand of 3 BHK flat increased
Based on customer search, despite the rise in the prices of 3 BHK units, 66 percent of the total demand for houses is being seen for 3 BHK units. The prices for 3 BHK apartments in Gurugram have seen a straight jump of 21.6 per cent and the rate of Rs 14600 per square foot is seen for this quarter.
In Gurugram, an increase of 76 percent is being seen in the property rates within a year and during this quarter, an increase of 15.5 percent has been recorded in the rates. After this increase, it has reached Rs 14,650 per square foot. These flat rates are for the period July-September 2024. This data has come according to the latest PropIndex Report of Magicbricks. It has also been told in the report that despite the supply of houses increasing by 18.3 percent, the prices of houses have been increasing at the rate of 9.9 percent every quarter.
Prices of builder flat multistorey apartments increased in these areas
- Dwarka Expressway, New Gurugram and Golf Course Extension are among the most searched areas.
- Home prices in Dwarka Expressway are at Rs 14,800 per sq ft and in New Gurugram are at Rs 12,600 per sq ft.
- Property prices in Golf Course Extension have reached Rs 17,000 per square foot.
- Apart from this, through another standard tool of the property portal, it was found that in similar areas the price for builder flat is Rs 12,700 per square foot.
- Rates of Rs 13,200 per sq ft for multistorey apartments, Rs 16,100 per sq ft for residential properties and Rs 25,600 per sq ft for luxury villas are being seen.
- Due to increasing demand, the prices of both ready-to-move and under construction properties in Gurugram are witnessing an increase.
Apart from Gurugram, there is a huge jump in the property rates of Delhi-NCR and Hyderabad also.
Data from real estate consultant Anarock shows that the average prices of residential properties in Delhi-NCR have increased by 29 per cent to Rs 7200 per square foot in the July-September quarter. It was at Rs 5570 per square foot a year ago. However, in Hyderabad the prices have increased the most by 32 percent and have increased from Rs 5400 per square foot to Rs 7150 per square foot.
anarock According to a recent report, house prices in Delhi-NCR and Bengaluru have seen a year-on-year increase of 29 percent in the July-September quarter. Due to strong demand, high input costs and increase in the supply of luxury homes, the prices of these realty homes are witnessing an increase.
Gurugram Dwarka Expressway, Southern Peripheral Road (SPR), New Gurugram, Golf Course Road, Golf Course Extension Road, Sohna Road remain property hotspots in NCR. With prime location and excellent infrastructure development, Gurugram is a city which has the facilities of Indian Railways, Rapid Metro, Delhi Metro. There will be facility of rapid rail in the coming time.
What do real estate developers have to say about this?
According to Mohit Malhotra, founder of Neoliv, it has been seen that during the festive season for the last two consecutive years, an average increase of 15-20 percent is being seen in property rates. Developers often offer special offers, discounts and financing schemes during festivals, making it an attractive time for homebuyers to invest in property.
According to Pankaj Pal, Managing Director, Whiteland Corporation, millennials are driving a new wave of property demand in Gurgaon’s luxury residential market. Gurugram has become a major destination for millennial buyers looking for luxury homes. Recent data shows that almost 45 per cent of luxury home buyers in the region are now below 40 years of age.
According to Yashank Vasan, Managing Director of Royal Green Realty, festivals like Navratri are considered auspicious time for purchasing real estate like cars and houses. Apart from this, many new project launches take place during the festive season, which provides a wide range to home buyers. If home buyers associate this time with good fortune and prosperity, sales are also brisk.
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