Average home prices in Gurugram up 76% in 2 years to touch Rs 14,650 psf

 Amidst growing residential demand in the city, average prices in Gurugram have increased a whopping 76 per cent in two years and 15.5 per cent quarter on quarter to reach Rs 14, 650 per square foot between July and September 2024, according to Magicbricks’ latest PropIndex Report.

The report further noted that the prices have increased significantly, despite residential demand increasing a moderate 9.9 per cent quarter on quarter while supply grew by 18.3 per cent in the same period, with an influx of new listings driven by increased market activity and new project launches. 

"The completion of major infrastructure projects, especially the Dwarka Expressway, continues to enhance Gurugram's appeal, boosting demand in newer sectors with better connectivity to Delhi. As prices in core areas remain high, these emerging sectors are attracting attention, offering relatively more affordable options while maintaining proximity to key business hubs," said Magicbricks in a release.

Further, with increasing demand, prices of ready to move apartments have increased 12.9 per cent on quarter to touch Rs 13,729 per square foot while prices of under construction apartments have increased 17.3 per cent on quarter to touch Rs 16,180 per square foot.

Based on customer searches, the report stated that 3 BHK units dominate with 66 per cent of demand. Average prices of 3BHK apartments have increased 21.6 per cent on quarter to reach Rs 14600 psf.

Further, builder floors command an average rate of Rs 12,700 per square foor, multistorey apartments stand at Rs 13,200 psf, residential houses at Rs 16,100 psf, and luxurious villas are available at Rs 25,600 psf.

Dwarka Expressway, New Gurgaon and Golf Course Extension are the most searched areas, said the report. 

According to PropWorth tool, average residential rate in Dwarka Expressway is Rs 14,800 per square foot, Rs 12,600 per square foot in New Gurgaon and Rs 17,000 per square foot in Golf Course Extension.

In another report titled, 'Housing Affordability in Major Indian Cities', Magicbricks said Mumbai Metropolitan Area and Delhi are the least affordable options for investment. While household income in the top 10 cities of the country grew at a compound annual growth rate (CAGR) of 5.4 per cent between 2020 and 2024, property prices have increased by 9.3 per cent (CAGR) during this period, thereby affecting the purchasing power of the people.

The report said that the property price to annual household income ratio (P/I ratio) in India has increased from 6.6 in 2020 to 7.5 in 2024, which is higher than the globally accepted benchmark of 5.

Mumbai Metropolitan Area (14.3) and Delhi (10.1) have emerged as the least affordable cities in terms of property, while Chennai, Kolkata and Ahmedabad (5) are among the most affordable cities for residential investment in 2024.

The EMI-to-monthly income ratio in India has increased from 46 per cent in 2020 to 61 per cent in 2024, reflecting the increasing burden on home buyers and concerns about the economic condition of people across the country, especially in metros.