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Gurugram has reached a significant milestone with its real estate market in 2024. Housing sales have exceeded Rs 1,07 lakh crore. This figure is a significant 66% increase from 2023 when the sales were Rs 64,314 billion. PropEquity's latest report not only highlights Gurugram's robust growth, but also places the city among the top markets in Delhi-NCR.
The report states that the total residential sales in Delhi-NCR will reach Rs 1,53 lakh crore by 2024. This is up from Rs 94143 crore the year before, a 63% increase. The report attributes this surge to several factors, including an improved infrastructure, increased corporate presence, as well as increased investor confidence. The average weighted price of property in Delhi-NCR also increased significantly, reaching Rs 12,469 a square foot. This reflects the premium positioning that properties enjoy in this region.
Also Read: Real Estate Developers Target Tier-2 and Tier-3 Cities: 44% of 3,294 Acres Acquired in 2024
Gurugram: Key Data Insights
- Sales Value Increase
- 2023: Rs 64 314 crore
- Around Rs. 1.07 lakh crore
- Increase of 66% YoY
- Unit Absorption Trends
- The average unit size has increased from 1,229 square feet to 2,229 square feet in 2024.
- Around 25% of units are priced between Rs1-2 crore, and over 50% are above Rs2 crore.
- Market Comparison
- Gurugram is responsible for 66% of all the housing sales in Delhi-NCR.
- Mumbai reached approximately Rs 1,38 lakh crore and Hyderabad around Rs 1,05 lakh crore by 2024.
Factors driving the surge
The rapid increase in the sale of housing in Gurugram is due to several factors.
- Robust Infrastructure Development
The city has become more attractive due to improvements made in the road network, public transport, and other infrastructure. - Growing corporate presence:
The demand for luxury residential properties is increasing as more multinational companies and technology firms set up offices in this region. - Regulatory Reforms
The RERA has improved transparency and made real estate transactions safer. This has encouraged both domestic and foreign buyers to invest. - Investor Confidence
Investors are confident in the long-term growth of the market due to the substantial increase in weighted average sale price and growing unit absorption.
The increasing importance of Gurugram as a residential area within Delhi-NCR will likely continue the upward trend in housing sales. The continued development of the infrastructure and corporate investments are expected to boost market growth. Property values will rise due to the growing demand for luxury homes. This will make the city more appealing for homebuyers and investors.
The dynamic real estate market in Gurugram is evident from the landmark of Rs 1,07,00,000 crore of housing sales by 2024. Gurugram is a region that sets new standards, thanks to its robust infrastructure, a developing corporate ecosystem, regulatory reforms, and growing corporate eco system. As the residential real-estate market develops, homebuyers and investors can expect to see a vibrant, dynamic market marked by high demand and premium prices. Watch for the latest updates regarding Gurugram's impact on urban life in Delhi and NCR.
Also Read: Indian Real Estate Set to Hit Rs 60,000 Crore in Q4 Launches
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Ans 1. Robust infrastructure improvements, increased corporate investments, regulatory reforms like RERA, and strong investor confidence all contributed to the surge.
Ans 2. Housing sales in Gurugram reached Rs 1.07 lakh crore in 2024, marking a 66% increase compared to the previous year.
Ans 3. Gurugram accounts for 66% of all housing sales in the Delhi-NCR region, underscoring its dominant market position.
Ans 4. The average weighted price is Rs 12,469 per square foot, reflecting the premium market positioning in the region.
Ans 5. Key trends include a significant rise in property values, improved urban infrastructure, a growing corporate presence, and overall heightened market confidence.
Ans 6. Gurugram's robust growth sets a benchmark for the region, boosting overall investor confidence and spurring infrastructure and real estate development across Delhi-NCR.
Ans 7. RERA reforms ensure transparency and accountability, reducing legal disputes and attracting both homebuyers and investors, which fuels the market's robust growth.
Ans 8. With sustained infrastructure improvements, growing corporate investments, and strong market fundamentals, Gurugram is poised for continued property value appreciation and long-term growth.