Unprecedented demand surge, supply shortage fuel Gurgaon’s real estate market dynamics

Unprecedented demand surge, supply shortage fuel Gurgaon’s real estate market dynamics

Gurgaon’s real estate market has witnessed the highest growth in demand among India’s top cities during the second quarter of 2023. The growing demand for housing, coupled with a significant drop in supply, has set the stage for an intriguing market landscape, prompting an increase in average rates and reshaping the region’s real estate dynamics.

According to the latest data of PropIndex Q2 2023-24 by Magic Bricks indicates that Gurgaon has recorded an impressive 28.9% quarter-on-quarter (QoQ) growth in demand for properties, outshining the national average of 10.4%. This surge in demand can be attributed to Gurgaon’s burgeoning reputation as a commercial and technological hub, attracting a substantial workforce seeking quality housing options.

Conversely, the supply of properties in Gurgaon has witnessed a notable decline of 14.0% QoQ, reflecting a broader trend across the Indian real estate landscape with a negative 7.4% QoQ growth. The supply-demand imbalance has spurred a 2.3% QoQ increase in the average rate of properties in Gurgaon, contributing to a continuous rise in prices.

On this report Ravi Aggarwal, managing director of Signature Global (India) said “We are witnessing an exhilarating phase in Gurgaon’s real estate journey. The remarkable growth in demand combined has presented us with a unique set of opportunities and responsibilities. As a responsible real estate player, we are committed to crafting living spaces that not only meet the aspirations of our customers but also contribute to the evolving urban landscape of this vibrant city. Gurgaon’s emergence as a hotspot is a testament to its undeniable potential, and we are dedicated to shaping its skyline with innovation, quality, and affordability.”

 

This supply-demand imbalance has prompted sellers in Gurgaon to take advantage of the situation by raising property prices to capitalise on the high demand. Notably, the ‘Ready to Move’ segment has shown a growth of 1.8% QoQ, reflecting the city’s commitment to delivering quality housing options promptly. Simultaneously, the ‘Under Construction’ segment has surged by 4.4% QoQ, indicating a robust pipeline of projects in the works.

Over the past year, Gurgaon has experienced an impressive average rate increase of 23.1%, with substantial growth sustained over the last five quarters. This remarkable growth trajectory has solidified Gurgaon’s position as one of the hottest real estate markets in the country.

New Gurugram, with its strategic connectivity, burgeoning employment hubs, and affordability, has emerged as a prime hotspot for property seekers. While the key areas of Central Gurugram, Sohna Road, Golf Course Extension, Dwarka Expressway, Sushant Lok, and Old Gurugram continue to attract consumer interest due to their established infrastructure and amenities.

As Gurgaon’s real estate market witnesses this unprecedented demand surge and supply shortage, industry experts are closely monitoring the evolving landscape to gauge the long-term implications for both buyers and sellers. With new projects and developments on the horizon, Gurgaon’s real estate sector remains a focal point of growth and opportunity in the Indian market.

Source : Construction Week Online

Related Posts

ENQUIRE NOW