The real estate market in Gurgaon has seen significant changes over the past year, with property prices experiencing notable increases. As of late 2024, various reports indicate that the demand for residential properties in Gurgaon has surged, driven by improved infrastructure and a robust buyer sentiment.

Price Increases

1. Circle Rate Adjustments: Starting December 1, 2024, circle rates in Gurgaon are set to increase by 10% to 30%, depending on the locality. Luxury residential areas like Golf Course Road will see a 30% hike, raising the minimum price from ?27,500 per square foot to ?35,750 per square foot. This adjustment reflects the growing market value and aims to align property valuations with current trends. 
2. Market Trends: According to recent data, residential property prices across Gurgaon have risen by an average of 29% year-on-year in the July-September quarter of 2024. Areas such as Dwarka Expressway and Southern Peripheral Road have become particularly desirable due to ongoing infrastructure projects and enhanced connectivity. 
3. Local Market Dynamics: The increasing demand for properties in prime localities is significantly influencing price hikes. For instance, while some areas experienced a slight decrease in property values, others have seen substantial growth due to high demand and limited supply.

Factors Driving Price Increases

• Infrastructure Development: Major projects such as metro expansions and highway upgrades are boosting property values by improving accessibility and attracting more buyers to the region.
• High Demand: The real estate market is witnessing a robust demand from both end-users and investors, particularly in luxury segments where properties are being snapped up quickly due to their premium amenities and locations.
• Economic Growth: The overall economic conditions and investor sentiment have also contributed to rising property prices, as buyers are willing to invest more in quality real estate.

The real estate landscapes in Gurgaon and Noida are evolving distinctly, with each city experiencing unique dynamics. In Gurgaon, property prices have surged significantly, reflecting a robust demand driven by ongoing infrastructure developments and a strong corporate presence. As of late 2024, prices have increased by approximately 76% over the past two years, with a notable 15.5% quarterly rise reported recently. In contrast, Noida has also seen substantial growth, particularly due to the upcoming Noida International Air
Posted By: Harsh Patel