Gurgaon’s real estate market has been on a wild ride. If you’ve been anywhere near the property market, you’ve probably heard the whispers—and maybe even the shouts—about the sky-high prices. It seems like every other day, a new luxury high-rise is announced, with prices that make your eyes water. But the big question on everyone’s mind is: can this last? Are we on the verge of a massive price correction, or is this the new normal for Gurgaon?
The numbers are staggering. Over the last two years, the average price of a home in Gurgaon has shot up by a whopping 67%, climbing from around ₹9,718 per square foot to a jaw-dropping ₹16,186 per square foot. Areas like Golf Course Road, Golf Course Road Extension, and the Dwarka Expressway have become playgrounds for high-end buyers, with luxury projects and multinational corporations fueling the demand. It’s no wonder Gurgaon is considered a real estate hotspot in the National Capital Region (NCR).
But with such a rapid rise, there’s a growing sense of unease. Are we in a bubble that’s about to burst? We’ve dug into what the experts are saying, and while they don’t all agree on everything, there’s a general consensus that the explosive price growth is about to take a breather.
Should You Buy, Sell, or Hold? - Gurgaon real estate
Here’s where the experts are divided. Some, like Prashant Thakur from Anarock, believe the market is currently “overheated.” His advice? If you’re thinking of investing, it might be wise to hold off for now. He suggests that instead of a dramatic price drop, we’re more likely to see developers offering discounts and other incentives, especially around the festive season. So, if you’re a buyer, waiting a little longer could pay off.
On the other hand, Samir Jasuja of PropEquity has a different take. While he agrees that the massive gains of the past couple of years are probably over for investors, he thinks it’s a good time for end-users to buy. Why? Because he believes prices will stabilize and are unlikely to fall in the next two years. He points out that after a period of limited supply, the market is now seeing a “catch-up,” with a healthy balance of supply and demand. Last year alone, Gurgaon saw the sale of 9,000 high-end properties, showing that there’s still a strong appetite for homes in the city.
The "Walled Village" Phenomenon
But not everyone is convinced that this is a sustainable way of life. Jagan Shah, CEO of The Infravision Foundation, shares a sentiment that many prospective buyers can relate to. He describes the frustration of searching for a home only to find that even under-construction apartments in isolated areas are priced upwards of ₹3.5 crore. He calls it “living in walled villages pretending to be cities,” highlighting a growing concern about the quality of urban life in these exclusive enclaves.
The Final Word: Stability on the Horizon
So, what’s the bottom line? According to Prasun Kumar from Magicbricks, a significant price crash in Gurgaon this year is “highly unlikely.” The market is showing signs of stabilizing, which is a healthy sign of maturity after the recent boom. He believes that the consistent demand for premium homes and Gurgaon’s status as a major business hub will keep prices stable or on a gradual upward trend. For those looking to invest, this stability could make it an attractive time to enter the market with confidence.
In conclusion, while the days of rapid, eye-popping price increases in Gurgaon’s real estate market may be behind us, a crash doesn’t seem to be on the cards either. Instead, we can expect a period of stability, which could be good news for both buyers and long-term investors.
Source – Indian Express
