Gurugram, 30th May 2024 – Geetanjali Homestate, a leading real estate consultant, has released its latest industry report detailing the impressive growth in property prices across various sectors in Gurugram. The report, titled ‘Gurugram Property Pricing Report Q1 2024,’ highlights significant year-on-year and quarter-on-quarter increases, reinforcing Gurugram’s status as a dynamic and attractive real estate market.

The average property price in Gurugram for Q1 2024 ranged from Rs 9880 to Rs 10400 per sqft, marking a substantial 28% increase from Q1 2023, where prices averaged between Rs 7200 and Rs 7400 per sqft. This also represents a 9.5% quarter-on-quarter increase from Q4 2023, where prices stood between Rs 8980 and Rs 9200 per sqft.

Sector-Specific Insights

The average property price in Gurugram’s Sector 56 reached Rs 9400 per sqft in Q1 2024, a notable 21% increase from Rs 7600 per sqft in Q1 2023. The sector also saw an 8% quarter-on-quarter growth from Q4 2023’s average price of Rs 8650 per sqft. In Sector 54, the average property price was Rs 24200 per sqft in Q1 2024. Despite a 5.6% year-on-year decrease from Rs 25600 per sqft in Q1 2023, there was a significant 17% quarter-on-quarter growth from Q4 2023’s price of Rs 20400 per sqft.

Sector 42 of Gurugram experienced a substantial year-on-year growth of 45%, with prices reaching Rs 51700 per sqft in Q1 2024, up from Rs 32650 per sqft in Q1 2023. Quarter-on-quarter growth was 9.4%, up from Rs 47050 per sqft in Q4 2023. New Gurgaon saw a 27.4% year-on-year increase, with prices reaching Rs 8900 per sqft in Q1 2024, compared to Rs 6750 per sqft in Q1 2023. There was also a 5.7% quarter-on-quarter rise from Rs 8400 per sqft in Q4 2023. In Sohna, property prices averaged Rs 8000 per sqft in Q1 2024, showing a 23% year-on-year increase from Rs 6350 per sqft in Q1 2023. The quarter-on-quarter growth was 7%, up from Rs 7450 per sqft in Q4 2023.

Dwarka Expressway’s average property price reached Rs 10700 per sqft in Q1 2024, reflecting a 27% year-on-year growth from Rs 8150 per sqft in Q1 2023 and a 15% increase from Rs 9200 per sqft in Q4 2023. MG Road in Gurugram witnessed a remarkable 50% year-on-year growth, with prices reaching Rs 23400 per sqft in Q1 2024, up from Rs 13950 per sqft in Q1 2023. The quarter-on-quarter growth was 3.6%, rising from Rs 22550 per sqft in Q4 2023.

On Golf Course Extension Road, the average price was Rs 16250 per sqft in Q1 2024, reflecting a 26.8% year-on-year increase from Rs 12400 per sqft in Q1 2023, and a 4% quarter-on-quarter rise from Rs 15600 per sqft in Q4 2023. Gurgaon-Faridabad Road saw property prices at Rs 11000 per sqft in Q1 2024, marking a 30% year-on-year increase from Rs 8100 per sqft in Q1 2023. However, there was a 12% quarter-on-quarter decline from Rs 12500 per sqft in Q4 2023.

Sunil Sisodiya, Founder of Geetanjali Homestate, commented, “Gurugram’s real estate sector is currently witnessing a transformative phase characterized by remarkable growth rates across various localities. The continued demand for high-quality housing and infrastructure development is driving these positive trends. Our report underscores Gurugram’s appeal as an investment destination, and we anticipate that this upward trajectory in property prices will persist for several more quarters. The resurgence in housing demand, previously subdued by Covid-induced economic uncertainties, is now strong and enduring.”

Geetanjali Homestate’s report highlights significant price appreciations across various sectors, reinforcing Gurugram’s dominance in both residential and commercial real estate markets. The findings serve as a valuable resource for potential buyers, investors, and developers keen on tapping into the dynamic Gurugram property market.