Gurugram Real Estate: Unprecedented demand surge, supply shortage reshape market dynamics

financialexpress.com:

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.

The latest data by Magicbricks indicates that Gurgaon (Gurugram) 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.

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Commenting on this report, Ravi Aggarwal, Managing Director, Signature Global (India) Ltd, says, “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