Introducton
The real estate market in Gurugram (formerly known as Gurgaon) has been experiencing unprecedented growth and demand, making it one of India's hottest property destinations. With its reputation as a commercial and technological hub, Gurugram has witnessed a remarkable increase in the demand for quality housing options. This surge in demand, coupled with a significant drop in supply, has reshaped the region's real estate dynamics and prompted an intriguing market landscape.
Gurugram's Growth Trajectory
Demand Surges in Gurugram
According to the latest data by Magicbricks, Gurugram has recorded an impressive quarter-on-quarter (QoQ) growth in demand for properties, outshining the national average. The city has experienced a 28.9% QoQ growth in demand, surpassing the country's average of 10.4%. This surge in demand can be attributed to Gurugram's emergence as a thriving commercial and technological hub, attracting a substantial workforce seeking quality housing options.
Supply Decline in Gurugram
Conversely, the supply of properties in Gurugram has witnessed a notable decline. The city has experienced a 14.0% QoQ drop in supply, reflecting a broader trend across the Indian real estate landscape with a negative 7.4% QoQ growth. The supply-demand imbalance has led to a 2.3% QoQ increase in the average rate of properties in Gurugram, contributing to a continuous rise in prices.
Comparison to National Averages
Comparing Gurugram's real estate statistics to the national average further highlights the city's exceptional growth trajectory. The demand growth of 28.9% in Gurugram has significantly outpaced the country's 10.4%, while the supply decline of 14.0% in Gurugram overshadows the national decline of 7.4%. Additionally, the rate index increase of 2.3% in Gurugram surpasses the national average of 2.2%.
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