Gurugram has long been a dominant player in India’s real estate market, but 2024 has been a game-changer. Not only have the property prices nearly doubled, but recent developments have also positioned the city as one of the fastest-growing real estate markets in the country. A significant increase in the number of new launches of high-end residential complexes and marquee luxury projects has further contributed to the city’s rising prominence in the country’s realty landscape, solidifying its status as a preferred destination for investors and end-users alike. As Gurugram’s real estate sector undergoes a transformational shift, a critical question arises: Is it poised to outpace Mumbai as India’s leading real estate powerhouse?
“The demand for premium residential properties is a major contributor to the remarkable growth witnessed by the luxury housing segment with increasing premium launches attracting affluent buyers. Gurugram’s status as a corporate powerhouse, home to multinational companies, financial institutions, and IT firms, fuels housing demand, particularly in the high-end and luxury segments. The availability of vast land banks and infrastructure development along the Dwarka Expressway has boosted the real estate development in the city,” says Sandeep Chhillar, Founder and Chairman, Landmark Group.
Amit Modi, Director, County Group, says, “Gurugram’s market value appreciation has outpaced that of Mumbai and other metro cities. For decades, Mumbai has been the epicentre of India’s real estate market, commanding the highest property values and premium investments. However, Gurugram’s compound annual growth rate (CAGR) in property prices is now surpassing that of key Mumbai locations.”
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In 2024, Gurugram recorded a staggering 55% rise in under-construction property prices. Certain micro-markets witnessed even sharper appreciation. When compared to metro cities like Delhi, Bangalore, Pune, and Hyderabad, the city’s rise was significantly steeper. Infrastructural projects such as the opening of the Gurugram portion of the Dwarka Expressway, government-backed initiatives such as Transit-Oriented Development (TOD) and increased floor area ratio (FAR) allowances encouraging large-scale real estate developments, including the proximity to the international airport have played a significant role in this growth and led to a rise in investment by high-net-worth individuals (HNIs) and non-resident Indians (NRIs). The recent increases in per-square-foot prices in Gurugram are not only approaching those of traditionally high-value areas such as South Mumbai and Bandra, but some comparisons are even being made with the prices of certain properties in leading global markets like Dubai. This trend signifies a remarkable transformation in the city’s growing attractiveness.
“The rapid ascent of Gurugram’s real estate market is driven by several key factors. Infrastructure development has played a crucial role, with the completion of the 18.9-km Dwarka Expressway and the availability of a vast land bank along the expressway corridor are among the key factors. The announcement of a new metro line and proximity to the Indira Gandhi International Airport has further enhanced the city’s appeal and has made it an attractive destination for investment,” says Vishal Sabharwal, Head Sales, Orris Group.
Thus, while Mumbai remains India’s financial capital and a premium real estate destination, Gurugram’s accelerated growth trajectory cannot be ignored. The city is setting new benchmarks, not just in luxury housing but also in real estate appreciation. If the current momentum persists, Gurugram could emerge as the most lucrative real estate destination in India, rivalling Mumbai’s longstanding dominance. For investors and homebuyers seeking high returns and future-ready developments, Gurugram is undoubtedly the market to watch.