Gurugram, 30 September, 2023: The Gurugram property market has experienced an impressive year-on-year growth of 14.9%, with average property prices ranging from Rs 7,400 to Rs 7,550 per sqft in Q3 2023, as revealed by the latest report from Geetanjali Homestate, a leading real estate consultant. The report, titled ‘Gurugram Property Pricing Report Q3 2023,’ also highlights a quarter-on-quarter growth rate of 6.1%, with property prices within the range of Rs 6,900 to Rs 7,100 per sqft in Q2 2023.

According to the report, the real estate landscape of Gurugram is currently undergoing a significant transformation, marked by an unprecedented surge in property prices throughout the city. The city offers a diverse range of properties, including residential apartments, builder floors, and residential plots, catering to the varied preferences of property seekers. Geetanjali Homestate’s Property Pricing Report serves as a valuable resource for potential buyers, investors, and developers interested in the dynamic Gurugram property market.

Sunil Sisodiya, Founder of Geetanjali Homestate, commented, “Gurugram’s real estate sector is presently 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 Q3 2023 report on pricing reveals substantial year-on-year and quarter-on-quarter growth in various Gurugram localities: 

Golf Course Road

The prestigious Golf Course Road locality, Sector 42, has witnessed an impressive year-on-year growth of 44.1%, with property prices surging to an average range of Rs 45,000 to Rs 47,000 per sqft in Q3 2023. Furthermore, the quarter-on-quarter growth stood at 8.8%, with prices ranging from Rs 42,000 to Rs 43,000 per sqft in Q2 2023.

Similarly, Sector 54 has experienced robust year-on-year growth of 28.5%, with property prices currently ranging from Rs 22,000 to Rs 24,000 per sqft in Q3 2023. Quarter-on-quarter growth was noted at 2.1%, with prices ranging between Rs 21,500 to Rs 23,500 per sqft in Q2 2023.

Sohna Road & Dwarka Expressway

Sohna Road in Gurugram has witnessed significant property price appreciation in Q3 2023, with average prices ranging from Rs 7,300 to Rs 7,500 per sqft, reflecting a substantial year-on-year growth of 22.2%. Comparatively, in Q3 2022, prices were within the range of Rs 5,800 to Rs 6,000 per sqft, showcasing the remarkable upward trajectory in the real estate market. Moreover, the quarter-on-quarter growth for Sohna Road in Q3 2023 was an impressive 11.2%, with prices ranging between Rs 6,500 to Rs 6,700 per sqft in Q2 2023. This robust appreciation underscores the area’s attractiveness for property investors and seekers alike, making it a notable hotspot for real estate development and investment.

Dwarka Expressway has emerged as a hotspot, showcasing a remarkable year-on-year growth of 36.6%. Property prices in this locality now range from Rs 8,500 to Rs 10,000 per sqft in Q3 2023. The quarter-on-quarter growth was an impressive 22.2%, with prices ranging between Rs 7,500 to Rs 8,000 per sqft in Q2 2023.

 Golf Course Extension Road

Notably, Sector 67 has experienced extraordinary year-on-year growth of 45.6%, with property prices ranging from Rs 12,000 to Rs 14,000 per sqft in Q3 2023. The quarter-on-quarter growth was 11.32%, with prices ranging between Rs 12,000 to Rs 12,500 per sqft in Q2 2023.

Southern Peripheral Road

In Sector 79, the average property prices surged from Rs 6,150 – Rs 6,350 per sqft in Q3 2022 to a substantial range of Rs 8,600 – Rs 8,800 per sqft in Q3 2023, marking an impressive year-on-year growth of 32.3%. Furthermore, the quarter-on-quarter growth was recorded at 3.4%, with prices ranging from Rs 8,300 to Rs 8,500 per sqft in Q2 2023.

Similarly, in Sector 70A, the average property prices increased from Rs 7,700 – Rs 7,900 per sqft in Q3 2022 to Rs 9,300 – Rs 9,400 per sqft in Q3 2023, showcasing a substantial year-on-year growth of 17.3%. The quarter-on-quarter growth was equally impressive at 12.4%, with prices ranging from Rs 8,100 to Rs 8,300 per sqft in Q2 2023. These significant price appreciations reflect the growing demand and investment potential in these sectors, making them attractive destinations for property seekers and investors alike.

New Gurugram

In Sector 83, the average property prices in Q3 2023 range from Rs 6,800 to Rs 7,000 per sqft, reflecting a substantial year-on-year growth of 22.2%, with prices in Q3 2022 ranging from Rs 5,450 to Rs 5,600 per sqft. Additionally, the quarter-on-quarter growth for Q2 2023 was 8.9%, with prices between Rs 6,200 and Rs 6,400 per sqft

Meanwhile, Sector 92 shows steady appreciation, with average property prices in Q3 2023 ranging from Rs 5,600 to Rs 5,750 per sqft, marking a 5.3% year-on-year increase compared to Q3 2022 prices of Rs 5,300 to Rs 5,450 per sqft. The growth in Q2 2023 was even more notable, with a 13.7% quarter-on-quarter increase, resulting in prices ranging from Rs 6,450 to Rs 6,600 per sqft. These significant price upticks indicate the attractiveness of these sectors as desirable investment destinations in the Gurugram real estate market.

These significant price appreciations across various sectors highlight Gurugram’s dominance in the real estate market, not only in residential spaces but also in terms of commercial development and office space rates.