Gurugram's Property Value Jumps! Beats Mumbai's Real Estate Dominance

In India's real estate industry, Gurugram has long held a leading position, but 2024 has changed everything. In addition to the fact that property values have almost doubled, new developments have made the city one of the fastest-growing real estate markets in the nation.

The city's growing significance in the nation's real estate market has been further bolstered by a notable surge in the number of new high-end residential complexes and flagship luxury projects that have been launched, establishing the city as a top destination for both end users and investors. The cost of under-construction real estate in Gurugram increased by an astounding 55% in 2024.

In certain micromarkets, the appreciation was even more pronounced. The city's ascent was noticeably steeper than that of major cities like Delhi, Bangalore, Pune, and Hyderabad.

Sandeep Chhillar, Founder and Chairman, Landmark Group says, “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”.

Amit Modi, Director, County Group, notes, “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.”

Therefore, Gurugram's rapid growth trajectory cannot be disregarded, even though Mumbai continues to be India's financial center and a top real estate destination. The city is establishing new standards for both real estate appreciation and opulent dwelling. If this trend continues, Gurugram may overtake Mumbai as India's most profitable real estate market, challenging its long-standing supremacy. Gurugram is definitely the market to keep an eye on for investors and homeowners looking for strong returns and developments that are ready for the future.