Are Gurgaon real estate prices about to crash? Here is what experts say

Indian Express

18-07-2025

There has been concern in some quarters that residential real estate prices in Gurgaon are very high. While experts that The Indian Express spoke to are divided on their analysis of the market, there does seem to be consensus on the fact that prices will stabilise for some time now, in the aftermath of massive price increases in recent years.
Average prices in Gurgaon's residential property market have surged by 67% over the last two years, going from Rs 9,718 per sqft in Q2 2023 to Rs 16,186 per sqft in Q2 2025, according to a Magicbricks report.
'Premium micro-markets like Golf Course Road, Golf Course Road Extension, and Dwarka Expressway continue to attract high-end buyers, contributing to the city's steady price appreciation. The influx of multinational corporations and a growing ecosystem of luxury residential projects have also fueled demand, cementing Gurugram's status as a key investment hotspot in the NCR,' the report states.
The Gurgaon market has also seen a surge in new residences being launched into the market every year since the pandemic. PropEquity, a real estate data analytics firm, estimates that in 2022 and 2023, only roughly 11,000 and 19,000 units, respectively, were added to the Gurgaon market. In 2024, though, out of the 53,000 units supplied to the NCR market, half (26,268) were in Gurgaon alone.
Massive price increases in Gurgaon are not to be seen in the short-term horizon, according to experts, but they differ in their prescription for those looking to buy in Gurgaon.
It is not a good time to buy residential real estate in Gurgaon, according to Prashant Thakur, Head of Research and Advisory, Anarock. 'The market is overheated at the moment. If you are thinking of buying something for investment, you should not,' he says.
Thakur says that real estate prices don't generally fall, like they do in other categories of products. 'Builders don't generally show a massive fall in prices. Instead, they just start offering discounts to buyers, or offer additional components along with the flat, like a modular kitchen,' he adds, recommending that buyers wait till the festive season when developers might offer some discounts.
Samir Jasuja, Founder and CEO of PropEquity, agrees with Thakur that prices are going to remain stable for some time and, thus, investors should not enter the market right now, expecting to make the kind of gains made in the last couple of years.
But his advice for buyers is different. 'End buyers should buy residences, as prices are not going to fall and remain stable for at least the next two years,' Jasuja says.
According to Jasuja, in the four years between 2010 and 2013, roughly 65,000 units were launched in Gurgaon, while in the eight years between 2014 and 2021, only 34,000 units were launched. 'Supply came down because a lot of developers defaulted, and, subsequently, there was a consolidation of developers. Thus, the Gurgaon market was starved of residential real estate, and post-2022, we have seen a catch-up of supply. Right now, there is an equilibrium of supply and demand: Last year, Gurgaon saw the sale of 9,000 units worth Rs 79,000 crore in the more than five crore segment alone,' Jasuja explains.
'I have myself looked for apartments, but there is nothing available below Rs 3.5 crore. Anything below that is located in newer parts of Gurgaon, and I don't recommend people buy residences there, as there is no connecting infrastructure and it already looks congested,' says Jagan Shah, CEO of The Infravision Foundation.
'Our outlook suggests that a significant fall in Gurgaon residential real estate prices this year is highly unlikely,' says Prasun Kumar, Chief Marketing Officer, Magicbricks. 'The market has seen moderate price increases (below 4% year-on-year) in the last quarter, which points to a stabilising trend after the notable escalations of the past few years. This stabilisation is a healthy sign of market maturity,' Kumar adds.
'Given the consistent demand for premium and spacious homes, the strategic importance of Gurgaon as a business hub, and the prevailing market dynamics, we anticipate prices to remain stable or continue on a gradual upward trajectory rather than experiencing a decline. This stability makes it an even more attractive time to invest with confidence,' Kumar says.
Devansh Mittal is a trainee correspondent with The Indian Express. He studied political science at Ashoka University. He can be reached at [e-mail]. ... Read More