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NEWS India Live, Digital Desk: Property Pries: Delhi-NCR is a very big and perhaps surprising news for those who dream of buying their home! There was a time when Mumbai (Mumbai) was considered to be the most expensive property market in India, but now in this race, the city adjacent to Delhi Gurgaon (Gurugram) Leaving everyone behind, has come at number one!
According to a recent report, In the April-May 2024 period, the average prices of residential property in Gurgaon have also exited the most expensive areas of Mumbai. This means that buying a house in Gurgaon has now become more expensive than ever, due to which the dream of buying a house for the common man is getting more and away.
After all, why Gurgaon became so expensive?
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Luxury apartment’s boom: According to the report, there has been a huge bounce in the sales of high-end and luxury segment apartments in Gurgaon. That is, people who are buying high -priced big and equipped apartments with facilities are pulling this average price up.
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Investment and Infrastructure: Gurgaon has become an IT hub, corporate center and a favorite city of investment. The presence of world-class infrastructure, metro connectivity, international schools and multinational companies has increased both property demand and prices here.
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Limited supply, rising demand: Land in Gurgaon is limited compared to Mumbai, and the demand for houses is continuously increasing due to increasing population and job opportunities. The imbalance in demand and supply leads the prices up.
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Posh and developed areas: Areas like DLF Face-1, 2, 3 and Golf Course Extension Road are full of luxury projects, where prices are very high naturally.
What is the effect on the common man?
This trend is a matter of concern for those who are looking for mid-range or affordable homes. The cost of Gurgaon may also increase prices on other cities of Delhi-NCR such as Noida, Ghaziabad or Faridabad, which will affect the overall housing market.
After this report, it is now necessary to think about when it will be possible to buy an affordable house in Delhi-NCR. However, Gurgaon’s economy and job market growth also justifies its expensive prices to some extent, but it is a major challenge for the common job class.