Buying a house in Gurugram is now becoming a dream for the middle class. A few days ago a report came that the prices of luxury houses in Gurugram have now increased more than the Burj Khalifa in Dubai. Alam is that the price of a 2BHK flat here is also above crores. Gurugram has now become a large real estate hub of Delhi-NCR. The city is not only known for its corporate office, malls and modern infrastructure, but has also become a favorite place for luxury housing. However, the continuous increase in property prices and recent increase in circle rates has made the dream of buying a house for the middle and lower-middle class more challenging.
Premium projects in Gurugram, such as DLF Camelias and The Dahilaias flats are priced between Rs 75 crore to Rs 190 crore. The price of a penthouse in DLF Camelias is Rs 190 crore, which is about Rs 1.8 lakh per sq ft. South City-1 of Gurugram has been declared the most expensive area in Haryana, where the price of the land has reached Rs 90,000 per yard.
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In addition, due to better infrastructure, metro connectivity and proximity to Indira Gandhi International Airport, property prices on Dwarka Expressway have seen a record 58% increase in the last one year.
Increase in circle rate increased burden on middle class
The Haryana government has recently increased the circle rate by 8% to 145%, which has affected the registration fee and stamp duty. For example, the circle rate in South City-1 has increased from Rs 82,000 per yard to Rs 90,000 per yard. This increase has increased economic pressure on middle and low-middle class buyers, as the total price of property is now more than ever.
Real estate experts believe that due to the increase in circle rates, developers can also increase the prices of flats, as market prices are often higher than the circle rate. Gurugram has now almost impossible to find 2bhk flats in a good society in the budget of one crore rupees. The market price in posh areas like South City-1, Sushant Lok and DLF is more than Rs 50,000 per sq ft, which is out of the middle class reach.
The challenges of the common man
Property prices in Gurugram have increased so much that even a person with good salary is afraid of buying a house. For example, a person earning Rs 1.2 lakh per month is unable to buy a house even after tax and other deductions in projects starting from Rs 2.5 crore in Gurugram.
According to reports, an average family in India has to spend his 11 -year total of 11 years to buy a house, while it is even more in cities like Gurugram. In 2022, where 3.1 lakh affordable houses (less than Rs 1 crore) were available in the country, by 2024 the number declined by 36% to 1.98 lakhs. In contrast, the supply of luxury houses has increased by 192%. This trend shows that the real estate market now focuses on meeting the demands of the upper class rather than the needs of the common man.
What are the options for the common man?
If you dream of buying a house in Gurugram, there is no need to be disappointed. There are some options available for you, which you can consider. The Haryana government has launched affordable housing scheme, under which houses are provided at affordable rates to low -income people. You can apply for them by getting information about these schemes. There are still assets available at relatively low prices on the outskirts of Gurugram, such as Dwarka Expressway and Sohna Road. These areas are growing fast, and there is a good possibility of increasing property prices here in the future.
