He asserted that there was no “bubble” in the Gurugram housing market and also ruled out any price crash.

However, Aggarwal said the pace of growth in average housing prices will now moderate at 8-10 per cent. The weighted average prices have appreciated by more than 100 per cent since 2020, he pointed out.

“There is no speculation and bubble in the Gurugram residential market. There is a genuine demand from end-users and investors,” he told reporters on the sidelines of an event organised by Assocham and CBRE.

He was replying to a query related to concerns about possible crash in housing demand and prices in the Gurugram market.

Aggarwal highlighted that around 60 per cent of the demand comes from end-users and then there are local investors and NRIs who are buying for rental income and capital appreciation.

Steady demand and a reasonable growth in prices are essential elements for healthy growth of the market, the Chairman said.

“We sold 4,000 units last fiscal. The request for cancellation of housing units and for transfer of property in another name was less than 5 per cent. This shows that there is minimal or no speculation,” Aggarwal said.

He said the maximum demand in Gurugram is for Rs 2-4 crore per unit category, but luxury and ultra luxury segments have also been performing well.

Aggarwal said the Gurugram is one of the most important office markets in the country and the city hosts many multi-national companies. This has resulted in rise in demand for residential properties.

He also observed that many families from Delhi have moved to Gurugram in the last 2-3 years for better lifestyle.

Over the last two years, many developers, including realty major DLF, have reported complete sell-out of their entire residential projects within a few days of their launches.

According to data analytic firm PropEquity, the Gurugram housing market witnessed sales of nearly Rs 1.07 lakh crore in 2024 as against Rs 64,314 crore in the preceding calendar year.

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