Gurugram, one of India’s hottest real estate hubs in recent years, is beginning to show signs of a cool-down—particularly in the premium segment. According
to a recent report by Antique Stock Broking Limited, while buyer interest remains intact in the mid-tier price bracket of Rs 2-4 crore, the top-end of the market is softening, forcing developers to offer steep discounts to attract serious buyers. In the high-ticket categories, the momentum seems to be fading. The report notes that while developers are still managing to generate interest, they are increasingly relying on price reductions and flexible payment schemes to push deals through. That said, “Reputed developers are unlikely to face much challenge,” the report emphasised, suggesting that brand value and a history of timely delivery remain strong trust factors in this market segment. Noida Steady Amid Supply Crunch Interestingly, Noida is holding its ground, largely due to a persistent supply shortage. With fewer new launches and continued demand, prices are staying firm, and developers are not under the same pressure to offer discounts as their counterparts in Gurugram. Meanwhile, competition for project acquisitions is heating up in regions like MMR and Gurugram. “Buoyed by strong balance sheets and a focus on boosting pre-sales, competition for project acquisitions is intense,” the report states. This surge in interest, particularly for redevelopment opportunities, is inflating valuations—adding further strain to margins. Southern Cities Show Strong Absorption Down south, cities like Bengaluru and Pune are defying expectations. Despite ongoing concerns about layoffs in the IT sector, Bengaluru witnessed healthy real estate absorption in July and August, particularly in units priced under ₹2 crore. Even properties above Rs 2 crore are selling steadily, though “with some inducements, such as relaxed payment plans, etc., are the order of the day.” In Pune, micro-markets like Hinjewadi and Hadapsar are witnessing robust demand, with absorption levels remaining consistently high. Macroeconomic Positives Offer A Tailwind The overall economic landscape appears to be supporting the real estate sector, at least for now. The report notes several key positives: a falling interest rate environment (the repo rate is currently at 5.5 per cent, with a 25 bps cut expected), low inflation (1.55 per cent in July), and recent income tax relief for individuals earning up to Rs 12 lakh annually. A solid monsoon and a strong Q1 GDP growth rate of 7.8 per cent have also bolstered market sentiment. However, “trade uncertainties with the US and layoffs in IT companies pose some risks,” the report cautions.
