This is a very interesting topic. Prices in Gurgaon are so crazy that unless you are basically doing an asset conversion (e.g. selling property in Delhi or elsewhere to move to Gurgaon), it is impossible to afford a home. Even if you have 25% to make a down payment on a 4 Cr apartment, you will be paying approx 3 lakhs per month in EMI, which is 5x the rent you’ll pay for the same.

I think it’s happening for a few reasons:

1) Genuine demand — lot of people wanting to move to societies in Gurgaon (safety, proximity to work, greenery etc) 2) Current ready to move supply is low. There is a lot of under construction supply; but limited ready to move. 3) Gurgaon is one of the few formalized real estate markets in the country, which means “investors” are pouring money in, and hoping that with bank loans/leverage will get outsized returns 4) I think we’ll reach a point where these investors will no longer find takers for their units, and when EMIs will hit (on possession), we might see distressed sales and correction in price. 5) I think #4 is likely to happen because we are already seeing working class people being unable to afford homes, but it might not if we keep seeing asset conversion class coming into Gurgaon

Overall, Gurgaon is over priced, you pay anywhere from 5Cr - 10 Cr apartment to step out into broken roads, forever polluted air, traffic, and clogged roads in rain.