With over 28 luxury projects launched in Haryana's Gurugram in the first quarter of 2025 alone, each commanding higher prices and some being declared ‘all sold out’ soon after launch, concerns about a potential housing bubble are mounting. With rates touching ₹18,000 per sq ft in some micro-markets, questions around the sustainability of this rapid price escalation are inevitable.

Some real estate experts believe that continued investor activity in Gurugram’s premium housing segment could push prices to unsustainable levels. If this trend persists, a supply overhang may emerge in the next 2–4 years as early investors look to exit, potentially straining the resale market. They note that the next 12–18 months will be crucial in determining whether the current growth cycle holds or gives way to a course correction. While concerns of a crash are largely dismissed, given that less than 5% of bookings in FY24 were cancelled or transferred, indicating low speculation, experts also point out that today’s investors are typically not short-term flippers. That said, a sharp correction is seen as unlikely, though prices in the luxury segment are expected to stabilise across Gurugram in the coming quarters, say some experts. One social media influencer had earlier likened the market to a 'house of cards' on the verge of collapse, citing red flags such as the ongoing liquidity crunch, speculative trading, and the surge in investor-driven demand. According to the influencer, traders' entry since 2021 has fueled 'dangerous speculation' rather than genuine end-user demand. Property prices in Gurugram, he noted, have tripled in just three years, far outpacing rental yields and long-term value indicators.

This has led to a growing inventory of unsold luxury homes in the city. ANAROCK Research shows nearly 14,000 unsold luxury units in Gurugram at the end of 2024, which increased to approximately 18,000 units by Q2 2025, a 29% jump in just six months. While top developers continue to post strong sales, smaller players are beginning to see inventory pile-ups. The fear of missing out (FOMO) has also pushed some buyers to enter the market despite high prices. “That sentiment has definitely contributed to price hikes,” said Signature Global’s Aggarwal. “But going forward, further sharp increases are unlikely as affordability starts to become a serious constraint. A 5–7% annual price rise in line with inflation would be healthier.” Rising rents are another signal of limited ready inventory. “If rents are going up, it means there’s not enough supply in the ready-to-move-in category,” noted Rahul Purohit of Square Yards. “Homes being launched now will take four years to be delivered. Only then will we truly know whether current prices are sustainable.”