'Gurugram home prices soar 67%': CA warns it's a FOMO bubble fuelled by investor greed, not real growth

Chartered Accountant Nitin Kaushik has raised alarm bells over what he describes as a real estate “FOMO bubble” gripping Gurugram. In a sharply worded post on X (formerly Twitter), Kaushik questioned whether the property surge is genuine market growth or a dangerous game driven by investor euphoria and easy credit.

“Gurugram Property Bubble? Or Just the Rich Playing Monopoly IRL?” he wrote, pointing to some staggering figures:

• Home prices in Gurugram have soared 65-67% since January 2023.
• Unsold housing inventory is at a 10-year low — suggesting red-hot demand.
• Entry-level 2BHK apartments now cost over ₹1 crore.

However, Kaushik argued that this price boom is not supported by fundamentals. “Salaries haven’t grown at even 1/3rd that pace,” he noted, highlighting the growing gap between income and housing affordability.

He further explained the dynamics driving the market: “Builders are launching more luxury. Middle-class buyers? Squeezed out. EMI-to-income ratios are getting worse. The dream of home ownership is shifting from reality to fantasy.”

According to him, the market is displaying classic signs of a speculative bubble — shrinking supply, spiking prices, and deteriorating affordability.

“This isn’t a boom,” Kaushik cautioned. “This feels like a real estate FOMO bubble powered by credit and investor greed. The question is — who will hold the bag when it bursts?”

His remarks have triggered significant engagement online, sparking debate about whether the Gurugram housing market is heading for a correction or simply entering a new era of elite-driven pricing.