Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ______ No ___X___

Indicate by check mark whether by furnishing the information contained in this Form,
the Registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes ______ No ___X___

If “Yes” is marked, indicate below the file number assigned
to the registrant in connection with Rule 12g3-2(b): N/A

GAFISA S.A.

Corporate Taxpayer’s ID (CNPJ/MF) No. 01.545.826/0001-07

Corporate Registry (NIRE) 35.300.147.952

Publicly-Held Company

NOTICE TO MARKET

São Paulo, SP, Brazil, November 28, 2012 – GAFISA S.A. (BOVESPA: GFSA3) (“Gafisa” or “Company”) hereby discloses to the market the communication received on this date from its shareholder FUNCEF – Fundação dos Economiários Federais, with headquarters located in the City of Brasília, Distrito Federal, at Setor Comercial Norte, Quadra 02, Bloco A, 13^th floor, enrolled with CNPJ/MF under No. 00.436.923/0001-90 (“Investor”), pursuant to Article 12 of CVM Instruction 358/02, as follows:

1. The Investor purchased 454,000 common shares issued by the Company, reaching relevant participation of 5.07% of the total capital stock of the Company, in a total amount of participation of 21,967,800 common shares of Gafisa;

2. The Investor declares that its objective for the participation abovementioned is strictly of investment and the participation does not have the purpose of changing the controlling group or the administrative structure of the Company;

3. In addition, the Investor declares that it does not hold any convertible debentures issued by the Company or any other securities convertible in shares issued by the Company; and

4. Finally, the Investor declares that it has not entered into any contract or agreement governing the exercise of voting rights or the purchase and sale of the securities issued by the Company.

São Paulo, November 28, 2012.

GAFISA S.A.

André Bergstein
Chief Financial and Investor Relations Officer