Housing Sales in Delhi-NCR: Housing sales in Gurugram, Housing sales in Noida
By [Errraand News], [22/02/2024]
Key highlights
Housing Sales in Delhi-NCR
Housing sales in Noida
In a contrasting trend observed in the National Capital Region (NCR), Gurugram, the millennium city, marked a significant upswing in housing sales by 13% in 2023, while its neighboring counterparts like Noida and Greater Noida witnessed a decline of 7-8%, reflecting a slowdown in the real estate market.
The data released by Anarock for the Delhi-NCR market shed light on this notable dichotomy. Gurugram, propelled by heightened demand for mid-income and luxury residences, experienced a surge in housing sales, with figures climbing from 32,615 units in the previous year to 36,970 units in 2023.
Conversely, Noida saw a decrease of 8% in housing property sales, with numbers dropping to 5,840 units from 6,360 units, while Greater Noida experienced a 7% downturn, recording 10,180 units as opposed to 10,985 units in the preceding year. Ghaziabad, too, followed suit with an 8% decline, from 6,890 units to 6,340 units.
Other regions within the NCR, including Faridabad, Delhi, and Bhiwadi, mirrored this trend with a collective decrease in residential property sales, dwindling from 6,860 units to 6,295 units during the same period.
However, despite the overarching downturn, the Delhi-NCR region as a whole exhibited a marginal growth of 3% in housing sales, totaling 65,625 units in 2023 compared to 63,710 units in the previous year.
Experts attribute the burgeoning housing demand in Gurugram to a combination of positive consumer sentiment and the ongoing development of various infrastructure projects. Signature Global, TARC Ltd, and Elan Group, among other realty firms, emphasize the allure of Gurugram’s real estate market, particularly for mid-income and luxury home seekers.
Pradeep Aggarwal, founder and chairman of Signature Global, underscored the appeal of Gurugram’s aspirational lifestyle, driven by its robust infrastructure and amenities such as malls and schools. He highlighted hotspots like New Gurugram, Dwarka Expressway, and the Southern Peripheral Road as prime attractions for buyers, fueling double-digit capital value growth.
Amar Sarin, MD and CEO of TARC Ltd, echoed this sentiment, emphasizing Gurugram’s resilience amidst market challenges and its status as a preferred destination within the NCR due to its strong infrastructure.
Ravish Kapoor, Managing Director of Elan Group, concurred, emphasizing Gurugram’s renaissance in the real estate landscape, buoyed by its strategic location and evolving urban fabric.
As the real estate dynamics continue to evolve within the Delhi-NCR region, Gurugram stands out as a beacon of growth, underlining its position as a thriving hub for residential investments.