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.
FAQ: Understanding Housing Sales Trends in Gurugram and Noida
Q1: What are the recent trends in housing sales in Gurugram VS housing sales in Noida?
A1: In 2023, Gurugram experienced a notable surge in housing sales, with a remarkable 13% increase attributed to heightened demand for mid-income and luxury residences. Conversely, Noida and Greater Noida witnessed a decline of 7-8% in housing property sales during the same period.
Q2: What do the statistics reveal about housing sales figures in these areas?
A2: According to Anarock data for the Delhi-NCR market, housing property sales in Gurugram rose by 13% to reach 36,970 units in 2023 from 32,615 units in the previous year. In contrast, Noida saw a reduction of 8% in sales, with figures dropping to 5,840 units from 6,360 units. Greater Noida recorded a 7% decline, with sales decreasing to 10,180 units from 10,985 units.
Q3: Are there any other regions in the Delhi-NCR area experiencing similar trends?
A3: Yes, other areas like Ghaziabad, Faridabad, Delhi, and Bhiwadi also witnessed a declining trend in residential property sales during 2023. Total housing sales in these areas decreased to 6,295 units from 6,860 units in the previous year.
Q4: What contributed to the rise in housing demand in Gurugram?
A4: Positive consumer sentiment and ongoing infrastructure development projects are cited as the prime reasons behind the increased housing sales in Gurugram. Realty firms like Signature Global, TARC Ltd, and Elan Group highlight the surge in demand for mid-income and luxury homes, driven by factors such as aspirational lifestyles, connectivity, and availability of amenities like malls and schools.
Q5: Which specific areas in Gurugram are drawing significant buyer interest?
A5: Hotspot zones like New Gurugram, Dwarka Expressway, and the Southern Peripheral Road are witnessing substantial buyer interest, fueling double-digit capital value growth in Gurugram’s real estate market.
Q6: What is the outlook for the real estate landscape in the Delhi-NCR region, particularly Gurugram?
A6: Despite market challenges, experts like Amar Sarin, MD and CEO of TARC Ltd, believe that the real estate landscape in the Delhi-NCR region, especially Gurugram, is undergoing a renaissance, demonstrating robust demand fueled by strong infrastructure and strategic location advantages.
Q7: Why is Gurugram considered the preferred choice for buyers within the NCR region?
A7: Ravish Kapoor, Managing Director of Elan Group, asserts that Gurugram’s strong infrastructure makes it the most preferred choice for buyers within the NCR region, further underscoring its appeal as a thriving hub for residential investments.