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The national capital region’s prime residential market, Gurugram saw a net 10% hike in housing sales in the first trimester of 2023. But, other NCR regions like Noida and Greater Noida, saw housing sales fall by 23%, according to the reports of Anarock.
The real estate experts in Gurugram anticipated the strong demand for luxury and ultra-luxury homes. As per the Anarock data, 9750 units were sold in Gurgaon in January-March as compared to 8850 from October–December 2022.
The reason behind the sales drop in Noida-Greater Noida is due to the lack of launches and a surge in mortgage rates and property costs. Because of all these reasons, Noida and Greater Noida saw a more than 23% decline in housing sales to 4250 units from 5495 units.
When it comes to the rest of the NCR market, like Delhi and Ghaziabad, housing sales records have declined by 30 percent to 3160 units from 4490 units. As compared to the last year, Delhi-NCR housing sales fell to 17160 units in the first trimester from 18835 units in October to December 2022.
According to Anarock Research Chief Prashant Thakur, “the underlying explanation for this decline seems to be the impacted incomes of the cheap sector home purchasers, who have yet to achieve the pre-COVID levels.”
In Gurugram, there was a huge demand for high-end and luxurious apartments in the first quarter of this year, he continued. Mohit Jain, MD of the real estate firm Krisumi Corporation, predicted that Gurugram’s demand would continue to grow.
According to Jain, Gurugram’s residential market will continue to draw interest from both end-users and investors thanks to its strategic location, a flurry of infrastructure improvements, and a growing millennial population.
Because there weren’t many new launches, according to real estate consultant InvestoXpert Director Vishal Raheja, sales in Noida were subdued. He nevertheless predicted that the Noida-Greater Noida market would rebound this quarter as a result of numerous upcoming releases.
According to Garvit Tiwari, co-founder of the NCR-based real estate brokerage company Inframantra, Gurugram has a high demand for luxury residences in particular because of infrastructure improvements and the presence of big corporations, particularly IT/ITeS companies.
He stated that reputable builders have a limited supply and that their newly released homes are selling very quickly. According to Anarock data, house sales increased across seven major cities by 14%, from 99,550 units in the same period last year to 1,13,770 units in January through March.
Source- Hindustan Times