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NCR saw the second-largest annual increase in new residential launches among the top 7 cities. The National Capital Region (NCR) accounted for 8% of the total new residential supply in the third quarter of 2023, within the top 7 cities.
Approximately 9,200 residential units were launched during this time, a 9% increase from the previous quarter. Interestingly, this number shows a significant 44% increase on an annual basis compared to the same quarter in 2022.
When it came to new residential launches, Gurgaon dominated the market, accounting for an astounding 50% of the supply in the NCR when zone-wise launches were taken into consideration. Ghaziabad and Noida contributed 15% and 33%, respectively, after Gurgaon market.
Among all the areas, Noida was standout as it saw a surprising 248% quarterly surge in new home launches. When we talk about the price of the recent launches, the ultra-luxury category stood out with a 38% share, showing the largest 28% quarterly gain of any segment.
Although they were down from the previous quarter, NCR home sales showed an annual increase. In the third quarter of 2023, sales of around 15,900 housing units were registered in the NCR’s residential real estate market.
Among the top seven cities, this accounted for 13% of the overall sales. Notably, sales in NCR increased by 6% from the third quarter of 2022. Nevertheless, a little 3% drop in sales was seen when looking at the statistics on Quarter on Quarter basis.
Residential Launches In Gurgaon: A Flourishing Landscape
Looking at the overall housing sales in the NCR, Gurgaon clearly emerged as the dominant area, accounting for an astounding 56% of residential sales in the third quarter of 2023. Greater Noida, Noida, and Ghaziabad have all left their imprint on the sales scene, accounting for 15%, 10%, and 10% of overall sales, respectively, indicating their substantial market shares.
The residential real estate sector in Gurgaon has been experiencing a period of immense growth. The city is renowned for its world-class infrastructure, business opportunities, and high-quality lifestyle. This has driven the demand for residential projects in Gurgaon to unprecedented levels.
The remarkable performance of Noida is especially noteworthy, since it is the only market in the Delhi-NCR to show strong growth in the last quarter of 2023 over the second quarter of 2023, with an amazing 30% increase in sales.
NCR saw the largest year-over-year decrease in inventory overhang among the top 7 cities. The NCR registered about 1,04,400 residential units as being in the available inventory. Notably, NCR’s available inventory has decreased by 6% in the last quarter.
In comparison to the other six largest cities, the region has shown the greatest decrease in available residential inventory when looking at year-over-year data, with a 21% decrease.
What Makes Delhi NCR Standout In The Market
In terms of the real estate markets in the National Capital Region, Gurgaon leads the pack with 41% of the total stock available, followed by Greater Noida with 21% of the units. It is remarkable that all NCR zones have experienced a quarterly decrease in their respective availability, with the exception of Noida.
The inexpensive and mid segment ticket sizes make up the majority of NCR’s available inventory more than 68%. The inventory overhang stood at 20 months at the end of third quarter of 2023, having decreased by 2 months on a quarterly basis.
The real estate landscape in the National Capital Region has seen a remarkable increase in recent times, with residential launches taking centre stage. Among the various cities in the NCR, Gurgaon become standout as accounting for more than 50% of the residential projects in the region.
Have A Look At The Best Residential Launches In Gurgaon
DLF has played a crucial role in shaping Gurgaon real estate market. Their residential projects in Gurgaon are symbol of quality and luxury. With a diverse range of projects, includes apartments and villas. DLF commitment to excellence has made them one of the best residential project developers in Gurgaon.
M3M India is another key player in Gurgaon’s real estate market. Their residential projects in Gurgaon have become mark for modern living. M3M Group residential projects along Golf Course Road offer residents a unique blend of aesthetics, technology, and luxury. These projects have contributed to the surge in residential launches in Gurgaon.
For those looking for ultra-luxury living, Gurgaon offers many options. From DLF’s Aralias and Camellias to M3M Golf estate, the luxury residential projects in Gurgaon redefine luxury. Emaar’s Marbella and The Palm Drive, as well as Tata’s Primanti, adds greatness to the Gurgaon real estate market.
Tata Housing and Adani Realty have made their significance presence in the Gurgaon real estate market. Tata’s residential projects in Gurgaon, such as Primanti and Gurgaon Gateway, offer luxury living spaces. Adani residential projects, like Samsara and Water Lily, have gathered attention because of their elegance and modern amenities.
Palm Terraces and Gurgaon Greens Emaar’s residential projects in Gurgaon are celebrated for their innovative designs and unmatchable luxury. These residential projects are an excellent choice for those looking for a blend of luxury and comfort.
Source-ET
