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Gurugram housing sales will increase by 13% in 2023 due to increased demand for mid-income and luxury homes. According to Anarock data released for the Delhi-NCR market, a 7-8% drop in the sale of housing property in Noida and Greater Noida indicated a slump in the real estate industry in these cities.
According to the data, residential property sales in Gurugram increased by 13% to 36,970 units in 2023, up from 32,615 units the previous year.
In Noida, housing property sales fell by 8% to 5,840 units from 6,360 units. Similarly, Greater Noida saw a 7% drop in sales to 10,180 units, down from 10,985 units. Ghaziabad, too, saw an 8% decrease to 6,340 units from 6,890 units.
Housing Sales In Delhi-NCR Region Increased By 3%
Residential property sales in areas such as Faridabad, Delhi, and Bhiwadi have also been declining, with total housing sales in these areas falling to 6,295 units in 2023 from 6,860 units the previous year.
Housing sales in the Delhi-NCR region increased by 3% to 65,625 units in 2023, up from 63,710 units in the previous year.
“Apart from Gurugram, sales have fallen in other cities of Delhi NCR due to fewer new housing projects being launched,” said Anarock Group Regional Director & Head of Research Prashant Thakur.
The Reason For Gurugram’s Increasing Housing Demand
According to real estate firms such as Signature Global, TARC Ltd, and Elan Group, the primary reasons for the rise in Gurugram housing sales are positive consumer sentiment and the development of various infrastructure projects.
“Gurugram’s real estate market is witnessing a surge in demand for mid-income and luxury homes, driven by young professionals and nuclear families seeking an aspirational and convenient lifestyle,” said Pradeep Aggarwal, founder and chairman of Signature Global.
Furthermore, the area’s bustling development with good connectivity and the availability of malls, schools, and other amenities has increased buyer interest.
New Hotspot Zones Attracting New Home Buyers In Gurugram
Hotspot zones such as New Gurugram, Dwarka Expressway, and the Southern Peripheral Road are attracting a lot of buyers, he says, fueling double-digit capital value increases.
“The real estate market in Delhi NCR, particularly in Gurugram, is experiencing a revival, resisting market challenges and demonstrating robust demand,” said Amar Sarin, MD and CEO of TARC Ltd.
According to Ravish Kapoor, Managing Director of Elan Group, Gurugram’s strong infrastructure makes it the most preferred choice of buyers in the NCR region.
Source-ET
