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Gurugram’s housing sales decreased by 12% year over year from January to March, while Noida saw a 19% surge in demand for residential real estate. According to statistics from real estate consultancy Anarock, the number of house sales in Gurugram’s primary market (first sale) decreased by 12% from 9,750 units in the same time last year to 8,550 units this year.
On the other hand, Noida had a 19% rise in home sales from 1,350 units in the same time last year to 1,600 units in January-March. Vice Chairman of Anarock Santhosh Kumar commented on the trend, saying, “There is still a lot of demand in Gurugram.”
Nevertheless, a decline in fresh supply caused sales to decline in the IT city. Many builders were denied permission to start their projects.” After the Lok Sabha election, he said, additional housing projects in Gurugram would be launched.
Noida Property Sales Dropped By 19% In The First Quarter Of 2024
According to the statistics, Greater Noida’s property sales dropped by 19% to 2,350 units in the first quarter of this year from 2,900 units in the same time last year.
Sales from January to March in Ghaziabad, Faridabad, Bhiwadi, and Delhi were 3,150 units, up from 3,160 units during the same time previous year. In the first quarter of this year, sales of residential properties in Delhi-NCR decreased to 15,650 units from 17,160 units during the same period last year, a 9% decrease.
Housing Sales In Gurugram Remains Constant For For High-Net-Worth Individuals
Real estate company Krisumi Corporation MD Mohit Jain commented, “Gurugram remains one of the most preferred destinations for luxury properties, particularly for high-net-worth individuals,” about the demand environment of the Delhi-NCR housing market.
According to Yash Miglani, MD of the Noida-based real estate company Migsun Group, Noida has become a popular area in the Delhi-NCR for developers and purchasers.
He credited the launch of many infrastructural projects, including Jewar Airport, for the increase in sales in Noida. According to Miglani, the pattern will hold, and in the upcoming months, the Noida market would experience robust sales.
High-End Projects Will Bring Back The Housing Sales In Gurugram
The founder and managing director of InvestoXpert.com, Vishal Raheja, stated: “Noida’s expansion indicates its affordability and stability as well as its appeal to purchasers, supported by thoughtful infrastructure development.
” According to InfraMantra’s founder and director, Shiwang Suraj, “we are witnessing an important transition with demand moderating, influenced by fewer new housing launches.” More high-end developments are being introduced into the Delhi-NCR market, and Suraj predicted that this trend will pick up steam in 2024.
Dwarka Expressway Is Witnessing More Housing Sales In Gurugram
According to him, there is a lot of buyer demand in hotspot areas like New Gurugram, the Dwarka Expressway, and the Southern Peripheral Road, which is causing double-digit capital value increases.
“Delhi NCR’s real estate land, particularly Gurugram, is witnessing a recovery, defying market challenges and showing robust demand,” stated Amar Sarin, MD and CEO of TARC Limited.
“Within the NCR region, Gurugram stood out as the prime destination, bolstered by burgeoning infrastructure,” stated Elan Group Managing Director Ravish Kapoor. According to Kapoor, the most potential micro-market for the residential sector inside the city is the Dwarka Expressway.
Why Housing Sales In Gurugram Drops In A Nutshell?
In Q1 2024, Gurugram’s housing sales dropped by 12% YoY, contrasting Noida’s 19% surge. Anarock’s data reveals Gurugram’s primary market saw 12% fewer sales. Conversely, Noida experienced a rise of 19%.
Despite Gurugram’s decline, demand persists, especially among luxury buyers. Expectations are high for Noida’s market due to ongoing infrastructure projects like Jewar Airport. High-end projects in Gurugram are anticipated to revive sales. Hotspot areas like Dwarka Expressway witness increased demand, hinting at a market recovery.
Source- Business standard
