Delhi NCR Records a Commendable sale of 15,900 housing unit during Q3 of 2023

The residential real estate sector in Delhi NCR witnessed a record sale of 15,900 housing units representing a 13 percent share of the total sales among the top seven cities in the third quarter of 2023. The seven cities comprised Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kolkata, Ahmedabad and Pune.

An analysis by Anarock has unveiled this area has exhibited a six percent surge in sales compared to Q3 2022.Gurugram alone has contributed 56 percent share of the region's residential sales in the Q3 of 2023. Greater Noida, Noida, and Ghaziabad contributed with 15, 10, and 10 percent of the total sales, it said. Respectively, Greater Noida, Noida, and Ghaziabad contributed with 15, 10, and 10 percent of the total sales.  

The analysis revealed that approximately 9,200 residential units were launched in Q3 2023, which contributed eight percent to the overall new residential supply during this period. Mostly, 38 percent launches were in ultra-luxury segment priced above Rs 2.5 crore in NCR, followed by the affordable segment i.e., 31 percent. 

Gurugram emerged as the predominant market for fresh residential properties, contributing 50 percent to the overall NCR supply. Noida and Ghaziabad followed suit, making respective contributions of 33 percent and 15 percent. Noida stood out among all the regions, experiencing 248 percent quarterly growth in new launches. The average quarterly growth in rentals remained between three percent and nine percent in six micro markets in NCR. Dwarka Expressway commanded highest average quarterly growth of 9 percent in rentals followed by NH-24 in Ghaziabad (8 percent) and Noida Sector 150 (5 percent).

According to the analysis, the NCR recorded an available inventory of nearly 1,04,400 residential units and it experienced six percent QoQ decline in available inventory. Gurgaon has the 41 percent of the total available stock, followed by Greater Noida, which accounts for 21 percent of the units.