Fresh Supply of Homes likely to surge by 3X in Delhi NCR in Q2 of 2024: Report

As the demand of homes is surging around the area of Delhi NCR, the developers are building more houses in this area. According to the report, the fresh supply of houses in Delhi-NCR will likely surge to around 13,300 units between July and September because the developers are willing to capitalize the real estate on high demand.

According to the proptech platform Prop-Equity new housing property releases in Delhi-NCR would aggregate to 13,311 units in the current quarter, up from 4,147 units the previous year. 

Reportedly, the housing sales in Delhi is likely to go up by 22% during July-September 2024 to 10,263 units from 8,411 units in the corresponding period of the previous year.

As per the report of PTI,this real estate boost is the direct consequence of fresh supply of homes apart from strong consumer demand.

The data revealed that,across the nine major cities, during the period of July-September the new launches in real estate is likely to swell up from 1,05,655 units to 93,693 units, in comparison with the previous year.

Reportedly, the data revealed that, sales are like to decline by 18% from 1,26,848 to 1,04,393 units in the quarter which was under the review during the same period.

The nine cities which were analytically analyzed, are Delhi-NCR, Mumbai, Navi Mumbai, Thane, Pune, Bengaluru, Hyderabad, Chennai and Kolkata.

Gurugram-based Krisumi Corporation MD Mohit Jain mentioned that, the middle and upper class buyers has shown a strong preference for spacious homes, while the luxury homes riced between Rs.3-5 crore has  witnessed a sudden jump in demand specially in Gurugram.

MD of Gurugram-based 4S Developers, Sanju Bhadana, is of opinion that,the tremendous growth is attributed to Gurugram’s unmatched infrastructural upliftment in past few years.

The real estate market was little bit slow in the third quarter with developers holding up their launches for the festive quarter, but the more enquiries about the homes are encouraging the developers and they are hopeful that the next quarter sales could potentially be higher than previous festive quarter.