GURGAON: The first quarter (Q1) of 2023 has recorded an uptick in new launches of residential units in the National Capital Region (NCR), according to the latest research report by real estate consultants Anarock.
There has, however, been a slight decrease in sales.
NCR cities altogether added around 12,450 new units in Q1 2023, a yearly rise of 34% compared to the same period last year (9,300).
Around 28% of the new supply this quarter was added to the affordable segment, according to the report.
Gurgaon saw the maximum launches (9,940 new units) in Q1 2023, comprising a whopping 80% share of the total new launches in NCR.
On a yearly basis, it reported a 26% jump.
It was followed by Greater Noida, where 1,500 new units were launched in Q1 2023, and Faridabad (1,010).
Delhi, Noida, Ghaziabad and Bhiwadi saw no new launches.
A total of 17,160 residential units were sold across NCR in the first quarter, a dip of 9% over the same period in 2022 (18,840).
The report states all cities saw almost similar declining trends, except Gurgaon — sales in the city jumped by 10% compared to Q1 2022.
As many as 9,750 units were sold in the city this quarter, while in the same period last year, 8,850 units were sold.
In contrast, Greater Noida saw its residential sales fall by 16% with 2,900 units sold in Q1 2023 against 3,450 units in Q1 2022.
Noida reported a decline of 34%, while Ghaziabad too saw sales fall by 25%, followed by Faridabad, Bhiwadi and Delhi.
Nayan Raheja of Raheja Developers said, “Delhi-NCR is a significant contributor to the real estate market in India.
The demand for luxury properties has been on the rise, and we have seen a significant increase in sales in Q1 2023”.
Realtors said they anticipate demand in the housing sector to continue for at least a few more years.
“The housing sector is reporting strong sales due to increased affordability over the years. We anticipate closing this fiscal year with the highest number of housing units sold since our inception. Despite a rise in home loan interest rates, there has been minimal impact on demand nationwide,” said Pradeep Aggarwal, founder and chairman, Signature Global (India) Ltd.
Vikas Garg, joint managing director of Ganga Realty, said: “Gurgaon has witnessed tremendous growth in high-end home launches, which has significantly driven its customers’ demands. The overall climate pertaining to real estate seems to be favourable and buyers’ demand is likely to shoot up in the upcoming quarters. Apart from luxury apartments, the city has also seen the maximum launches in plots, independent floors, affordable group housing and commercial projects”.
As far as unsold inventory is concerned, NCR had unsold stock of over 1.2 lakh units in the first quarter of 2023, against 1.5 lakh units the same period last year, a drop of 22% — the highest yearly decline among all top cities. Gurgaon currently has the maximum stock of around 51,500 units.
Rajesh K Saraf, managing director of Axiom Landbase, said “Contrary to the trend in other major cities, Gurgaon has witnessed good results in the sale in Q1 of the FY2023.
Most of the realty activities are happening in the city’s suburbs. Riding high on new connectivity and infrastructural development, places in the vicinity of Extension Road, SPR and Dwarka Expressway are witnessing a positive buyer’s response.”
Rajjath Goel, MD, MRG Group, said “We have seen a surge in demand for housing in the Delhi-NCR region. Post-pandemic, the demand for housing all across the segment has been high.
Even though the premium and luxury segments have picked pace, an unmet need remains, especially in the affordable segment. Continuous repo rate hike by RBI is also a concern. However, the sentiment at present is positive, and we expect it to continue well into the future.”