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New home launches up by 34% in Delhi NCR, Gurgaon tops list with 80% share

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.”

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Final Stretch of “Delhi-Mumbai Expressway” to open from July 11

One of the largest infrastructure projects in Delhi-NCR, the 21km elevated road from the Gurugram-Delhi Expressway to Sohna has finally reached its inauguration stage dated July 11. Nitin Gadkari along with Union minister Rao Inderjit Singh will inaugurate the six-lane Sohna elevated road next Monday. Since the work on 9km stretch of elevated road between Rajiv Chowk and Badshapur finished this week, this entire portion will be opened to commuters in coming days. Remaining portion was already opened for the commuters from April connecting Badshapur and Sohna. Total budget of the project is Rs. 2000 crore and this project will help in providing ease to commuters as the distance between Gurugram and Sohna will be reduced many a times by solving the traffic issues.

With the opening of Delhi-Mumbai expressway, relief will be provided to commuters as signal-free corridor junctions such as Vatika Chowk will be provided to them. Vatika chowk is mostly congested during the peak office hours due to Southern Peripheral Road running adjacent to elevated road in Gurugram. NHAI officials have recently announced two more access points near Subhash Chowk and Jail Road in the city. Apart from the Gurugram-Sohna connection, the elevated road is expected to cut travel time for the 120km journey between Gurugram and Alwar to less than two hours which earlier used to take more than three hours to cover. This route is extremely vital to Delhi-Mumbai Expressway link connecting India’s two largest urban centers via Haryana, Rajasthan, Madhya Pradesh and Gujarat.

Construction of package 1 of this Delhi-Mumbai Expressway link completed earlier in the budget of Rs. 944 crores and it was opened from the month of April whereas construction of package 2 will cost around Rs. 1000 crores and this part will open from July 11. Construction of package 2 was repeatedly delayed due to pandemic disruptions, ban on construction in NCR during the heavily polluted winter months and issues with shifting existing infrastructure on the route.  Residents are awaiting this project from long time and are relieved that finally the construction is over. They are hopeful that this expressway will resolve traffic congestions, not just on Sohna road but also at intersections like Vatika Chowk.


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DLF Gurgaon leases 3 lakh sq ft office space in Gurugram :- DLF Downtown

Real estate firm DLF NSE 2.90 % has leased nearly 300,000 sq ft office space to three companies in Gurgaon at a time when the Covid-19 pandemic has slowed down commercial deals, said two people aware of the development.

The corporate has leased 180,000 sq ft house to Microsoft, 40,000 sq ft to Morepen and one other 80,000 sq ft to an undisclosed world information administration firm.

Majority of the house has been taken at DLF Downtown, an upcoming venture in Gurgaon.

“The leasing is a part of these corporations’ growth plan as soon as the present Covid-19 state of affairs stabilises. The constructing the place house has been taken is below building and is predicted to be prepared by December 2021,” mentioned a property marketing consultant, who didn’t want to be recognized.

Sriram Khattar, managing director of DLF Rental Enterprise, mentioned the corporate is not going to touch upon particular person offers.

Microsoft and Morepen didn’t reply to queries emailed by ET.

Earlier this yr, DLF had leased 210,000 sq ft of workplace house to US healthcare firm Syneos Well being, in one of many largest offers in industrial actual property in Delhi-Nationwide Capital Area (NCR) in latest months. The corporate had additionally taken house in DLF Downtown.

The primary section of the venture – being developed below DLF Cyber Metropolis Builders, a three way partnership between DLF and GIC, with leasable space of 1.5 million sq ft – is predicted to change into operational by December 2021.

The workplace house leasing in Delhi-NCR witnessed a internet absorption enhance of 5% quarter-on-quarter in January-March, with 1.07 million sq ft, in keeping with a report by worldwide property marketing consultant JLL.

“Delhi-NCR continues to be a vibrant location for the workplace market, with well-established submarkets and corridors,” mentioned Manish Aggarwal, managing director, Delhi-NCR, JLL India. “Whereas Gurgaon and Noida have taken the lead by way of improvement and infrastructure, town itself continues to stay a extremely most well-liked location. In whole, eight initiatives totalling 4 million sq ft had been added to the inventory, which stood at 129 million sq ft on the finish of the quarter.”