Delhi-NCR’s prime residential market Gurugram saw a 10% rise in housing sales during January-March, but demand fell in Noida and Greater Noida by 23%, according to Anarock.
Market experts attributed the rise in sales in Gurugram to strong demand for luxury homes.
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Sales dropped in Noida-Greater Noida due to lesser launches of new projects and lower demand amid increase in mortgage rates as well as property prices, they added.
Data from real estate consultant Anarock showed that housing sales in Gurugram went up 10 per cent to 9,750 units in January-March from 8,850 units in the year-ago period.
However, Noida-Greater Noida saw a 23% decline in sales to 4,250 units from 5,495 units.
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In the rest of Delhi-NCR markets like Delhi and Ghaziabad, housing sales fell 30% to 3,160 units from 4,490 units.
Overall in Delhi-NCR, housing sales fell to 17,160 units in January-March from 18,835 units in the year-ago period.
“The underlying cause for this drop seems to be the impacted earnings of the affordable segment home buyers which are yet to reach the pre-COVID levels,” Anarock Research Head Prashant Thakur told PTI.
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The demand for high-end and luxury units in Gurugram was strong in the first quarter of this calendar year, he added.
Realty firm Krisumi Corporation MD Mohit Jain said the demand in Gurugram would remain buoyant.
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“Bolstered by strategic location, a spate of infrastructural developments, and a burgeoning millennial population, Gurugram’s residential market will continue to attract interests from both end-users and investors alike,” Jain said.
Real estate consultant InvestoXpert MD Vishal Raheja said the sales were muted in Noida due to lack of new launches.
However, he hoped the Noida-Greater Noida market would revive in this quarter with many launches in the pipeline.
Garvit Tiwari, co-founder at NCR-based property brokerage firm Inframantra, said the demand is high in Gurugram especially for premium homes mainly due to improvement in infrastructure and presence of large corporates, especially IT/ITeS firms.
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There is limited supply from reputed builders and units launched by them are getting quickly sold, he added.
As per the Anarock data, housing sales rose 14 per cent to 1,13,770 units in January-March from 99,550 units in the year-ago period across seven major cities.
Delhi-NCR was the only region that witnessed fall in the first three months of this year.
Anarock tracks sales, new supply and prices of primary (fresh) residential markets of seven major cities.
Moreover, despite the increase in housing prices, Gurugram has attracted significant foreign investment, with companies like Blackstone, Brookfield, and GIC investing in the region’s real estate market. The increasing demand for housing is expected to continue in the coming years, with several major developers planning new projects.
According to a recent report by JLL India, Gurugram experienced a 31% growth in housing sales in 2021, with 8,400 units sold. The average price of residential properties increased by 9%, with the average price per square foot at around Rs 6,600 ($88).
The demand for green buildings in the luxury segment is expected to grow at a CAGR of 30-35% over the next few years, with developers incorporating sustainable and eco-friendly features in their luxury projects, such as solar panels, rainwater harvesting systems, and energy-efficient appliances.
