Housing sales in Gurugram witnessed a 12 percent decline year-on-year during the January-March period, while Noida experienced a 19 percent increase in demand for residential properties, as per data from real estate consultant Anarock.
Anarock’s data revealed that housing sales in Gurugram’s primary market fell by 12 percent to 8,550 units in the January-March period of this year, compared to 9,750 units in the same period last year.
On the other hand, Noida saw a 19 percent surge in housing sales, with 1,600 units sold during January-March this year compared to 1,350 units in the corresponding period of the previous year. Santhosh Kumar, Vice Chairman of Anarock, attributed the dip in sales in Gurugram to a decrease in new supply, with many builders facing challenges in obtaining project approvals. However, Kumar expressed optimism, anticipating an increase in housing project launches in Gurugram post the Lok Sabha election.
In Greater Noida, housing sales declined by 19 percent to 2,350 units in the first quarter of this calendar year, compared to 2,900 units in the same period last year. Similarly, Ghaziabad, Faridabad, Bhiwadi, and Delhi collectively saw a slight decrease in sales from 3,160 units to 3,150 units year-on-year.
Overall, residential property sales in Delhi-NCR dropped by 9 percent, totaling 15,650 units in the first quarter of this year compared to 17,160 units in the corresponding period of the previous year.
Despite the decline in sales, Gurugram remains a preferred destination for luxury properties, especially among high-net-worth individuals, according to Mohit Jain, MD of Krisumi Corporation. Yash Miglani, MD of Noida-based realty firm Migsun Group, attributed the increased sales in Noida to infrastructure developments like the Jewar Airport, predicting continued strong sales in the region in the upcoming months.
Vishal Raheja, founder and MD of housing brokerage firm InvestoXpert.com, highlighted Noida’s resilience and attractiveness to buyers, driven by strategic infrastructure development and affordability. Shiwang Suraj, founder and Director of housing brokerage firm InfraMantra, noted a moderation in demand influenced by fewer new housing launches in the Delhi-NCR market. He anticipated an increase in premium project launches in the region in 2024.
