The National Capital Region (NCR) saw a spike in new residential unit releases during the first quarter of 2023, as per the most recent data by the real estate consultants Anarock.
However, there has been a small decline in sales due to several reasons. Around 12,450 new apartments were added across NCR cities in the first quarter of 2023, which is 34% more than the same quarter in 2202.
The recent report states that the housing sector received about 28% of the new supply this quarter. In the first quarter of 2023, Gurgaon saw the most number of launches (9,940 new units), accounting for a surprising 80% of all new launches in the NCR.
On a yearly basis, it is about a 26% jump. It was followed by Greater Noida and Faridabad, where 1,500 additional units were introduced in the first quarter of 2023. There were no new launches in Bhiwadi, Noida, Ghaziabad, or Delhi.
In the first quarter, 17,160 residential units were sold in the NCR as a whole, a 9% decrease over the corresponding period in 2022. According to the research, other cities experienced roughly identical downward trends, with the exception of Gurgaon, where sales increased by 10% from quarter one of 2022 to quarter one of 2023.
In Gurugram, up to 9,750 apartments were sold this quarter, compared to 8,850 units sold during the same period last year. In contrast, Greater Noida experienced a 16% decline in residential sales, moving 2,900 units as opposed to 3,450 in the first quarter of 2022. Sales declined by 34% in Noida, 25% in Ghaziabad, and then fell in Faridabad, Bhiwadi, and Delhi.
Sales of luxury houses significantly increased in quarter one of 2023 as a result of rising consumer demand. Realtors predicted that the housing market would continue to be in demand for at least a few more years.
Due to rising affordability over time, the housing sector is reporting high sales. We expect to end this fiscal year with the most housing units sold overall since we started.
“Gurgaon has witnessed tremendous growth in high-end home launches, which has significantly driven its customers’ demands,” said Vikas Garg, joint managing director of Ganga Realty.
The real estate market appears to be generally favorable, and in the next few quarters, demand from buyers is projected to soar. The city has seen the most launches of plots, independent floors, inexpensive group housing, and commercial projects, in addition to luxury flats.