Housing sales in Gurugram up 10%, down 30% in Delhi, Ghaziabad
New Delhi, April 2
The Delhi-NCR’s prime residential market Gurugram saw a 10 per cent rise in housing sales during January-March, but demand fell in Noida and Greater Noida by 23 per cent, according to real estate consultant Anarock.
Data 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.
23% fall in noida, greater noida
- Noida-Greater Noida saw a 23% decline in sales to 4,250 units from 5,495 units, according to real estate consultant Anarock
- In Delhi-NCR, housing sales fell to 17,160 units in January-March from 18,835 units in the year-ago period
Experts have attributed the rise to post-Covid surge in demand for luxury housing. While Gurugram is witnessing regular launch of such projects, Noida-Greater Noida, Ghaziabad and Delhi have witnessed lesser launches of new projects and amid increase in mortgage rates as well as property prices.
Moreover, despite the increase in housing prices, Gurugram has attracted significant foreign investment with companies such as 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.
In the rest of Delhi-NCR market such as Delhi and Ghaziabad, housing sales fell 30 per cent 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 said.
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.
