Gurugram records 12% dip in sale of housing units in Q4

Sumedha Sharma

Gurugram, March 31

The housing market, which had been soaring in the city in 2023, has seen a dip in the fourth quarter of financial year 2023-24. According to the recent realty report released by real estate consultant Anarock, housing sales in Gurugram fell by 12 per cent between January and March this year as compared to the same period in 2023.

According to the report, housing sales in Gurugram’s primary market (first sale) declined from 9,750 units in January-March in 2023 to 8,550 units in January-March in 2024.

Meanwhile, the demand for residential properties in Noida increased by 19 per cent during this period. While Noida recorded the sale of 1,350 residential units in this period in 2023, the figures rose to 1,600 units this year.

In contrast, housing sales in Greater Noida declined by 19 per cent from 2,900 units last year to 2,350 units during the first quarter of this calendar year.

Ghaziabad, Faridabad, Bhiwadi and Delhi collectively saw a sale of 3,150 units this year between January and March against the sale of 3,160 units in the same period last year.

Overall, the sale of residential properties in Delhi-NCR dipped nine per cent as compared to the corresponding period last year. Delhi-NCR recorded a sale of 17,160 residential units in the first three months of 2023, while the number reduced to 15,650 units in the first quarter of this year.

Commenting on the trend, Anarock Vice-Chairman Santhosh Kumar said, “The demand for residential societies continues to be strong in Gurugram. Still, the sales dipped due to a fall in new supply. Many builders did not get approvals to launch projects and many projects have been stalled.”

Realty experts predict that more projects, especially along the recently inaugurated Dwarka Expressway, will be announced after the Lol Sabha elections that are scheduled to be held on May 25 in Haryana.