Gurugram Dominates NCR’s Housing Sales with 56% Share in Q3 2023

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    The National Capital Region (NCR) witnessed a significant upswing in its residential real estate sector during the third quarter of 2023, according to an analysis by Anarock. The region recorded nearly 15,900 housing unit sales, marking a substantial 6% increase compared to the same period in 2022. Among the top seven cities in India, NCR’s contribution to the total sales reached 13%, showcasing the region’s resilience and growth.

    The NCR market comprises several key areas, with Gurugram leading the charge by contributing a substantial 56% share of the region’s residential sales in Q3 2023. Other notable contributors included Greater Noida, Noida, and Ghaziabad, with 15%, 10%, and 10% of the total sales, respectively.

    Fresh Residential Launches

    The analysis also revealed that approximately 9,200 new residential units were launched during the third quarter of 2023. This accounted for 8% of the overall new residential supply in the region. Notably, the ultra-luxury segment, with properties priced above Rs 2.5 crore, witnessed a surge in launches, making up 38% of the new supply in NCR. The affordable segment also saw significant activity, constituting 31% of the new launches.

    Gurugram emerged as the dominant market for fresh residential launches, contributing 50% to the overall NCR supply. Noida and Ghaziabad followed suit, making respective contributions of 33% and 15%. Of particular interest is Noida, which experienced an exceptional 248% quarterly growth in new launches.

    Capital Values and Rentals

    The analysis highlighted the growth in average quarterly capital values in NCR cities during Q3 2023, which ranged from five to nine percent. Notably, Noida’s sector 150 micro market recorded the highest quarterly growth, with average quoted rates at Rs 6,310 per square foot. Other areas such as Greater Noida West (Rs 4,300 per sqft), Dwarka Expressway (Rs 6,360 per sqft), and New Gurugram (Rs 7,050 per sqft) demonstrated respective growth rates of 7%.

    In addition, Raj Nagar Extension (Rs 3,900 per sqft) and NH-24 (Rs 4,100 per sqft), both in Ghaziabad, saw a 5% quarterly increase in average prices.

    The rental market in NCR exhibited a similar growth trend, with the average quarterly growth in rentals ranging from three to nine percent in six micro markets. Dwarka Expressway led the way with a 9% increase in rentals, followed by NH-24 in Ghaziabad (8%) and Noida Sector 150 (5%).

    Available Inventory

    The analysis also delved into the available inventory in NCR, which stood at nearly 1,04,400 residential units. The region experienced a 6% quarter-over-quarter decline in available inventory. Comparing year-on-year data, NCR demonstrated a substantial 21% drop in available residential inventory compared to other top six cities. Notably, Gurgaon held the largest share of available stock, accounting for 41%, followed by Greater Noida, which contributed 21% of the units.

    The NCR’s resilient real estate market, with robust sales, fresh launches, and growth in capital values and rentals, paints a promising picture for the region’s property sector in the third quarter of 2023.

    Also Read: NCR sees 45% uptick in new launches, sales 4% up annually

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