Gurugram Dominates NCR’s Real Estate Market in H1 2023 with 52% of Total Sales :Knight Frank

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    Gurugram emerged as the dominant player in the National Capital Region’s (NCR) real estate market during the first half of 2023, accounting for 52 percent of the total housing unit sales. According to the recently released report titled “India Real Estate: H1 2023,” the NCR witnessed the sale of 30,114 housing units in the first six months of the year. However, the affordable housing segment, particularly properties priced below Rs 50 lakh, experienced a significant decline in sales due to escalating borrowing costs and previous repo rate revisions.

    Regional Sales Distribution: Out of the total housing unit sales in the NCR, Gurugram accounted for the largest share at 52 percent, followed by Noida and Greater Noida, which collectively represented 32 percent. Ghaziabad held a 12 percent share, while Delhi and Faridabad each contributed 2 percent. The report attributes the decline in sales share for Noida and Greater Noida to a lack of ready-to-move-in inventory in key micro-markets closer to Delhi, coupled with a scarcity of new launches by reputable developers in these areas.

    Impact on Affordable Housing Segment: The report highlights that while sales of homes priced above Rs 1 crore have increased, the volume of home sales in the Rs 50 lakh to Rs 1 crore range has declined. Homebuyers considering purchases in this price bracket are more sensitive to rising borrowing costs resulting from previous repo rate revisions. As a consequence, the percentage share of this category in overall sales dropped from 33 percent in H1 2022 to 22 percent in H1 2023. Moreover, the percentage share of homes priced below Rs 50 lakh decreased from 25 percent to 13 percent during the same period. The sub-Rs 50 lakh category has been the most adversely affected by repo rate revisions, as potential buyers seeking affordable housing options are significantly impacted by changes in borrowing costs and monthly installments.

    Also Read:- Repo Rate Relief and New Inventory Boost Home Sales in Delhi-NCR, Setting a New Sales Record

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