In 2023, housing sales in the National Capital Region (NCR) reached around 65,625 units, reflecting a 3% increase over the previous year. Despite this growth, the addition of new housing supply was conservative, with approximately 36,735 units introduced. Nevertheless, NCR managed to reduce its unsold inventory significantly by 23% over the year.
As per Anarock’s latest real estate report, NCR experienced a noteworthy surge in new unit launches, tallying around 36,735 new units—an impressive 45% rise compared to 2022. More than half of this new supply, about 51%, fell within the budget range of INR 40 lakh to INR 2.5 crore.
The report highlighted a substantial 23% decrease in unsold inventory, plummeting from about 1,23,690 units in 2022 to approximately 94,800 units by the end of 2023. This marks the first instance since 2013 where NCR’s unsold inventory has fallen below the one-lakh mark, indicating a positive shift in the market, according to the report.
Anuj Puri, Chairman of Anarock group, expressed confidence in the continued demand throughout 2024, despite an anticipated 8-10% average price appreciation across the top 7 cities. He attributed this positive sentiment to the consistent home loan rates in the latter half of 2023, which upheld consumer confidence in the real estate sector.
Surinder Singh, Director at GLS Group, acknowledged the challenging landscape of rising property prices and early 2023’s home loan interest rate hikes. However, he noted that the residential real estate sector in NCR had a stellar year, fueled by robust demand. Singh highlighted an influx of new project launches, particularly 3BHK plus houses, luxury homes, and a thriving commercial property market. Additionally, he emphasized how state government-led infrastructural initiatives further boosted the return on investment (RoI) in the realty sector.
In the budget category, there was a substantial surge in demand for luxury housing, driven by homebuyers seeking larger, more livable spaces post-pandemic. The luxury housing supply across the top 7 cities in 2023 increased fivefold compared to 2018. The outlook for 2024 remains optimistic, with expectations of sustained demand for luxury housing continuing unabated.
(By – Aabhika Hari)
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