Housing sales in the Delhi-NCR region are expected to increase by 22% in the July-September 2024 quarter, reaching approximately 10,263 units compared to 8,411 units in the same period last year. This surge is attributed to a substantial rise in fresh residential property supply, which is projected to triple to over 13,300 units as developers capitalize on strong consumer demand, according to PropEquity, a real estate data analytics firm.
The firm anticipates new housing launches to total around 13,311 units this quarter, a significant jump from just 4,147 units during the same quarter in the previous year. The uptick in supply is a key factor driving sales in the Delhi-NCR market.
However, across nine major Indian cities—including Mumbai, Navi Mumbai, Thane, Pune, Bengaluru, Hyderabad, Chennai, and Kolkata—new property launches are expected to decline to 93,693 units from 105,655 units compared to last year. Sales in these cities are projected to drop by 18%, falling to 104,393 units from 126,848 units during the same period last year.
Commenting on the trends in Delhi-NCR, Mohit Jain, Managing Director of Krisumi Corporation, noted a strong preference among middle and upper-middle-class buyers for spacious homes. He highlighted a particularly high demand for luxury properties priced between Rs 3-5 crore, especially in Gurugram. Jain anticipates that this upward trend in sales will continue into the festive season and over the next few years.
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Sanju Bhadana, Managing Director of 4S Developers, attributed the rise in sales and launches to recent infrastructure developments in the region.
In contrast, Shiwang Suraj, founder of property consultancy InfraMantra, explained the lower sales figures across the top nine cities by noting that the real estate market typically slows in the third quarter, with developers often postponing launches for the festive period. However, he expressed optimism, stating that encouraging inquiries from homebuyers could lead to improved sales in the next quarter.
Vijay Harsh Jha, CEO of Gurugram-based VS Realtors, emphasized that the NCR market is thriving, standing out against the national trend. Meanwhile, Rochak Bakshi, Founder and CEO of True North Financial Services, mentioned that rising prices have attracted investor interest, although he cautioned that many properties have become unaffordable for end-users, limiting further price appreciation.
As the market evolves, industry experts remain hopeful for sustained growth in the coming months.
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