Gurugram's housing market witnessed a 12% decline in sales during the first quarter of 2024 compared to the same period last year, according to a report by real estate consultant Anarock. On the other hand, Noida saw a positive trend with a 19% increase in sales for the same period.
Anarock's data reveals that Gurugram's primary market (first sale) went down to 8,550 units from 9,750 units in the January-March period of 2023. Anarock Vice Chairman Santhosh Kumar attributed the dip to a decrease in new project launches due to delays in obtaining approvals. However, Kumar believes demand in Gurugram remains strong and expects a rise in launches after the Lok Sabha elections.
The decline in Gurugram is in contrast to the growth observed in Noida, where sales rose to 1,600 units from 1,350 units during the same period. Experts attribute this rise to announcements of infrastructural projects, including the Jewar Airport.
Overall, residential property sales in Delhi-NCR dipped by 9% to 15,650 units compared to 17,160 units in the first quarter of 2023. This trend aligns with observations by Shiwang Suraj, founder and Director of housing brokerage firm InfraMantra, who noted a moderation in demand due to fewer new launches. Suraj also expects a rise in premium housing projects across Delhi-NCR in 2024.
Here's a city-wise breakdown of the sales figures:
Gurugram: Down 12% (8,550 units)
Noida: Up 19% (1,600 units)
Greater Noida: Down 19% (2,350 units)
Ghaziabad, Faridabad, Bhiwadi and Delhi: Flat (3,150 units)