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Delhi-NCR (National Capital Region) stands out as the lone metro city experiencing a surge in housing sales, with a notable 6% increase in Q2 2024 compared to the previous quarter, according to Anarock Property Consultants. New project launches in the region skyrocketed by 134% in the same period, introducing approximately 17,030 units, 82% of which are luxury homes priced above INR 1.5 crore. Despite a 10% quarterly rise in property prices, reaching an average of INR 1,20,000 per square meter, NCR witnessed a robust 25% year-on-year increase. This growth underscores strong buyer demand, supported by developers focusing on quality and diverse housing options catering to various budgets and preferences.
While housing markets in other major Indian cities are experiencing a slowdown, Delhi-NCR (National Capital Region) is witnessing a reverse trend. According to a recent report by Anarock Property Consultants, NCR is the only metro city to see a rise in housing sales during the second quarter (April-June) of 2024, with a 6% increase compared to the previous quarter. Advertisement
Not only are sales on the rise, but there's also a surge in new housing projects being launched in NCR. The report highlights a whopping 134% increase in new launches in Q2 2024 compared to Q1 2024, with approximately 17,030 units introduced to the market. Interestingly, a significant portion (82%) of these new launches, or roughly 14,000 units, fall under the luxury category, with prices exceeding INR 1.5 crore.
Despite the increase in sales, NCR has also seen the highest rise in average property prices among the top 7 Indian cities. Prices jumped 10% in Q2 2024 compared to Q1 2024, reaching an average of INR 1,20,000 per square meter (based on industry reports). This translates to a significant 25% year-on-year increase. This indicates a strong demand for housing in NCR, even at higher price points.
Market experts believe that maintaining a focus on quality housing projects will be crucial for sustained growth. Pradeep Aggarwal, chairman of Signature Global, highlights that developers are launching projects with modern amenities to cater to the evolving needs of homebuyers. This includes options like group housing with amenities, independent floors, and gated plotted developments, catering to a wider range of budgets and preferences, with options likely starting from below INR 1.5 crore.
Vikas Garg, joint managing director of Ganga Realty, emphasizes the role of end-user demand in NCR's growth. He points out that despite rising prices, sales remain strong, indicating a genuine need for housing among buyers. The uptick in demand for luxury homes further underscores this point, with Gurugram seeing a surge in uber-luxury properties in emerging areas.
Overall, NCR's housing market presents a unique picture compared to the rest of India. While affordability remains a concern, a combination of diverse housing options, a focus on quality, and strong end-user demand, particularly for luxury properties, is driving growth in the region.
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