With the increase in the supply of new residential units, the real estate market in Delhi NCR has registered a jump of 6 per cent in prices. According to the report, 5209 properties have been launched by different developers in the March quarter, registering a quarter-on-quarter growth of 189 percent.
According to PropTiger’s March quarter report, in January and March 2023, a total of 1,47,780 residential units have been launched in major metro cities including Delhi NCAR, Pune, Hyderabad. This is the highest ever level of largest launches in a quarter. The average property price in Delhi-NCR is Rs 4500-4700 (per sq. yard) in the March quarter. This shows that property prices have increased by 6 per cent on an annual basis.
According to the report, 50 percent of the projects launched in Delhi-NCR during this period cost more than Rs 1 crore. This reflects the growing demand for premium housing options in the region. The areas which registered maximum development activities include Sector-63 Gurugram, Sector-92 Gurugram, Sector 1-Greater Noida West (Noida Extension) and Sector-93 Gurugram. These areas have emerged as major centers for the launch of new properties.
PropTiger Business Head Vikas Wadhawan said that Gurugram is at the forefront of launching new properties. Overall, Gurugram has the highest share of 63 per cent in the total new supply done in all the sectors. The city’s prime location and attractive offers have contributed to increasing Gurugram’s dominance in the property market.
In terms of sales, a total of 3,804 units have been sold in Delhi-NCR in 2023. In this, the highest demand is for three BHK houses, which have the largest share of 45 percent in total. After this, there is the highest demand among consumers for 4 BHK, which is 38 percent of the total demand.
In terms of total property sales in Gurugram, 35 per cent units have been sold, while 39 per cent properties have been sold in Noida and Greater Noida. Sector 1 – Greater Noida West (Noida Extension), Sector-86 (Gurugram), Rajnagar Extension, (Ghaziabad), Techzone 4 and Sector 92 (Gurgaon) are among the areas that have seen the highest number of property sales in Q3 2023. Are.
