How is the real estate market performing in Delhi NCR?
The real estate market in Delhi NCR has shown strong performance and resilience, with significant growth observed in both sales and new launches. In 2023, the market saw the sale of 21,364 residential units, marking an 11% year-on-year growth. This trend continued into the first quarter of 2024, with a 164% increase in sales compared to the same period in 2023, indicating robust demand and positive market sentiment…
Gurugram has been a standout performer, accounting for 38% of overall sales, while Noida and Greater Noida together made up 37%, highlighting a balanced demand across different regions within NCR. The preference among homebuyers has leaned towards larger homes, with 3BHK units constituting 43% of total sales, followed by 2BHK units at 32%.
On the supply side, the market has also seen a substantial increase in new residential units. For instance, in the first half of 2023, developers launched 34,507 units, the highest in a decade, and this trend continued into the first quarter of 2024 with a 32% year-on-year growth in new supply.
These positive trends are supported by various factors, including government policies like RERA, infrastructural developments, and a rebound in economic activities post-COVID-19. Additionally, stricter regulatory measures and increased oversight have helped stabilise the market, mitigating risks of speculative behaviours that previously led to market crashes.
Overall, the Delhi NCR real estate market is experiencing a period of growth and stability, driven by strong demand, strategic developments, and favourable government policies. This makes it an attractive market for both homebuyers and investors.