* 50% Of Total Launches Priced Above Rs 1 Crore Highlighting Demand For Premium Housing
* Gurugram Emerges as Dominant Market, Securing 63% Share in Overall New Supply
The real estate market in Delhi NCR witnessed a healthy surge in the supply of new residential units, with 5,209 launches by various developers in the first three months of 2023, marking a remarkable 189 percent quarter-on-quarter growth, as per the latest PropTiger Report.
PropTiger.com, the country’s leading digital real estate brokerage company is owned by REA India, the country's largest full-stack real estate technology platform that also owns Housing.com & Makaan.com
According to the report titled Real Insight Residential – January–March 2023, by Proptiger.com, for the top eight realty markets, a total of 1,47,780 residential units were launched in the January-March period of 2023, registering an all-time high quarterly level of new launches.
Average price in Delhi NCR during Q1 2023 (in Rs per square foot) was Rs 4,500 – 4,700, reflecting a 6 per cent increase year-on-year.
The unsold stock as of March 2023 in Delhi NCR was 99,690 units, reflecting a 66 months of inventory overhang while the all India inventory overhang was 34 months.
The PropTiger Report revealed that a significant proportion of the total launches in Delhi NCR, accounting for 50 per cent, were priced in the above Rs 1 crore price segment, reflecting the demand for premium housing options in the region.
Among the areas witnessing high development activity, Sector 63 (Gurugram), Sector 92 (Gurugram), Sector 1 – Greater Noida West (Noida Extension), and Sector 93 (Gurugram) emerged as the top destinations for new launches.
"Gurugram emerged as the frontrunner, capturing a lion's share of 63 percent in the overall new supply across Delhi NCR. The city's prime location and attractive offerings have contributed to its dominance in the real estate market," said Mr. Vikas Wadhawan, Group CFO REA India & Business Head PropTiger.com.
Commenting on the trends, Ms. Ankita Sood, Head of research, PropTiger.com, Housing.com & Makaan.com said, “The property market in Delhi NCR has come back on track especially the key markets of Gurugram and Noida. The demand remains steady, both for new projects and ready-to-move-in properties in key locations that offer good connectivity and proximity to social infrastructure. Our IRIS index, which measures the high-intent, high-volume property search trends in 42 key Indian cities, shows that Delhi NCR is amongst the top-three cities witnessing high interest in property purchase, suggesting active traction for property buying.”
Ms. Sood further added, “There has also been a significant increase in new property supply in the mid to luxury segment, demonstrating the strong developer confidence in the market.”
In terms of sales, as per the PropTiger data, a total of 3,804 units were sold in Delhi NCR during Q1 2023. The demand was predominantly driven by 3BHK units, constituting the highest share of 45 percent, followed closely by 4BHK units with 38 percent of the total demand. Gurugram claimed a significant portion of the sales pie with 35 percent, while Noida and Greater Noida together accounted for 39 percent of the total sales.
Sector 1 – Greater Noida West (Noida Extension), Sector 86 (Gurugram), Raj Nagar Extension (Ghaziabad), Techzone 4, and Sector 92 (Gurugram) experienced the highest traction in terms of sales during Q1 2023.
Delhi NCR currently holds an 11 percent share in the total unsold inventory among the top 8 cities in India. At the end of Q1 2023, the unsold inventory stood at 99,690 units, making it the city with the highest inventory overhang of 66 months compared to other major cities.
"The remarkable growth witnessed in the Delhi NCR real estate market during Q1 2023 showcases the region's resilience and attractiveness to homebuyers and investors alike. The strategic locations, coupled with the diverse range of housing options, have played a vital role in stimulating demand and driving the market forward," said Mr. Vikas Wadhawan.
1. Housing sales and launches includes primary market data of group housing / plots / independent floors
2. Housing markets covered in the report includes Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), MMR (Mumbai, Navi Mumbai & Thane) and Pune.
About REA India Pte. Ltd.
REA India (previously known as Elara Technologies Pte. Ltd.) is a part of REA Group Ltd. of Australia (ASX: REA) (“REA Group”). It is the country’s leading full stack real estate technology platform that owns Housing.com, Makaan.com and PropTiger.com.
In December 2020, REA Group acquired a controlling stake in REA India. REA Group, headquartered in Melbourne, Australia, is a multinational digital advertising business specialising in property. It operates Australia’s leading residential and commercial property websites, realestate.com.au and realcommercial.com.au and owns leading portals in Hong Kong (squarefoot.com.hk) and China?(myfun.com). REA Group also holds a significant minority shareholding in Move, Inc., operator of?realtor.com?in the US, and the PropertyGuru Group, operator of leading property sites in Malaysia, Singapore, Thailand, Vietnam and Indonesia.
REA India is the only player in India that offers a full range of services in the real estate space, assisting consumers through their entire home seeking journey all the way from initial search and discovery to financing to the final step of transaction closure. It offers advertising and listings products to real estate developers, agents & home owners, exclusive sales and marketing solutions to builders, data and content services, and personalised search, virtual viewing, site visits, negotiations, home loans and post- sales services to consumers for both buying and renting.
REA India has a national presence with 23 offices across India with its corporate office located in Gurugram, Haryana.
Founded in 2012 and acquired by REA India in 2017, Housing.com is India’s leading full stack proptech platform for homeowners / home seekers, landlords, developers, and real estate brokers. The company offers listings for new homes, resale homes, rentals, plots, commercial spaces and co-living spaces in India. Backed by strong research and analytics, the company’s experts provide comprehensive real estate services that cover advertising and marketing, sales solutions for real estate developers, personalized search, virtual viewing, AR&VR content, home loans, end-to-end transaction services and post-transaction services to consumers for both buying and renting.
PropTiger.com is among India’s leading digital real estate transaction and advisory services platform, offering a one-stop platform for buying residential real estate. Founded in 2011 with the goal to help people buy their dream homes, PropTiger.com leverages the power of information and the organisation’s deep-rooted understanding of the real estate sector to bring simplicity, transparency and trust in the home buying process. PropTiger.com helps home-buyers through the entire home-buying process through a mix of technology-enabled tools as well as on-ground support. The company offers researched information about various localities and properties and provides guidance on matters pertaining to legal paperwork and loan assistance to successfully fulfil a transaction.
Makaan.com was acquired by REA India in May 2015, with a vision to establish a true "marketplace" in real estate. Makaan.com has quickly emerged as the preferred partner for consumers looking to rent, buy or sell a home. Makaan.com offers its online consumers maximum property options and has become one of the largest advertising platforms in online real estate in India.