Data from real estate consultancy Anarock shows that during the months of January through March, property sales in Gurugram’s premier residential sector increased by 10% while they decreased by 23% in Noida and Greater Noida. Industry insiders credit the increasing demand for luxury properties in Gurugram for the increase in sales. On the other hand, fewer new project launches and weaker demand were to blame for the decline in sales in Noida-Greater Noida. The reduction was also impacted by rising home prices and mortgage interest rates.
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According to Anarock’s data, the number of residential units sold in Gurugram increased by 10%, from 8,850 units in Q1 2022 to 9,750 units in Q1 2023. Contrarily, sales in Noida-Greater Noida decreased by 23% to 4,250 units from 5,495 units. The number of homes sold in Delhi and Ghaziabad decreased from 4,490 to 3,160, a 30% decrease.
The decline in sales is attributed by Anarock Research Head Prashant Thakur to the reduced earnings of affordable sector home purchasers, which have not yet recovered to pre-COVID levels. In contrast, in Q1 2023, demand for upscale and opulent apartments in Gurugram remained robust.
The MD of a consulting firm, Vishal Raheja, predicts that sales in Noida would increase in Q2 2023 due to a number of upcoming releases. The co-founder of a real estate brokerage company in the NCR, Garvit Tiwari, claims that the increased demand for luxury residences in Gurugram is a result of the infrastructure’s improvement and the presence of big corporations, particularly IT/ITeS companies. Units released by reputable builders, however, sell very rapidly because of their restricted quantity.
According to Anarock’s data, sales of homes increased across seven major cities by 14%, from 99,550 units in the same period last year to 113,770 units in January–March 2023. The only city to experience a decline in the first three months of this year was Delhi-NCR.
TLDR:
According to real estate consultant Anarock, Greater Noida’s real estate market saw a 23% decline in Q1 2023 due to a dearth of new launches and weaker demand, whereas Gurugram’s market saw a 10% increase in house sales. Market analysts blamed the strong demand for luxury properties for the increase in sales in Gurugram. The rest of the Delhi-NCR markets, including Delhi and Ghaziabad, saw a 30% decline in sales. The primary factor behind this decline appears to be the impacted incomes of affordable sector property buyers, who have not yet attained pre-COVID levels.
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