Delhi-NCR housing market remains active; PropEquity sales grew 25% from October to December, supply grew 59%

New Delhi, Dec 22 (PTI) India’s major real estate market Delhi-NCR remained active in the December quarter with home sales and new supply expected to grow by 25% and 59% respectively, according to PropEquity data.

According to data from real estate data analytics firm PropEquity, house sales in Delhi-NCR are likely to increase to 12,915 units between October and December this year from 10,354 units in the same period last year.

New supply in Delhi-NCR is expected to increase 59% to 11,223 units from 7,072 units in the same period last year.

Among India’s nine major cities, Delhi-NCR is the only market expected to see growth in sales and new supply this quarter, according to real estate data analytics firm PropEquity.

Eight other markets – Bengaluru, Pune, Hyderabad, Chennai, Kolkata, Mumbai, Navi Mumbai and Thane – are likely to see a decline in sales and new supply this season.

According to PropEquity, total home sales in nine major cities are expected to fall 21% annually between October and December to 1,08,261 units from 1,37,225 units in the same period last year.

New housing supply is expected to fall 33% to 85,765 units in October-December 2024 from 1,27,936 units in the same period last year.

Samir Jasuja, CEO and founder of PropEquity, said that due to the high base effect, total home sales and new home launches have declined year by year.

Commenting on the trend in NCR, Gaurs Group CMD Manoj Gaur said the data reflects the growing prominence of Delhi-NCR in Indian real estate.

“The region is establishing its dominance as a global corporate hub, especially with the accelerated pace of Noida airport construction,” he added.

Gaule said the housing market in Delhi-NCR is witnessing demand from end-users, investors as well as non-resident Indians.

Akash Khurana, President and CEO of Krisumi Corporation, said that the residential market in Delhi-NCR has performed extremely well in terms of both demand and supply over the past few years.

He added that there is strong demand from end-users and investors on the back of reasonable economic growth, strong infrastructure development and increased supply from reputed builders.

“In Gurgaon’s prime micro market, Dwarka Expressway continues to attract homebuyers. Overall, the outlook for residential real estate looks very bright and demand for all types of properties is expected to remain strong,” Khurana said.

“Gurgaon has made significant progress in infrastructure development this year. The opening of the Dwarka Expressway and the ongoing metro expansion are important milestones,” said Madhur Gupta, CEO, Hero Realty.

Gupta said these developments are a good sign for the NCR real estate market, indicating further growth in the region.

Garvit Tiwari, director and co-founder, InfraMantra, said the Delhi-NCR market performed exceptionally well during the festive season compared to last year.

Tiwari said that while infrastructure development played a key role, demand in Delhi-NCR was driven by local brand developers as well as established builders in western and southern India.

PE Analytics, an NSE-listed company, owns and operates PropEquity, covering over 1,70,000 projects from over 57,000 developers across 44 cities in India.