Report: 12% decline in Gurugram housing sales, 19% increase in Noida during Jan-March

NEW DELHI: According to Anarock, housing sales in Gurugram experienced a 12 per cent year-on-year decline in January-March, while the demand for residential properties surged by 19 per cent in Noida.

Real estate consultant Anarock’s data revealed that housing sales in Gurugram’s primary market (first sale) dropped by 12 per cent to 8,550 units in the January-March period this year, compared to 9,750 units in the previous year.

Conversely, Noida witnessed a 19 per cent increase in housing sales, rising to 1,600 units during the January-March period this year from 1,350 units in the corresponding period last year.

Anarock Vice Chairman Santhosh Kumar commented on the trend, stating that, “The demand continues to be strong in Gurugram. Still, sales dipped in the IT city due to a fall in new supply. Many builders faced challenges in obtaining approvals to launch projects”.

He mentioned the likelyhood of more housing projects launches in Gurugram post the Lok Sabha election, he added.

As per the data, housing sales in Greater Noida declined by 19 per cent to 2,350 units during the first quarter of this calendar year against 2,900 units in the previous year.

Ghaziabad, Faridabad, Bhiwadi, and Delhi collectively recorded sales of 3,150 units in January-March, slightly lower than the 3,160 units sold in the same period last year. Overall, residential property sales in Delhi-NCR decreased by 9 per cent, totalling 15,650 units in the first quarter of this year compared to 17,160 units in the corresponding period last year.

Regardind the demand scenario in the Delhi-NCR

housing market, realty firm Krisumi Corporation MD Mohit Jain said, “Gurugram remains one of the most preferred destinations for luxury properties, particularly for high-networth individuals”.

Yash Miglani, MD of

Noida-based realty firm Migsun Group, said Noida has been a prominent region in Delhi-NCR for buyers and

developers.

He attributed the rise in sales in Noida to announcements of many infrastructure projects, including Jewar

Airport. Miglani said the trend would continue, and the Noida market will see strong sales in the coming months.

Vishal Raheja, founder and MD of housing brokerage firm InvestoXpert.com, said,

“Noida’s growth signals its resilience and attractiveness to buyers, buoyed by strategic infrastructure development and affordability”.

Shiwang Suraj, founder and Director of housing brokerage firm InfraMantra, said, “We are witnessing an important transition with demand moderating, influenced by fewer new housing launches”.

The Delhi-NCR market is witnessing launches of more premium projects, and this trend will become

more pronounced in 2024, Suraj said.