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Gurugram Outperforms Noida Greater Noida In Residential Sales, Reports 10% Increase

By Rishabh Chamoli | 2023-04-04

According to data from real estate consultant Anarock, Gurugrams prime residential market witnessed a rise of 10% in housing sales during January March, while Noida and Greater Noida experienced a drop of 23%. Industry experts attribute the rise in sales in Gurugram to strong demand for luxury homes. On the other hand, the fall in sales in Noida Greater Noida was due to fewer launches of new projects and lower demand. Additionally, an increase in mortgage rates and property prices played a role in the decline.

Anarocks data shows that housing sales in Gurugram rose 10% to 9,750 units in Q1 2023 from 8,850 units in the same period last year. In contrast, Noida Greater Noida saw a 23% decline in sales to 4,250 units from 5,495 units. Housing sales in Delhi and Ghaziabad also fell by 30% to 3,160 units from 4,490 units.

Anarock Research Head, Prashant Thakur, attributes the drop in sales to the impacted earnings of affordable segment home buyers, which have yet to reach preCOVID levels. Conversely, the demand for high end and luxury units in Gurugram remained strong in Q1 2023.

A Consulting firms MD, Vishal Raheja, believes that sales in Noida will pick up in Q2 2023 with several launches in the pipeline. Meanwhile, the co founder of NCR based property brokerage firm, Garvit Tiwari, suggests that the demand in Gurugram for premium homes is due to the improvement in infrastructure and the presence of large corporates, particularly IT/ITeS firms. However, limited supply from reputed builders means that units launched by them are quickly sold.

Anarocks data shows that housing sales rose 14% to 113,770 units in January March 2023 from 99,550 units in the same period last year across seven major cities. Delhi NCR was the only city that witnessed a fall in the first three months of this year.

TLDR
According to real estate consultant Anarock, Gurugrams real estate market witnessed a 10% rise in housing sales in Q1 2023, while Greater Noidas market saw a 23% drop due to a lack of new launches and lower demand. Market experts attributed the rise in sales in Gurugram to strong demand for luxury homes. Meanwhile, sales fell by 30% in the rest of the Delhi NCR markets like Delhi and Ghaziabad. The underlying cause for this drop seems to be the impacted earnings of the affordable segment home buyers which are yet to reach the preCOVID levels.