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May 03, 2023

Gurugram sold 10% more houses in Jan-March, Noida slacks behind by 23%: Report

Ritu Srivastava

Gurugram, a premier residential market in Delhi-NCR, witnessed a 10% increase in house sales from January to March, whereas Noida and Greater Noida saw a 23% decline in demand, according to Anarock.

Sales of residences increased in Gurugram as a result of the high demand for luxury properties. Sales decreased in Noida-Greater Noida as a result of fewer new project launches, weaker demand, and rising mortgage rates and home costs, they noted. According to data from real estate consultant Anarock, home sales in Gurugram increased 10% from January to March of last year from 8,850 units to 9,750 units.

In the other parts of the Delhi-NCR market, such as Delhi and Ghaziabad, housing sales fell by 30% to 3,160 units from 4,490 units.

The number of homes sold in Gurugram climbed by 10% between January and March of last year, from 8,850 units to 9,750 units, according to data from real estate consultant Anarock.

Sales in Noida-Greater Noida fell by 23% to 4,250 units from 5,495 units.

Housing sales in the other areas of the Delhi-NCR market, including Delhi and Ghaziabad, decreased 30% to 3,160 units from 4,490 units.

In Delhi-NCR as a whole, house sales decreased from 18,835 units in the same time last year to 17,160 units in January-March.

According to Anarock Research Chief Prashant Thakur, "the underlying explanation for this decline seems to be the impacted incomes of the cheap sector home purchasers who have still to achieve the pre-COVID levels."

In Gurugram, there was a huge demand for high-end and luxurious apartments in the first quarter of this year, he continued.

Mohit Jain, MD of the real estate firm Krisumi Corporation, predicted that Gurugram's demand would continue to grow.

The residential market in Gurugram will continue to be attractive to investors and end-users because of its prime location, a flurry of infrastructure upgrades, and a growing millennial population, according to Jain.

According to real estate consultant Vishal Raheja, MD of InvestoXpert Nevertheless, he anticipated that this quarter's market in Noida and Greater Noida would improve because of many forthcoming releases.

Gurugram has a significant demand for luxury houses in particular due to infrastructural improvements and the presence of large firms, particularly IT/ITeS enterprises, claims Garvit Tiwari, co-founder of the NCR-based real estate brokerage firm Inframantra.

He claimed that reputable homebuilders have a limited number of properties available and that these are selling swiftly whenever they are published.

Anarock figures show that from 99,550 units in the same period last year to 1,13,770 units in January through March, housing sales grew across seven major citis by 14%.

During the first three months of this year, deterioration was limited to Delhi-NCR cities.


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