With an increase in the supply of new residential units, the real estate market in Delhi NCR has registered a jump of 6 per cent in prices. As per the report, 5209 properties have been launched by various developers in the March quarter, registering a quarter-on-quarter growth of 189 per cent.
According to PropTiger’s March quarter report, in January and March 2023, a total of 1,47,780 residential units have been launched in major metro cities including Delhi NCAR, Pune, Hyderabad. This is the highest ever level of largest launches in a quarter. The average property price in Delhi-NCR is Rs 4500-4700 (per sq. yard) in the March quarter. This shows that there has been an increase of 6 per cent in property prices on an annual basis.
According to the report, during this period, 50 percent of the projects started in Delhi-NCR have cost more than one crore rupees. This reflects the growing demand for premium housing options in the region. Sectors that recorded maximum development activities include Sector-63 Gurugram, Sector-92 Gurugram, Sector 1-Greater Noida West (Noida Extension) and Sector-93 Gurugram. These areas have emerged as prime centers for the launching of new properties.
Vikas Wadhawan, Business Head, Prop Tiger, said that Gurugram is at the forefront of launching new properties. Overall, Gurugram has the highest share of 63 per cent in the total new supply across all sectors. The city’s prime location and attractive offers have contributed to increasing Gurugram’s dominance in the property market.
In terms of sales, a total of 3,804 units have been sold in Delhi-NCR in 2023. Of this, the highest demand is for three BHK homes, which account for the highest share of 45 per cent. After this, 4 BHK is the highest demand among consumers, which is 38 percent of the total demand.
In terms of total property sales, 35 per cent units have been sold in Gurugram, while 39 per cent properties have been sold in Noida and Greater Noida. Sector 1 – Greater Noida West (Noida Extension), Sector-86 (Gurugram), Rajnagar Extension, (Ghaziabad), Techzone 4 and Sector 92 (Gurgaon) are among the sectors that witnessed the highest property sales in Q3 2023 Is. Are.
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