Housing Sales in Gurugram Down 12% During January-March; Up 19% in Noida: Report

Housing sales in Gurugram fell 12 per cent year-on-year in January-March, while the demand for residential properties increased in Noida by 19 per cent, according to Anarock. Real estate consultant Anarock’s data showed that housing sales in Gurugram’s primary market (first sale) declined 12 per cent to 8,550 units in the January-March period this year from 9,750 units in the year-ago period. In contrast, Noida saw a 19 per cent increase in housing sales to 1,600 units during January-March this year from 1,350 units in the corresponding period of the previous year.

Commenting on the trend, Anarock Vice Chairman Santhosh Kumar said, “The demand continues to be strong in Gurugram. Still, sales dipped in the IT city due to a fall in new supply. Many builders did not get approvals to launch projects”. There would be more launches of housing projects in Gurugram after 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 year-ago period. Ghaziabad, Faridabad, Bhiwadi and Delhi together saw sales of 3,150 units in January-March compared to 3,160 units in the same period last year.

Overall, sales of residential properties in Delhi-NCR dipped 9 per cent to 15,650 units in the first quarter of this year from 17,160 units in the corresponding period of the previous year. On the demand scenario of 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.