The real estate landscape in Delhi NCR is witnessing an unprecedented surge, with soaring demand, increased supply, and substantial property price appreciation marking the first quarter of 2024. The recently published Real Insight Residential Q1 Report 2024 by Housing.com Research sheds light on the remarkable growth trajectory and promising outlook of the region’s property market. According to the report, the real estate property market across Delhi NCR has witnessed unprecedented growth in the last year. With conducive government policies and growing Indian economy, future forecasts for the coming year remain optimistic that the positive consumer sentiment will lead to the Delhi NCR real estate market reaching new heights in 2024.
Delhi NCR Sales Skyrocket and New Supply Surge
In Q1 2024, the Delhi NCR region experienced a remarkable surge in both new supply and sales of residential units. The Housing.com Research report reveals that the new supply of units surged by a staggering 32% year-on-year (YoY) from Q1 2023, reaching an impressive 6,872 units. Simultaneously, the sale of units during the same period witnessed an astounding 164% YoY increase, totalling 10,058 units. This surge in both new supply and sales underscores the robust demand and investor confidence in the region’s real estate market.
Sharing his insights Mr. Devender Aggarwal, Co-Founder & Joint Managing Director, Signature Global (India) Ltd., Said, “The real estate landscape of NCR has witnessed remarkable growth and property price appreciation. This can be attributed in large part to the focussed push towards infrastructure development and improvement of logistical connectivity across NCR. Speaking specifically about Gurugram, which has seen the highest growth in demand among all cities in NCR, the year-on-year growth statistics are a reflection of the rising purchasing power and new ambitions of the Indian homebuyer. This has also had a cascading effect in boosting the real estate markets across Dwarka Expressway, New Gurugram and Golf Course Road, which is made more evident by the upsurge in residential real estate demand in these regions. Property prices are expected to surge around Southern Peripheral Road (SPR), and sectors in close proximity to SPR such as 71, 72, 75 and 76, which have all seen the highest appeal among homebuyers and investors. “
He further added “In recent years, SPR has cemented its position as the new realty hot spot in Gurgaon due to its best connectivity aspect and prominent positioning in the millennium city. We are confident that Gurgaon’s real estate market will continue to thrive, offering lucrative opportunities for both investors and homebuyers in the years to come.”
Property Price Appreciation: A Testament to Growth
One of the most striking revelations of the report is the substantial property price appreciation witnessed in Delhi NCR. The average property price soared to INR 7,600 in Q1 2024, reflecting a noteworthy 10% increase from Q1 2023. This surge in property prices translates into a significant milestone for the region, with the Gross Total Value of Delhi NCR’s real estate market constituting a remarkable 11% share. Gross Transaction Value (GTV), which represents the total amount of sales transactions within a given period, serves as a crucial indicator of market activity and economic vitality. In the context of Delhi NCR, the report underscores the robustness of the region’s real estate market by highlighting the significant GTV surge witnessed in Q1 2024Importantly, this represents a remarkable 249% increase YoY in Q1 2024, highlighting the substantial growth and value appreciation in the region’s property market. The remarkable growth in GTV in the Delhi NCR underscores the quantum of money revolving within the city, reflecting the heightened investor activity and consumer confidence in the region’s property market.
Resonating these sentiments Mr. Pankaj Pal, Managing Director, Whiteland Corporation said, “In Gurgaon’s real estate market, we’ve witnessed an extraordinary surge in both demand and supply, reflecting a dynamic landscape driven by discerning homebuyers. More than just seeking a property, homebuyers today are looking to invest in a secure future. The data underscores this shift, with a remarkable increase in luxury real estate transactions. Homebuyers are prioritizing quality, security, and lifestyle amenities, leading to a surge in demand for premium properties. This trend signifies a maturing market where buyers are making informed decisions for long-term prosperity.”
Mr. Guarav K Singh, Founder and Chairman, Womeki Group said, “In Q1 2024, the Delhi NCR region witnessed an extraordinary surge in both new supply and residential unit sales, marking a significant milestone in the real estate landscape. With a remarkable 32% year-on-year increase in new supply and an astounding 164% YoY rise in unit sales, the perceivable future trend highlights the robust demand and investor confidence in the region. This surge underscores the resilience and vibrancy of Delhi NCR’s real estate market, reflecting a strong appetite for property investment and growth opportunities in the region.”
Bright Future Outlook: Growth and Optimism Abound
Looking ahead at bright future horizons, the outlook for the Delhi NCR real estate market appears exceedingly promising. With sustained economic growth, favourable interest rates, and evolving consumer preferences driving demand, the region is poised for continued growth and prosperity. Furthermore, the surge in property prices and transaction activity indicates a strong investor appetite and confidence in the real estate sector in Delhi NCR. The Real Insight Residential Q1 Report 2024 paints a picture of continued growth and optimism in the Delhi NCR real estate market. With soaring new supply, substantial property price appreciation, and a bullish outlook, the region emerges as a beacon of opportunity and prosperity in India’s real estate landscape.