Delhi-NCR’s real estate market has shown remarkable resilience during the December quarter, with housing sales and new supply posting significant growth, even as other major cities in India witnessed a slowdown.
According to PropEquity, a leading real estate data analytics firm, housing sales in Delhi-NCR are projected to rise by 25% year-on-year, reaching 12,915 units in Q4 2024, compared to 10,354 units in the same period last year. Simultaneously, new housing supply in the region is expected to jump 59% to 11,223 units from 7,072 units a year ago.
Interestingly, Delhi-NCR is the only major property market among nine cities across India to record an increase in both sales and supply during this quarter. Other cities, including Bengaluru, Pune, Hyderabad, Chennai, Kolkata, Mumbai, Navi Mumbai, and Thane, are likely to see declines in these metrics.
Nationwide Real Estate Slowdown
Across nine major cities, overall housing sales are estimated to drop 21% annually to 1,08,261 units in the October-December period, down from 1,37,225 units last year. Similarly, fresh housing supply is expected to decrease by 33% to 85,765 units during the same period, compared to 1,27,936 units in 2023.
PropEquity CEO Samir Jasuja attributed the nationwide decline to a high base effect. However, Delhi-NCR’s exceptional performance highlights its growing importance as a key real estate market.
Industry Experts Weigh In
Manoj Gaur, CMD of Gaurs Group, emphasized Delhi-NCR’s rising prominence as a global corporate hub, fueled by developments like the Noida International Airport.
Akash Khurana, President and CEO of Krisumi Corporation, noted strong demand from both end-users and investors, driven by robust economic growth, infrastructure development, and reputable developers entering the market.
Madhur Gupta, CEO of Hero Realty, highlighted major infrastructure milestones in Gurugram, including the inauguration of the Dwarka Expressway and metro expansions, as catalysts for growth in the region.
Festive Boost and Future Outlook
Garvit Tiwari, Co-Founder of InfraMantra, credited Delhi-NCR’s festive season performance to infrastructure advancements and contributions from local and national developers.
With strong investor interest, robust infrastructure development, and increasing demand from NRIs and domestic buyers, the Delhi-NCR real estate market is poised for sustained growth.
PropEquity, a subsidiary of NSE-listed PE Analytics, tracks over 1,70,000 projects from 57,000 developers across 44 cities in India, providing comprehensive insights into market trends.
As the year ends, Delhi-NCR emerges as a beacon of optimism in an otherwise challenging real estate landscape, showcasing its potential to lead India’s property market growth.
