Housing sales in Gurugram rose 13 per cent annually in 2023 on high demand, especially for luxury flats, but Noida and Greater Noida saw a seven-eight per cent fall, according to Anarock data on the Delhi NCR market.
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Real estate consultant Anarock’s data showed that sales of residential properties in Gurugram went up 13 per cent to 36,970 in 2023 from 32,615 units in the previous year.
However, sales in Noida fell eight per cent to 5,840 units from 6,360 units. Greater Noida saw a seven per cent drop in sales to 10,180 units from 10,985 units. Ghaziabad, too, witnessed a fall of eight per cent to 6,340 units from 6,890 units.
The total housing sales in Faridabad, Delhi and Bhiwadi decreased to 6,295 units during 2023 from 6,860 units in the previous year.
Overall, the Delhi-NCR saw only a marginal growth of three per cent in housing sales to 65,625 units during 2023 from 63,710 units in the previous year.
Anarock Group Regional Director & Head of Research Prashant Thakur said, “Apart from Gurugram, sales have fallen in other parts of NCR because of the lesser launch of new housing projects.” Realty firms Signature Global, TARC Ltd, and Elan Group attributed the rise in sales in Gurugram to strong consumer sentiment and the development of various infrastructure projects.
Pradeep Aggarwal, founder and chairman of Signature Global, said, “Gurugram’s real estate market is witnessing a surge in demand for the mid-income and luxury homes, driven by young professionals and nuclear families seeking an aspirational and convenient lifestyle.
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Hotspot zones like New Gurugram, Dwarka Expressway and the Southern Peripheral Road are drawing huge buyer interest, fueling double-digit capital value jumps, he said.
Amar Sarin, MD and CEO of TARC Ltd, said, “Delhi NCR’s real estate landscape, especially Gurugram, is witnessing a renaissance, defying market challenges and illustrating robust demand.
Ravish Kapoor, Managing Director of Elan Group, noted that “within the NCR region, Gurugram stood out as the prime destination, bolstered by burgeoning infrastructure.” Dwarka Expressway, within the city, emerged as the most promising micro-market for the residential sector, Kapoor added.