Delhi NCR, one of India’s prominent real estate markets, experienced a remarkable surge in the supply of new residential units during the first quarter of 2023, according to the latest report by PropTiger.com. The report titled Real Insight Residential – January–March 2023 revealed that the region witnessed an impressive quarter-on-quarter growth of 189 percent, with a total of 5,209 launches by various developers.
Gurgaon emerged as the dominant market in Delhi NCR, securing an impressive 63 percent share of the overall new supply. This trend highlights Gurgaon’s increasing popularity among homebuyers and investors in the region. Additionally, Gurgaon’s strategic location, robust infrastructure, and favorable business environment have contributed to its market dominance.
Mr. Pradeep Aggarwal, Founder and Chairman, Signature Global (India) Ltd. Said, “The increase in new supply and triple-digit growth in the Delhi NCR real estate market highlights the region’s resiliency and appeal to homebuyers. With Gurugram dominating the market share, it’s strategic location and robust infrastructure have made it the preferred choice for investors and buyers alike.
Further added, that approximately 50 percent of the total launches in Delhi NCR were priced above Rs 1 crore. This emphasizes the demand for premium housing options among buyers in the region, showcasing their inclination towards luxury and high-end properties.”
Among the top eight realty markets in India, a record-breaking 1,47,780 residential units were launched in the January-March period of 2023, which marked an all-time high quarterly level of new launches, indicating the positive growth trajectory of the real estate sector in the country.
The average price in Delhi NCR during Q1 2023 stood between Rs 4,500 and Rs 4,700 per square foot, reflecting a 6 percent year-on-year increase. This price appreciation signifies the sustained demand and value appreciation of properties in the region.
However, despite the surge in new supply, the unsold stock in Delhi NCR as of March 2023 was still significant, totaling 99,690 units. This reflects an inventory overhang of 66 months, indicating the need for developers and stakeholders to focus on strategies to reduce the existing inventory and enhance market absorption.
Another developer said, “The real estate sector is on a strong development trajectory, as seen by the record-breaking number of residential unit launches in Delhi NCR. For a healthy and vibrant real estate market, developers and stakeholders must focus on effective measures to minimize inventory and achieve a balance between supply and demand.’’
Sector 63 (Gurugram), Sector 92 (Gurugram), Sector 1 – Greater Noida West (Noida Extension), and Sector 93 (Gurugram) emerged as the top destinations for new launches, witnessing high development activity. These areas offer attractive amenities, infrastructure, and investment opportunities, making them sought-after choices for homebuyers and investors alike.
Under Mission 2023, recently Signature Global has launched three independent floor projects in Gurugram, including Signature Global City 93 in Sector 93, Signature Global City 79 B in Sector 79 B, and Signature Global City 92-2 in Sector 92. All the Projects are getting good response among homebuyers.
Delhi NCR sold 3,804 units in Q1 2023, with 3BHK units being the most popular, accounting for 44% of the total demand. Gurugram and Noida contributed 35% and 39%, respectively. Delhi NCR currently holds 11% of India’s unsold inventory, with 99,690 units remaining unsold at the end of Q1 2023. This highlights the need for effective measures to balance supply and demand and maintain a healthy real estate market.–
