Real Estate Booming - Gurgaon leads in housing sales, Noida in new launches

Post Covid-19, the real estate market has started gaining strength with cities in Delhi-NCR, boasting housing sales of 10,220 units in the third quarter compared to 5,210 units in the previous year as per the reports. Prominent cities, including Noida, Gurgaon, and Ghaziabad and others witnessed as high as 96% increase in housing sales and around 24% additional new launches. If you look at the previous third quarter, it saw 6,810 launches in these in NCR, while the latest quarter witnessed 8,420 launches.

Gurugram city leads the jump in housing sales with a 129% increase, from 1680 units sales in Q3 quarter to 3,850 units. The upward trend is followed by Noida, which saw a 116% increase from 670 units to 1,450 units. Delhi also showcased a similar movement with a growth rate of 100%, Ghaziabad and Greater Noida showcased 84% and 58% increase respectively.

If we look at the new launches in housing, Noida saw the highest jump, with 415% with 1030 new launches this quarter compared to 200 launches during the same time last year.

Ankit Aditya Pradhan, CEO, Realty Assistant said, the real estate sector is now witnessing a noteworthy increase in inquiries and transactions. Nowadays, the project's location and the construction quality are the prime factors that attract potential buyers for the newly launched projects. Other contributing factors like low-interest rates and the urgency to switch to bigger homes are also driving the demand for residential units, commented Mr. Pradhan.

Focusing on the luxury segment that is above Rs. 1 Crore stands out in the city where demand has surpassed supply. This indicates that Noida is now witnessing a boost for premium properties. Both under-construction and ready-to-move projects have seen high demand this year. Another significant trend is the rise in the demand for 4bhk apartments, where the quality of construction and community building is what the consumers look for when buying a home.