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The year 2021 turned out better for NCR Realty with an Increase in Residential Sales
by Admin January 18, 2022

The year 2021 turned out better for NCR Realty with an Increase in Residential Sales

Despite the pandemic and frequent nationwide lockdowns, the NCR region has shown great resilience by witnessing around 65% growth YoY in the CY2021. Around 35,073 units were sold during the year, while there have been new launches that saw around 110% YoY rise with 20,585 units in 2021.

As per the reports, the NCR’s office market also did well as the total office transactions rose to 6.4 mn sq ft, showing a 38% YoY increase in the year 2021. It also added that two-third of NCR’s recorded sales volume was 23,599 housing units. Looking at the current scenario and the momentum with which the demand has increased for the residential properties, the average residential prices have started increasing. Mostly, the demand was seen towards big and premium residential units with ticket sizes above ₹ 50 lakh.

If we talk about office space leasing in general, the segment saw absorption of around 4 mn. Sq. Ft in H2 2021 compared to 2.1 mn sq. ft. in the year-ago-period. So it is around a 56% YoY increase.

Gurugram City witnessed about 64% of overall office space transactions in H2, while Noida saw leasing of 1.1 mn. sq ft. (at par with H2 2020). Another important growth was in co-working office space leasing, which has also shown around 29% YoY growth over 2020. The transacted rents in NCR were stable. The rent amount for the office sector was witnessed around ₹82.1 per sq ft. per month by December end.

Looking at the numbers, we can surely say that Gurugram, along with Noida city, remained the preferred location for residential and commercial properties for prospective buyers due to the excellent infrastructure development and the most cost-effective option.

Rather than the first quarter, the leasing activity remained robust in the second quarter of the year. There has been sustained demand from several prospective buyers from diverse backgrounds. The upward trend and demand for real estate in NCR will continue in 2022 as well. The bulk appointment and hiring happening in the IT sector will further push the demand for Grade A office spaces across the region. Also, enhanced leasing volumes will influence the rental growth in the upward route. Several new launches will also accelerate as individuals have realized the value of real estate assets during crises.

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