Housing Sales Trends: Gurugram Sees Decline, Noida Witnesses Surge in Demand
According to data from real estate consultant ANAROCK, housing sales in Gurugram experienced a notable decline of 12% year-on-year during the January-March period. In contrast, Noida witnessed a robust increase of 19% in residential property demand during the same period. This divergence in trends sheds light on the varying dynamics within the Delhi-NCR real estate market.
The primary market in Gurugram saw a decrease in housing sales, attributed partially to a reduction in new supply. Many builders faced challenges in obtaining approvals for new projects, impacting the availability of inventory. However, ANAROCK Vice Chairman Santhosh Kumar remains optimistic about the market's resilience, anticipating an uptick in launches post the Lok Sabha election.
On the other hand, Noida's housing market witnessed a surge in demand, driven by announcements of key infrastructure projects such as the Jewar Airport. Yash Miglani, MD of Noida-based realty firm Migsun Group, emphasized Noida's prominence in attracting both buyers and developers. He predicts sustained growth in sales fueled by ongoing infrastructure developments.
Despite the overall dip in residential property sales across Delhi-NCR, Gurugram and Greater Noida experienced declines of 12% and 19%, respectively, while Ghaziabad, Faridabad, Bhiwadi, and Delhi remained relatively stable. This underscores the nuanced nature of the regional real estate landscape.
Looking ahead, industry experts anticipate a continuation of premium project launches in the Delhi-NCR market, with a focus on strategic infrastructure development and affordability. Vishal Raheja, founder and MD of housing brokerage firm InvestoXpert.com, highlights Noida's resilience and attractiveness to buyers amidst evolving market dynamics.
In summary, while Gurugram grapples with a dip in housing sales, Noida emerges as a resilient market with promising growth prospects, underpinned by strategic infrastructure initiatives and affordability factors.
Image source- constructionweekonline.in
