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Business News/ News / India/  Housing sales in Gurugram up by 13% in 2023; 7-8% decline in Noida, Greater Noida
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Housing sales in Gurugram up by 13% in 2023; 7-8% decline in Noida, Greater Noida

Gurugram witnessed a 13% rise in housing sales in 2023 due to increased demand for mid-income and luxury houses.

Cityscape in Noida, gurgaon, jaipur, delhi, lucknow, mumbai, bangalore, hyderabad showing small houses sky scrapers and other infrastructure optionsPremium
Cityscape in Noida, gurgaon, jaipur, delhi, lucknow, mumbai, bangalore, hyderabad showing small houses sky scrapers and other infrastructure options

Due to a surge in demand for mid-income and luxury houses, Gurugram witnessed a 13 per cent rise in its housing sales in 2023. Whereas, a 7-8 per cent fall in the sale of housing property in Noida and Greater Noida indicated a slump in the real estate industry in these cities, according to Anarock data released for the Delhi-NCR market.

Also Read: Real Estate Outlook 2024: Property rates projected to increase up to 15% but demand to remain steady

According to the data, the sales of residential properties in Gurugram increased by 13 per cent to 36,970 in 2023 from 32,615 units in the previous year.

In Noida, sales of housing property reduced by 8 per cent to 5,840 units from 6,360 units. Similarly, Greater Noida saw a 7 per cent fall in sales to 10,180 units from 10,985 units. Ghaziabad, too, witnessed a fall of 8 per cent to 6,340 units from 6,890 units.

Also Read: Mumbai real estate hits 11-year high with December property registrations: Knight Frank Report

Areas like Faridabad, Delhi, and Bhiwadi also witnessed a declining trend in residential property sales with total housing sales decreasing to 6,295 units during 2023 from 6,860 units in the previous year in these areas.

In the Delhi-NCR region, there was a marginal growth of 3 percent in housing sales to 65,625 units during 2023 from 63,710 units in the previous year.

Also Read: Real estate and infrastructure stocks lead Indian equity market gains in 2023

“Apart from Gurugram, sales have fallen in other parts of NCR because of the lesser launch of new housing projects," said Anarock Group Regional Director & Head of Research Prashant Thakur.

Reason behind rising housing demand in Gurugram

Positive consumer sentiment and the developmentof various infrastructure projects are the prime reasons behind the rise in housing sales in Gurugram, according to realty firms like Signature Global, TARC Ltd, and Elan Group.

Also Read: Bengaluru witnesses surge in new real estate investments. Details here

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.

In addition to this, bustling development in the area with good connectivity and availability of malls, schools, etc has led to an increase in the interest of buyers.

Also Read: From buying to renting: Exploring the shift in changing dynamics of India's housing market in 2024

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.

“Delhi NCR's real estate landscape, especially Gurugram, is witnessing a renaissance, defying market challenges and illustrating robust demand," said Amar Sarin MD and CEO of TARC Ltd.

Strong infrastructure makes Gurugram the most preferred choice of buyers within the NCR region, believes Ravish Kapoor, Managing Director of Elan Group.

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Published: 31 Dec 2023, 02:17 PM IST
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