December 28, 2024 |
NCR Sees 44% Jump in New Realty Launches, Prices up 30% Too
In 2024, the Delhi-NCR real estate market saw remarkable growth, with a 44% increase in new launches and a 30% spike in housing prices, despite a 4% slump in sales nationwide. This growth positions NCR as a critical real estate hub, driven by increasing.
The Delhi-NCR real estate market exhibited remarkable growth in 2024, despite a 4% year-on-year decline in housing sales across India’s top seven cities.
According to the year-end report by real estate consultancy Anarock, NCR recorded a 44% surge in new launches, the highest among major regions.
This contributed significantly to the 412,520 units launched nationwide in 2024, though it marked a 7% decline compared to 445,770 units in 2023.
The NCR housing market also witnessed an impressive 30% spike in prices, the steepest increase across India, underscoring strong demand from homebuyers.
This price growth surpassed the 21% average increase recorded across other leading cities, positioning NCR as a key driver of the country’s real estate momentum.
In terms of sales value, India’s top cities collectively recorded transactions worth Rs 5.68 lakh crore in 2024, a 16% jump compared to the previous year.
Mumbai Metropolitan Region (MMR) remained the leader in housing sales, followed by Pune, but NCR’s performance stood out due to its sharp price hikes and supply growth. The report highlights that NCR, alongside Bengaluru and Chennai, was one of the few regions to see a growth in new supply during 2024.
Unsold inventory in NCR also saw an 8% decline, reflecting improved absorption rates and a shift towards balanced demand and supply dynamics. MMR and Bengaluru together accounted for nearly 50% of the total new housing supply in 2024.
However, NCR’s significant 44% surge in launches signals rising interest from developers and buyers in this market.
Experts attribute NCR’s robust performance to increasing demand for housing, driven by urbanisation, infrastructure upgrades and economic recovery post-pandemic.
The rising property prices in NCR reflect a steady increase in consumer confidence, further consolidating its position as a critical player in India’s real estate sector.
With such trends, NCR continues to strengthen its reputation as a prime real estate hub, setting benchmarks for growth in the housing market and contributing significantly to the sector’s overall momentum.
Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd., emphasizes the rising demand for innovative and sustainable homes in Delhi NCR, particularly in Gurgaon. He highlights micro-markets like Dwarka Expressway and SPR as key growth hubs due to their infrastructure and connectivity.
Developers are meeting buyer aspirations by delivering premium-quality, future-ready properties, making Gurgaon a focal point for modern living and long-term investment opportunities.
Navdeep Sardana, Chairman & Managing Director, Whiteland Corporation said “SPR and Dwarka Expressway have become hotspots due to their superior connectivity, world-class infrastructure, and increasing investment potential. Buyers today are not just looking for homes; they seek lifestyle-driven, sustainable spaces with advanced amenities.
Developers are responding by delivering innovative projects that cater to these evolving demands, solidifying Gurgaon’s position as a leader in the NCR’s real estate market.”
Source : TOI
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