NCR records nearly 15,900 housing unit sales in Q3 2023, sales up 6%: Anarock

Gurugram contributed 56 percent share of the region's residential sales in the third quarter of 2023. Greater Noida, Noida, and Ghaziabad contributed with 15, 10, and 10 percent of the total sales, it said. (For representational purpose)

The residential real estate sector in the National Capital Region (NCR) recorded sales of nearly 15,900 housing units representing a 13 percent share of the total sales among the top seven cities in the third quarter of 2023. The region saw a six percent surge in sales compared to Q3 2022, an analysis by Anarock has said.

The seven cities comprised Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kolkata, Ahmedabad and Pune.

Gurugram contributed 56 percent share of the region's residential sales in the third quarter of 2023. Greater Noida, Noida, and Ghaziabad contributed with 15, 10, and 10 percent of the total sales, it said.

The analysis showed that approximately 9,200 residential units were launched in Q3 2023, which contributed eight percent to the overall new residential supply during this period. Maximum 38 percent launches were in ultra-luxury segment priced above Rs 2.5 crore in NCR, followed by the affordable segment (31 percent).

Gurugram emerged as the predominant market for fresh residential launches, contributing 50 percent to the overall NCR supply. Noida and Ghaziabad followed suit, making respective contributions of 33 percent and 15 percent. Noida stood out among all the regions, experiencing 248 percent quarterly growth in new launches, it showed.

According to the analysis, the average quarterly capital values grew between five and nine percent in NCR cities in the third quarter of the year 2023. Noida sector 150 micro market registered highest quarterly growth of nine percent in average quoted rates (Rs 6310 per sqft) followed by Greater Noida West (Rs 4300 per sqft), Dwarka Expressway (Rs 6360 per sqft) and New Gurugram (Rs 7050 per sqft) at 7 percent. Raj Nagar Extension (Rs 3900 per sqft) and NH-24 (Rs 4100 per sqft) both in Ghaziabad witnessed 5 percent quarterly growth in average prices.

Similarly, the average quarterly growth in rentalsremained between three percent and nine percent in six micro markets in NCR. Dwarka Expressway commanded highest average quarterly growth of 9 percent in rentals followed by NH-24 in Ghaziabad (8 percent) and Noida Sector 150 (5 percent).

According to the analysis, the NCR recorded an available inventory of nearly 1,04,400 residential units and it experienced six percent QoQ decline in available inventory. When considering Y-o-Y data, the region has demonstrated 21 percent drop in available residential inventory compared to the other top six cities.

Gurgaon has the 41 percent of the total available stock, followed by Greater Noida, which accounts for 21 percent of the units.