New Delhi [India], July 19 : The housing market in Delhi NCR experienced a surge in the first half of 2024, with 23,265 housing units launched in H1 2024 surpassing the total annual launches of 2023 which was 22,707, according to JLL report.
Gurugram led the way with 55 per cent of the new launches, followed by Noida, which accounted for 35 per cent. Notably, 65 per cent of the newly launched inventory has already been sold, indicating strong market demand and buyer interest.
A portion of the new launches in Delhi NCR were in the luxury segment. Approximately 27 per cent of the units launched in H1 2024 were priced at Rs 5 crore or above, totalling nearly 6,200 units.
This shift towards higher-priced projects highlights the growing demand for premium housing options in the region. In Gurugram, 43 per cent of the newly launched residential units in H1 2024, totalling 5,452, were priced at Rs 5 crore or above.
Similarly, in Noida's submarkets like Greater Noida and Yamuna Expressway, which were traditionally known for affordable housing, there has been a noticeable surge in higher-priced projects ranging from Rs 8,000 to 10,000 per sq ft.
Developers have introduced premium projects featuring top-notch amenities and specifications. The first half of 2024 saw an increase in home sales in Delhi NCR, with a 29 per cent year-on-year growth.
A total of 25,181 residential units were sold during this period, compared to 19,507 units in H1 2023. The luxury segment remained resilient, with 19 per cent of the total homes sold in the region priced at Rs 5 crore or above.
Gurugram and Noida accounted for 89 per cent of the total housing sales in Delhi NCR. High demand was noted in Gurugram's New Gurgaon, Dwarka Expressway, and southern peripheral road submarkets. 76 per cent of homes sold in H1 were under construction at the time of sale, reflecting the dynamic nature of the market.
The average price in Delhi NCR experienced a year-on-year increase of nearly 20 per cent in H1 2024, reaching Rs 6,485 per sq ft compared to Rs 5,445 in H1 2023. Gurugram saw the highest annual price increase, with a 24 per cent rise to Rs 9,100 per sq ft.
Noida followed with an 18 per cent increase, bringing the average price to Rs 6,100 per sq ft. The surge in prices is attributed to the launch of premium projects at higher rates and significant infrastructure developments, including the recent inauguration of the Dwarka Expressway.
With robust sales, Delhi NCR's unsold inventory continued to decline in H1 2024, falling to 64,861 units from 77,627 units at the end of H1 2023, marking a 16 per cent decrease.
Looking ahead, housing sales in Delhi NCR are expected to reach 45,000 units by the end of CY 2024, the highest since 2014.
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