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Gurgaon Emeges Pole Star of Delhi- NCR Market

Torbit - November 27, 2022 - - 0 |

Though the QoQ  housing sales in the NCR declined marginally by 2 percent in the third quarter of  2022, yet Gurgaon gave a stellar performance , accounting for more than half of the total residential sales in Delhi-NCR.  

According to a latest Anarock report, nearly 15,000 housing units were sold in the third quarter of 2022 in NCR, accounting for 17% of overall residential sales in the top 7 cities. Residential sales in the region decreased by 2% in comparison to Q2 2022; however, on a Y o Y basis the sales grew by 46%.

In terms of zone-wise residential sales within NCR, Gurgaon accounted for nearly 54% of all sales in Q3 2022, a 5% rise against Q2 2022. Greater Noida came distant second with roughly 16% of house sales, followed by Ghaziabad and Noida with 11% and 9% sales, respectively. The remaining cities  of Faridabad, Delhi, and Bhiwadi, registered home sales of 10% in the current quarter.

NCR  has witnessed the highest Yo Y decline in new launches. The National Capital Region (NCR) accounted for 7% of the total new supply in Q3 2022 across the top 7 cities. Approximately 6,400 new residential units were launched between July and September 2022. In comparison to the previous quarter, new launches grew by 57%, but saw a 24% decline on a Y o Y basis.

Talking of the new launches at  the zonal level in NCR, Gurgaon, with the highest supply share of 61% in Q3 2022 saw a decline of 9% against Q2 2022. Greater Noida with a 19% Q o Q rise in the new launch activity came in second, contributing 28% to the NCR’s overall new supply. Noida and Faridabad are the two markets in NCR which saw no new launch activity in the current quarter.

In contrast to the preceding quarter, mid-end segment has surpassed the number of affordable housing launches to become the top launched price bracket among developers in the current quarter, accounting for 35% of new supply.

NCR registers the highest drop in Inventory overhang and available inventory on a quarterly basis. Accounting for 21% of the total available stock across the top 7 cities, the available

inventory in NCR was at 1.32 lakh units by the end of Q3 2022. NCR saw the highest decline amongst the top cities by 6% against the preceding quarter. On a yearly basis, the available residential stock declined by 21%.

Gurgaon has the maximum stock availability accounting for 41% of the region’s total available inventory, owing to considerable new launch supply in the city over the past few quarters. The second highest available stock is in Greater Noida, with a share of 21%. Majority of the NCR’s available inventory is concentrated in the affordable and mid-segment ticket sizes, individually contributing 36% and 34% respectively.Besides Pune, NCR is the only other city to have the highest decline in inventory overhang by 3 months, from 27 months in Q2 2022 to 24 months in Q3 2022.

TORBIT REALTY TIPS

Before You Sign the Agreement For Sale/Lease

  • Check if Agreement For Sale is as per the ‘Model Agreement ‘ notified by the Uttar Pradesh government. This can be downloaded from the legal section of U.P RERA website- www.up-rera.in
  • Not more than 10 percent of the residential unit cost can be collected from the home buyer before  signing the “Agreement For Sale’.
  • Before signing the agreement, check that the apartment area iis clearly mentioned in terms of ‘Carpet Area’ only.

Source : U.P Real Estate Regulatory Authority

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