Delhi-NCR’s realty market has shown steady growth in the second quarter of 2024, with a 30% increase in average housing prices, according to a report by CREDAI- Colliers and Liases Foras. Driven by homebuyers’ positive sentiments and recent trends, the market is moving on an upward growth trajectory. With an increase in price from Rs. 8,652 per sq. ft to Rs. 11,279 sq. ft., Delhi-NCR’s growth graph looks promising.
Navigated by buyers’ evolving lifestyle needs and demand for more spacious homes, the sector has increased demand for bigger homes in the luxury and ultra-luxury segments, with the average price for 3-4 BHK configurations growing by 12% QoQ. This growth impacts the various micro-markets within the region, such as Dwarka Expressway and Greater Noida, which have shown price appreciation at 35% and 45%, respectively.
Another report by Cushman and Wakefield showed that Gurugram is leading this quarterly supply surge, accounting for 69%, with areas such as Sector 37 D and Sector 77 near the Dwarka Expressway driving the lead. Other micro-markets, like the Golf Course Extension Road and Southern Peripheral Road, accounted for 53% of the market share, with new launches focused on the high-end and luxury segment. Besides, the submarkets of Noida, with a great focus on Noida Sector 150, Greater Noida West, and Siddharth Vihar, had 45% of quarterly supply.
Moreover, capital values are expected to appreciate in the coming quarters, with anticipated launches in these premium sub-markets of both Gurugram and Noida. A similar trend was also observed in the rental market during the second quarter. A marginal growth of 1-2% on a q-o-q basis and an annual growth of 4-5 % was observed, with Gurugram and Noida as the front runners with a yearly increase of 12-24%.
Backed by the healthy demand and the presence of renowned developers, Delhi-NCR is likely to sustain a decent residential supply ahead of time as well. Prateek Group is one of the notable developers based out of Noida and they have been crafting the finest projects. Projects like Prateek Canary in Noida Sector 150 and Prateek Grand City in Siddharth Vihar are catering to the growing demand. Prateek Grand City is the only developed township in the Ghaziabad region and is likely to see new developments very soon.
Various factors are contributing to the sustained growth momentum of the residential market in Delhi-NCR. Gurugram and Noida, along with their micro-markets, are likely to be front runners in the growth graph of the residential segment across metros. Infrastructure developments, strong economic growth, and a rising demand for a premium lifestyle among buyers bode well for the sector’s growth momentum.
