Apartment sales in Delhi-NCR reached a high of Rs 87,818 crore in 2023, with Gurugram accounting for 63 per cent of the total sales, buoyed by robust housing demand in the region, reveals a report by the property consultant JLL India. The average price per apartment in Delhi-NCR increased to Rs 2.29 crore in 2023 from Rs 1.86 crore in 2022. The average size of apartments and the number of units sold (38,407) remained approximately the same compared to 2022.
In the last year, the total value of apartments sold reached Rs 87,818 crore, marking a 23 per cent increase compared to the previous year, according to JLL India's data.
Of the total sales nearing Rs 88,000 crore, the breakdown of apartment values sold in different areas was as follows: Gurugram accounted for Rs 55,390 crore, Noida-Greater Noida for Rs 24,944 crore, Ghaziabad for Rs 4,404 crore, Delhi for Rs 2,610 crore, and Faridabad for Rs 470 crore. Additionally, Gurugram saw sales of 18,792 units in 2023.
The growth was attributed by JLL India to robust economic fundamentals, improved job prospects leading to healthier income growth, and the addition of quality premium supply.
"The residential sector is expected to cross 40,000 housing units mark in 2024 worth Rs 95,000 crore - Rs 1,00,000 crore with new planned upcoming supply and infrastructure development such as Dwarka Expressway and Noida International Airport," the consultant said.
The increase in total sales value was driven by a 13 per cent rise in the average price per square foot, along with a noticeable increase in high-end launches during the previous year, which resulted in healthy sales from these projects.
"More than 46 per cent of sales value contribution worth Rs 40,805 crore was from new launches during the last year and priced Rs 3 crore and above. In 2023, a substantial proportion of new launches (42 per cent) were in this price segment. It was seen that many luxury housing projects in Gurugram and Noida were sold out within days of their launch," Samantak Das, Chief Economist and Head of Research, India at JLL, said.
"While there have been substantially new launches in Delhi-NCR, the unsold inventory continued to decline to reach 66,777 units at the end of 2023, down by 19 per cent compared to the previous year. It is also the lowest since 2009, indicating strong housing demand by end users as well as from investors," Ritesh Mehta, Senior Director-Residential at JLL, said.
He mentioned that a record number of 164,581 housing units were completed in 2023, marking the highest figure to date. Of these completions, approximately 57 per cent were concentrated in the Noida sub-market.
Pradeep Aggarwal, Chairman of realty firm Signature Global, noted that Gurugram's real estate market experienced substantial demand across all segments in 2023. He anticipates this trend to continue robustly into 2024.
"Fuelled by rapid infrastructure development, Gurugram is likely to retain its lead position as NCR's utmost residential market," added Aggarwal.