 "Delhi-NCR housing market remains buoyant; sales up 25%: PropEquity")
India's key property market Delhi-NCR has remained buoyant during the December quarter, with housing sales and new supply estimated to rise 25 per cent and 59 per cent, respectively, according to PropEquity.
Real estate data analytic firm PropEquity data shows that housing sales in Delhi-NCR are likely to rise to 12,915 units during the October-December period of this calendar year from 10,354 units in the year-ago period.
New supply in Delhi-NCR is set to increase 59 per cent to 11,223 units in the current December quarter from 7,072 units in the corresponding period of the previous year.
Among nine major cities across India, Delhi-NCR is the only market where sales and new supply are estimated to rise during the current quarter, real estate data analytics firm PropEquity's data showed.
The other eight markets -- Bengaluru, Pune, Hyderabad, Chennai, Kolkata, Mumbai, Navi Mumbai and Thane -- are likely to witness a fall in sales and new supply during this quarter.
As per the PropEquity data, the total housing sales are estimated to fall 21 per cent annually across nine major cities during the October-December period to 1,08,261 units from 1,37,225 units in the same period last year.
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Fresh supply of housing properties is estimated to decline 33 per cent to 85,765 units in October-December 2024 against 1,27,936 units a year ago.
Samir Jasuja, CEO and founder of PropEquity, said the total housing sales and new launches have declined on an annual basis because of the high base effect.
Commenting on the trend for the NCR, Gaurs Group CMD Manoj Gaur said the data reflects the increasing prominence of Delhi-NCR in Indian real estate.
"The region is asserting its dominance as a global corporate hub, especially with the construction of Noida Airport gathering pace," he added.
Gaur said the Delhi-NCR housing market is witnessing demand from both end-users and investors as well as non-resident Indians.
Akash Khurana, President and CEO of Krisumi Corporation, said the Delhi-NCR's residential market has performed exceedingly well in the past couple of years both in terms of demand and supply.
There is strong demand from end-users and investors on the back of reasonable economic growth, robust infrastructure development and higher supply from reputed builders, he added.
"In Gurugram's key micro markets, Dwarka Expressway continues to attract home buyers. Overall, the outlook for residential real estate looks very promising with demand expected to remain strong for all kinds of properties," Khurana said.
Madhur Gupta, CEO of Hero Realty, said, "In Gurugram, this year has seen a significant boost in infrastructure. The inauguration of the Dwarka Expressway and the ongoing metro expansion have been major milestones".
These developments are great signs for the NCR real estate market, indicating further growth in the region, Gupta said.
Garvit Tiwari, Director & Co-Founder, InfraMantra, said the Delhi-NCR market has performed exceptionally well in the festive season compared to last year.
While infrastructure development has played a key role, Tiwari said the demand in Delhi-NCR is driven by local branded developers as well as reputed builders from West and South India.
PE Analytics, an NSE-listed company, owns and operates PropEquity, which covers over 1,70,000 projects of more than 57,000 developers across 44 cities in India.