Delhi-NCR Leads the Way in India's Tier-1 Cities' Residential Real Estate Market
Delhi-NCR's real estate market showcases remarkable resilience despite economic uncertainties, with a 95% surge in new launches and 7% increase in sales.
DelhiHyderabadPropequityPuneReal EstateResidential Unit SalesThaneReal EstateJun 20, 2024
According to the report, Delhi-NCR's new launches surged to 11,118 units, with sales increasing to 10,198 units. This performance underscores the resilience of the capital region's real estate market amid broader economic uncertainties.
The report highlights that cities like Hyderabad and Pune saw considerable declines in new launches, with Hyderabad declining by 36% Year-on-Year and Pune decreasing by 47%. However, cities like Bangalore, Chennai, and Navi Mumbai maintained stable sales, and Kolkata reported a 27% Year-on-Year increase in sales.
Despite the decline in new launches and sales, the PropEquity report emphasizes that the overall market position is still positive and robust. The report attributes the decline in new supply during Q2 to it being an election quarter, a period when developers typically hold back on launching new projects.
Samir Jasuja, CEO & MD of PropEquity, stated, 'The marginal drop of new launch supply in top tier 1 cities is just 8 percent which is primarily due to election quarter & Q2 being slightly sluggish as compared to other quarters of the year. However, the 20 percent higher Absorption/Sales as compared to new supply signifies upswing and good health in residential real estate continues and the market continues to be robust post covid.'
Frequently Asked Questions
Which city saw the highest growth in new launches?
Delhi-NCR with a 95% Year-on-Year growth.
Which cities experienced declines in new launches and sales?
Hyderabad and Pune.
What is the main reason for the decline in new supply during Q2?
It being an election quarter, a period when developers typically hold back on launching new projects.
What does the PropEquity report suggest about the overall market position?
The overall market position is still positive and robust.
What was the Year-on-Year growth in sales for Navi Mumbai?
36% increase in sales, reaching 9,035 units, indicating strong buyer interest.
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