Resilient Delhi-NCR Real Estate Market Sees 95% Surge in New Launches in Q2 FY 2024
Despite a mixed performance in Tier 1 cities, Delhi-NCR's residential market shines with a 95% year-on-year increase in new launches.
Delhi NcrReal EstateResidential MarketPropequityTier 1 CitiesIndiaReal Estate NewsJun 20, 2024
The report, prepared by PE Analytics Ltd., provides insights into the dynamics of apartments, independent floors, and villas/row houses, excluding sales on hold, construction on hold, and lottery projects. The total number of new residential units launched in Q2 2024 fell by 7% to 97,331 units compared to 104,319 units in Q1 2024. This represents a less significant year-on-year drop of 13% from 111,657 units in Q2 2023.
Delhi-NCR's new launches grew by 95% year-on-year to 11,118 units, with a 7% quarter-on-quarter increase in sales, totalling 10,198 units. This strong performance highlights the resilience of the capital region's real estate market amid broader economic uncertainties.
Cities like Bangalore, Chennai, Mumbai, Navi-Mumbai, Thane, and Kolkata showed varying performances, with some experiencing declines and others maintaining steady sales. However, the PropEquity report underscores that despite the declines in new launches and sales, the overall market health remains positive.
The fact that absorption rates are 20% higher than new supply signals sustained demand and the continuing robustness of the residential real estate sector post-COVID-19. Samir Jasuja, CEO & MD of PropEquity, commented, \
Frequently Asked Questions
What is the year-on-year increase in new launches in Delhi-NCR?
95%
What is the total number of new residential units launched in Q2 2024?
97,331 units
Which cities experienced significant declines in new launches?
Hyderabad and Pune
What is the quarter-on-quarter increase in sales in Delhi-NCR?
7%
What does the PropEquity report suggest about the overall market health?
The overall market health remains positive, with sustained demand and robustness in the residential real estate sector post-COVID-19.
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