Surge in New Launches: Delhi-NCR Real Estate Market Sees 95% Growth in Q2 FY 2024

The latest PropEquity report reveals a mixed performance in the residential market in Tier 1 cities in India, with Delhi-NCR showing a 95% year-on-year increase in new launches.

Real EstateResidential MarketDelhi NcrPropequityTier 1 CitiesIndiaReal Estate NewsJun 20, 2024

Surge in New Launches: Delhi-NCR Real Estate Market Sees 95% Growth in Q2 FY 2024

Real Estate News:The residential real estate market in Tier 1 cities in India has witnessed a mixed performance in the second quarter of FY 2024, according to the latest PropEquity report. While cities like Hyderabad and Pune saw significant declines in new launches and sales, Delhi-NCR stood out with a 95% year-on-year increase in new launches.\n\nThe PropEquity report, prepared by PE Analytics Ltd., offers insights into the dynamics of apartments, independent floors, and villas/row houses, excluding sales on hold, construction on hold, and lottery projects. According to the report, 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 (Y-o-Y) drop of 13% from 111,657 units in Q2 2023.\n\nThe Delhi-NCR data encompasses Delhi, Noida, Ghaziabad, Faridabad, Gurugram, and Greater Noida. The region showed a 7% quarter-on-quarter (Q-o-Q) increase in sales, indicating robust demand despite the overall market slowdown. New launches in Delhi NCR surged by 95% Y-o-Y to 11,118 units, with a 7% Q-o-Q 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.\n\nOther cities, such as Bangalore, Chennai, Mumbai, Navi-Mumbai, Pune, Thane, and Kolkata, also showed varying performances. Bangalore maintained stable sales, despite an 8% Q-o-Q drop in new launches. Chennai saw a notable 67% Y-o-Y rise in new launches, while Mumbai’s new launches decreased by 6% Y-o-Y. Navi-Mumbai’s new launches grew by 17% Q-o-Q, with a substantial 36% Y-o-Y increase in sales.\n\nThe 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. The report also notes that Q1 2024 was an exceptional quarter with the highest absorption levels ever recorded, making the subsequent Q2 decline appear more significant in contrast.

Frequently Asked Questions

What was the year-on-year increase in new launches in Delhi-NCR?

95%

What was the total number of new residential units launched in Q2 2024?

97,331 units

Which cities showed significant declines in new launches and sales?

Hyderabad and Pune

What was the quarter-on-quarter increase in sales in Delhi-NCR?

What does the PropEquity report highlight about the overall market health?

The report highlights that despite the declines in new launches and sales, the overall market health remains positive.

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