Explore the thriving trends shaping the NCR residential property market in 2024, including sales, supply, and market resilience.
Resilient Trends in NCR Real Estate Market
In the evolving landscape of the National Capital Region (NCR), the residential property market has exhibited remarkable resilience and growth in 2024, buoyed by improved consumer confidence and heightened developer activity.
Reviewing the Past Year
Reflecting on the preceding year, 2023 witnessed significant developments in the NCR residential market. Notably, there was a substantial increase in new housing unit launches, amounting to 21,364 units—an 11 percent rise compared to the previous year.
Geographical Concentration and Sales Dynamics
Gurugram emerged as a focal point, commanding 55 percent of the total new supply, underscoring its significance as a thriving real estate destination. In terms of sales, Gurugram retained its dominance, accounting for 38 percent of overall transactions in 2023. Additionally, Noida and Greater Noida collectively contributed 37 percent to the sales volume, indicating a balanced demand distribution across the NCR.
Positive Momentum in Q1 2024
Transitioning to the first quarter of 2024, the residential market in the NCR experienced a surge in sales activity, witnessing a remarkable year-on-year growth of 164 percent. This uptick in demand was complemented by a notable quarter-on-quarter increase of 54 percent, indicating sustained market momentum.
Accelerated Supply Growth
Simultaneously, there was a pronounced escalation in new residential supply during Q1 2024. Compared to the same period in the previous year, there was a 32 percent increase in new supply. Moreover, when juxtaposed with the preceding quarter, Q4 2023, the growth surged by 59 percent, signifying a proactive approach by developers to meet escalating demand.
Conclusion: Optimism and Prospects
As the residential market in the NCR continues to evolve, the robust performance witnessed in both sales and supply during Q1 2024 instills optimism for sustained growth and development. With evolving consumer preferences and conducive market conditions, the outlook remains positive for continued expansion and prosperity in the forthcoming quarters.
The dynamics of the NCR residential property market in 2024 reflect a landscape characterized by resilience, dynamism, and promising growth prospects, setting the stage for a vibrant and prosperous future.
Now You Can Follow Our Channel On WhatsApp!