Updated March 31st, 2024 at 16:06 IST

Gurugram Housing sales tumble 12 pc during Jan-Mar, but rise 19 pc in Noida: Report

However, the data highlighted that housing sales in Greater Noida went down by 19 per cent to 2,350 units during the first quarter of this calendar year.

Reported by: Business Desk
Housing sales up 22% | Image:Pixabay
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Gurugram housing sales went down 12 per cent year-on-year in the January to March period, a report suggests.

In contrast, the demand for residential properties in Noida went up by 19 per cent, according to the Anarock report.

The real estate consultant’s data reflected a 12 per cent decline in  the housing sales of Gurugram's primary market (first sale), going down to 8,550 units in the January-March period this year.

The figure was 9,750 units in the year-ago period.

On the other hand, Noida witnessed a 19 per cent rise in housing sales to 1,600 units during the January to March period this year, which was 1,350 units in the same period last year. 

Anarock Vice Chairman Santhosh Kumar said, ''The demand continues to be strong in Gurugram. Still, sales dipped in the IT city due to a fall in new supply. Many builders did not get approvals to launch projects''. 

More housing projects would be launched in Gurugram after the Lok Sabha elections, he added.
However, the data highlighted that housing sales in Greater Noida went down by 19 per cent to 2,350 units during the first quarter of this calendar year.

This figure was 2,900 units in the corresponding period of the previous fiscal.

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Ghaziabad, Faridabad, Bhiwadi and Delhi collectively saw the sale of 3,150 units in January-March, which was lower than the  3,160 units sold in the same period last year.

The overall residential properties sold in Delhi-NCR went down 9 per cent to 15,650 units in the first quarter of this year.

This figure was 17,160 units in the same period last year.

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Pertaining to the demand scenario of the Delhi-NCR housing market, realty firm Krisumi Corporation MD Mohit Jain said, ''Gurugram remains one of the most preferred destinations for luxury properties, particularly for high-networth individuals''. Yash Miglani, MD of Noida-based realty firm Migsun Group, said Noida has been a prominent region in Delhi-NCR for buyers and developers.

He pinned the rise in sales in Noida to announcements of several infrastructure projects, including the Jewar Airport.

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Miglani said the trend was set to persist, with the Noida market to witness robust sales in the upcoming months.

Vishal Raheja, founder and MD of housing brokerage firm InvestoXpert.com, said, ''Noida's growth signals its resilience and attractiveness to buyers, buoyed by strategic infrastructure development and affordability''. 

Shiwang Suraj, founder and Director of housing brokerage firm InfraMantra, said, ''We are witnessing an important transition with demand moderating, influenced by fewer new housing launches''. The Delhi-NCR market is witnessing launches of more premium projects, and this trend will become more pronounced in 2024, Suraj said.

(With PTI Inputs)

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Published March 31st, 2024 at 16:06 IST