Delhi-NCR Home Sales Show Promise

Delhi-NCR Home Sales Show Promise

With the residential sector coming out of the shadow of Covid-1 9 pandemic and staging a smart recovery, home sales in Delhi-NCR have shown a remarkable growth.

Gurgaon- based Smart World Developers have made a record sale of Rs 2000 crore for low-rise floors in Gurgaon in its two debutant projects – Smart World Orchards in Sector 61 and Smart World Gems in Sector 89, launched this month. These residential projects offer 2-3 BHK lifestyle floors. While Smart World Orchards floors cost Rs 1.37 crore – 1.94 crore, Smart World Gems units cost Rs 72.5 lakh – 89.5 lakh. As many as 70% of buyers are first time home buying millennials. The company is targeting Rs 5000 crore of sales by March 2022.

Another NCR player, Trehan Group that had announced plans to develop 320 luxury independent floors in different parts of Gurgaon, successfully sold 120 of these floors as home buyers preferred quicker deliveries, besides quality construction and lifestyle amenities. Property consultant has sold 450000 sq ft area, valuing Rs 425 crore during the festive season, compared to Rs 290 crores of sales during the same period last year. There was a significant increase in the sale of SCO plots, closely followed by residential plots and independent floors.

Leading property consultancy, Anarock has made a record home sale of Rs 8084 crore in H1 2021, across top cities, registering a massive rise of 80% over the same period last year. The NCR market contributed Rs 832 crore of sales.

A PropTiger report says that after a prolonged period of decline, both home sales and new launches gained traction in the September quarter, laying the solid ground for festive sales. While home sales registered 59% yoy growth in Q3, 2021, new launches in 8 top cities saw a threefold jump.

The rise in digital marketing has significantly helped to boost home sales. According to Housing IRIS Index, online property searches in September 2021 surpassed its historic peak. Delhi-NCR topped the index, with maximum
search volume for 2-3 BHK homes in the sub Rs 50 lakh price bracket, closely followed by those looking for Rs 50 lakh- 1 crore homes.

In Gurgaon micro markets of Sector 57 along GCER and Sector 67 along Sohna Road, witnessed heightened online searches with most of the potential home buyers looking at apartments with good infrastructure and connectivity in the price bracket of Rs 1-2 crore. In Noida most of the searches were along Noida- Greater Noida Expressway like Sector 150 and Sector 137 for 2 BHK homes costing between Rs 50 lakh and 1 crore. Greater Noida has emerged as a hot choice for buying residential plots due to proximity to upcoming Jewar Airport and proposed metro expansion.

Blurb: Greater Noida has emerged as a prime choice for residential plots due to close proximity to upcoming Jewar Airport, Gurgaon is the hotspot for low-rise, lifestyle independent floors.

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