Sales of residential properties in the Delhi-NCR region have soared to new heights, far exceeding the figures from the second quarter of 2022.
Real estate market in Gurgaon: Gurgaon’s real estate market is experiencing an unprecedented boom, defying economic challenges, and surpassing previous records, according to a report by real estate consultancy PropEquity. The real estate market sales in the city have witnessed a staggering 422 per cent increase from Q2 2022, when 620 units were sold, to Q2 2023, with 3,239 units sold, the report highlighted.
The surge in sales, however, highlights the city’s economic vitality and solidifies its position as a thriving hub in the real estate sector. Sales of residential properties in the Delhi NCR region have soared to new heights, far exceeding the figures from the second quarter of 2022.
“The housing market remains unaffected by this year’s early home loan rate increase and global economic challenges, sustaining its robust momentum into the second quarter of 2023. Despite elevated inflation in advanced economies, India’s economy showcases resilience, inspiring stakeholder confidence in the stability of the domestic economic landscape and real estate sector for the upcoming half-year,” said Samir Jasuja, Founder & CEO of PropEquity.
Additionally, the Weighted Average Price of residential properties has seen a 45 per cent rise, underscoring the city’s resilience and attractiveness in the real estate landscape.
This dual achievement of surging sales and a substantial increase in property prices reflects the city’s robust growth in the real estate sector.
“The NCR real estate market sentiment is highly positive, driven by reputable developers ensuring timely project delivery, promised amenities, and quality construction. Stable economic performance, growth projections, and post-Covid homeownership desire contribute. Preference for larger homes with complete facilities adds to optimism. Supportive policies and sustained demand in residential and office leasing also play a role. As developers, we’re glad to fuel this sentiment rise, guided by customer satisfaction and upbeat about the country’s growth story,” said Ankush Kaul, Chief Business Officer of Ambience Group.
Another encouraging sign within the real estate market is the substantial 75 per cent reduction in unsold inventory of properties. The decline in unsold stocks signifies a notable shift in market dynamics, reflecting increased demand and a healthier balance between supply and demand. The significant decrease in unsold properties indicates improved market sentiment and fosters renewed confidence among investors and stakeholders, painting a positive trajectory for the real estate sector.
PropEquity, owned and operated by PE Analytics, is online real estate data and analytics platform, covering over 150,000 projects by over 45,000 developers across 44 cities in India, with more than 15 years of cataloged data.
The firm claims to add approximately 300 projects every month, making it a pioneering Business Intelligence product in India’s realty space.
Source : Republic World