Gurgaon: After a buoyant period in 2023, Gurugram’s housing market witnessed a downturn in the fourth quarter of the financial year 2023-24. As per the latest realty report by Anarock, a leading real estate consultancy, housing sales in Gurugram dropped by 12% from January to March this year compared to the corresponding period in 2023.
The report highlights a decrease in housing sales in Gurugram’s primary market (first sale) from 9,750 units in January-March 2023 to 8,550 units in January-March 2024.
In contrast, there was a notable surge in demand for residential properties in Noida, with a 19% increase during the same period. Sales figures rose from 1,350 residential units in 2023 to 1,600 units this year. Conversely, housing sales in Greater Noida experienced a decline of 19%, dropping from 2,900 units last year to 2,350 units in the first quarter of this calendar year.
Other areas in the Delhi-NCR region such as Ghaziabad, Faridabad, Bhiwadi, and Delhi collectively witnessed a slight dip in sales, totaling 3,150 units between January and March this year, compared to 3,160 units sold in the same period last year.
Overall, residential property sales in Delhi-NCR saw a 9% decrease compared to the corresponding period last year. Sales figures dropped from 17,160 units in the first three months of 2023 to 15,650 units in the first quarter of this year.
Commenting on this trend, Anarock Vice-Chairman Santhosh Kumar stated, “The demand for residential societies remains robust in Gurugram. However, sales have declined due to a decrease in new supply. Many builders faced challenges in obtaining project approvals, leading to several projects being stalled.”
Realty experts anticipate the announcement of more projects, particularly along the newly inaugurated Dwarka Expressway, following the Lok Sabha elections scheduled for May 25 in Haryana.
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