Gurugram, Ghaziabad property sales lead Q3FY24 NCR residential market growth

NCR property sales shine: Gurugram, Greater Noida, and Ghaziabad have shown significant sales activity in Q3 2024. During the period, NCR accounted for 15 percent of the total housing sales across India’s top seven cities, selling approximately 15,600 units. Despite a Q-on-Q dip of 6 percent, the region has retained the third-largest market tag. NCR also experienced the steepest year-over-year decline in available inventory among the top cities, dropping by 18 percent to 85,500 units. 

While this represents a slight quarter-on-quarter dip of 6 percent, NCR remains the third-largest market in the country. Gurugram dominated the sales landscape with a 51 percent share, followed by Greater Noida and Ghaziabad. Impressively, Ghaziabad recorded a 19 percent increase in quarterly sales, making it one of the most promising micro-markets in NCR.

The latest ANAROCK report showed this growth has been marked by demand in high-end and mid-segment housing.  The sales have been driven across multiple metrics including new launches, price appreciation, and rental values.

NCR contributes almost 15 percent to the new residential launches among India’s top seven cities in Q3 with 14,100 new units entering the residential launches among India’s top seven cities. This however marks a decline of 17 percent from Q2 as it marks a 53 percent year-on-year increase. This also makes NCR a top performer in the growth of annual launches.

Gurugram led with a 47 percent share though new units fell by 41 percent compared to the earlier quarter. Ghaziabad marked a 164 percent rise in launches defining its rise in prime residential launches.

Greater Noida West, Dwarka Expressway, and New Gurugram micro-markets witnessed an upmove in capital and rental values. Average rates reach up to Rs 13,000 per square foot with Dwarka Expressway and New Gurugram witnessing an 8 percent quarterly shoot-up.

Additionally, monthly rentals of 2BHK apartments in these areas ranged between Rs14,000 and Rs 34,000 indicating a stable rise in rental demand. The trend indicates the market’s rising appeal among residents and investors.