Residential property sales in Gurugram increased 13% to 36,970 units in 2023, up from 32,615 units the previous year.

NEW DELHI: Housing sales in Gurugram increased by 13% year on year in 2023 due to high demand, particularly for luxury flats, while sales in Noida and Greater Noida fell by 7-8%. Sales of residential properties in Gurugram increased by 13% year on year to 36,970 units in 2023, up from 32,615 units the previous year.

However, sales in Noida declined 8% to 5,840 units, down from 6,360 units. Greater Noida had a 7% dip in sales, falling to 10,180 units from 10,985 units. Ghaziabad, too, had an 8% decrease to 6,340 units from 6,890 units.

The overall number of housing sales in Faridabad, Delhi, and Bhiwadi fell to 6,295 units in 2023, down from 6,860 units the previous year.

Overall, the Delhi-NCR had a 3% increase in house sales to 65,625 units in 2023, up from 63,710 units the previous year.

In other parts of the National Capital Region (NCR), sales have decreased due to a decrease in the number of new home projects being launched. Realty firms Signature Global, TARC Ltd, and Elan Group attributed the increase in sales in Gurugram to the positive consumer sentiment and the progress of several infrastructure projects.

The Gurgaon real estate market is experiencing a surge in demand for mid-income and luxury homes, driven by young professionals and nuclear families looking for an aspirational and convenient lifestyle

Hotspot zones such as New Gurugram, Dwarka Expressway, and the Southern Peripheral Road are attracting a large number of buyers, generating double-digit capital value increases.

The real estate landscape in Delhi NCR, particularly Gurugram, is experiencing a renaissance, defying market challenges and demonstrating robust demand.

Gurugram was the most popular destination in the NCR, supported by expanding infrastructure. The city’s Dwarka Expressway was the most promising micro-market for the residential sector.

Source : Economic Times