Delhi prime residential sales hit all-time high in 2023

Over 15,000 units were sold during the year.

The year 2023 has become the best year on record for high-end residential sales in Delhi NCR, with a total of 15,214 units sold. Of this, JLL said 4,670 units were sold in 4Q23 alone, making it the best performing quarter for sales. 

Gurgaon remained the top-performing submarket with 10,356 units sold in 2023, which is 68% of the total year sales.

Here’s more from JLL:

In Gurgaon, prominent developers like DLF, Godrej Properties, Emaar and Hero Realty witnessed a stupendous response to their new projects. The Noida submarket followed with a total of 4,189 units sold in 2023, a 28% share of the total High-end sales for 2023. NCR’s unsold inventory was down by 30% y-o-y and stood at 4,861 units, the lowest since 2011.

Over 13,000 new units launch in 2023, up by 66% y-o-y

In 2023, High-end launches in NCR were at an all-time high, with a total of 13,091 new units. Gurgaon contributed the most, with a share of over 70%. The growth corridors of Golf Course Extension Road, New Gurgaon and Dwarka Expressway were the hotspots for High-end launches in Gurgaon.

Noida contributed 29% to the overall High-end launches, with the Noida-Greater Noida Expressway leading the way. Interestingly, the micromarket of Greater Noida also saw High-end launches. Along with the launches and sales, the total High-end housing completions were also at an all-time high, with close to 7,600 units completed in 2023.

Prices rise y-o-y across all Delhi NCR submarkets

In 2023, overall prices in Delhi NCR were up by 13% y-o-y. This growth was driven by the upswing in demand for High-end housing. In 2023, Gurgaon saw the highest price increase of 14% y-o-y, followed by Noida, where prices were up by 12% y-o-y.

Along with capital values, rents have also gone up in Delhi NCR for High-end homes by 10% y-o-y.

Outlook: High-end housing market expected to remain strong

Prominent developers like DLF, Max Estates, Godrej Properties and L&T Realty have already announced their plans for 2024. Thus, supply is expected to remain robust. The NCT of Delhi, which did not witness any major launches in 2023, is expecting more launches in 2024 with developers like TARC, Sawasdee Group and Prestige Constructions set to launch projects in the city.

Demand for High-end housing is expected to get a boost with major infrastructure developments like Dwarka Expressway and Noida International Airport, which are likely to be completed in 2024. With the demand for High-end housing anticipated to remain strong and supported by healthy launches, capital values and rents are also expected to remain growth-oriented.

Note: Delhi Residential refers to Gurgaon's prime residential market.