Delhi prime residential prices up 2% in Q2

The highest price growth was recorded in Gurgaon.

Overall residential prices in Delhi NCR rose by 2% q-o-q and 7% annually, according to data from JLL. Gurgaon saw the highest price growth at 3% q-o-q, followed by Noida and Ghaziabad with a 2% q-o-q increase each.

Rents for High-end Apartments also went up across all major submarkets of Gurgaon and Noida, with a strong demand from tenants for available units.

Here’s more from JLL:

Demand came down by 33% q-o-q with launches lower as well, but sales outstripped launches, indicating declining inventory in the high-end segment.

Around 77% of the High-end Apartment sales were recorded in Gurgaon, followed by Noida with 16%. In Gurgaon, the Dwarka Expressway corridor led in terms of demand, while in Noida, the Noida-Greater Noida Expressway corridor accounted for the highest share of High-end Apartment sales.

New launches down 46% q-o-q

Nearly three-fourths of the high-end launches in the quarter were by one developer, M3M, which launched projects both in Gurgaon and Noida. In Gurgaon, M3M introduced a project, Golf Hills in Sector 79, with Mapsko Group launching Icon 79 in the same sector with only 53 units. Meanwhile, Oxirich launched a project in the Dwarka Expressway cluster in Gurgaon.

In Noida, the Noida-Greater Noida Expressway accounted for all the high-end launches in 2Q23, with prominent developers like M3M and Max Estates launching projects.

Outlook: Demand expected to remain robust, backed by strong supply

Developers like DLF, Godrej Properties, Emaar, L&T Realty and Prestige Constructions have already announced their plans to launch high-end projects across Delhi NCR, hence the supply pipeline is expected to be robust. A lot of land transactions for residential developments by developers like Godrej Properties, Conscient Infrastructure and Ganga Realty were recorded in the quarter.

Demand for high-end homes is expected to remain strong, backed by the supply pipeline in well-connected corridors. Capital values and rents are also expected to show an increase over the remainder of the year with sustained demand.

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

Also Read

Singapore Q1 private home transactions down 2.4% to 4,230 units

Singapore private home price hike slows to 1.4% in Q1

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit