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.

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