Delhi records highest quarterly residential supply in Q2

There were 10,070 units during the quarter.

According to a Cushman and Wakefield report, in the second quarter of 2024, Delhi NCR experienced a robust supply of 10,070 residential units, marking the highest quarterly supply observed in recent times.

This represents a significant growth of approximately 1.8x from the previous quarter and 2.2x from the same period last year.

Here’s more from Cushman and Wakefield:

The total for the first half of 2024 stands at 13,684 units, constituting about 70% of the annual supply recorded in 2023 and 60-40% higher than the annual launches seen in 2022 and 2021.

Gurugram led the quarterly supply surge, accounting for 69% of the total, driven by new launches in peripheral areas like Sectors 37D and 77,near Dwarka Expressway. Meanwhile, Noida, taking a 31% share in Q2-2024, saw a significant increase (1.5x the average of the past five quarters), with Sectors 10 and 22A being major contributors.

Noida's growing share in the city's residential supply, predominantly in the high-end and luxury segments, indicates positive market momentum and potential for growth in its real estate sector.

With increased land acquisition for residential projects in both Gurugram and Noida in the last few quarters, and rising presence of nationally reputed developers, the city is expected to maintain a steady residential supply in the near term.

High-end & luxury segment continues to take lead this quarter

In Q2 2024, launches in the High-End and Luxury segments continued to dominate, capturing 53% of the market share with an increase of nearly 1.5 times the average of the past five quarters. Gurugram remained the frontrunner in this segment, particularly in submarkets such as Golf Course Road Extension and SPR.

Meanwhile, the Mid segment accounted for 45% of the quarterly supply, primarily concentrated in the Noida submarkets. The upcoming Noida International Airport is set to further enhance the prospects of these submarkets, and an increase in high-end segment projects is anticipated in the near term.

Capital and rental values continue to rise as of Q1

During Q2 2024, capital values in NCR continued to witness an increase of 3-4% on a q-o-q basis and 15–16% on a y-o-y basis. Both active markets of Gurugram and Noida lead this upward trajectory. With more launches anticipated in the premium submarkets of both Gurgaon and Noida, capital values are expected to rise in the upcoming quarters as well.

A similar trend was observed in the rental market as well during the quarter. A marginal growth of 1-2% on a q-o-q basis and an annual growth of 4-5 % with Gurugram and Noida as the front runners with annual growth of 12-24%.

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