Delhi residential launches more than doubles to 2,680 units in Q3
This brings the total launches to 13,633 units YTD.
In Q3 2023, Delhi NCR saw the launch of 2,670 residential units. According to a Cushman and Wakefield report, this was a robust 1.6x surge when compared to the same period last year, however, a marginal drop of 15% on a quarterly basis.
With this, the YTD-23 launches stood at 13,633 units, marking a 1.4x surge over the corresponding period last year (Q1 – Q3 2023).
Here’s more from Cushman and Wakefield:
Gurugram continued to lead supply during the quarter with a major share of 62%, in prominent submarkets such as Dwarka Expressway, Golf Course Extension, and NH 8. Noida followed with 38% share, with launches largely concentrated in the Noida Extension area.
In recent quarters, Noida has witnessed a significant rise in interest from Grade A developers, who are entering the market alongside an already well established infrastructure. This trend is likely to contribute to a further uptick in the Noida residential market, enhancing its overall market credibility.
Furthermore, the quarter saw an additional robust influx of little over 2,000 units under the Haryana affordable housing scheme, in Sohna Road and Pataudi Road.
High-end & luxury segment continues to take the lead in Q3 supply
In Q3, the high-end & luxury segment commanded a substantial 53% market share, with a major presence in Gurgaon's premium submarkets. This included locations like Dwarka Expressway, Golf Course Extension, and NH-8. Notably, Golf Course Road Extension witnessed launch of some high-end projects, contributing to the already surging demand in this part of Gurugram.
Mid segment accounted for 34% of the market share, with launches predominantly concentrated in the Noida Extension area. As the festive season approaches, the city anticipates an uptick in new launches that will significantly influence the market, both in terms of pricing and an array of amenities to be offered.
Capital values and rental values appreciate in select submarkets
During Q3, capital values in NCR witnessed an overall increase ranging from 3% to 6% on a q-o-q basis and 15% to 20% on a y-o-y basis. Gurugram and Noida led this upward trajectory, with capital values rising by 7% to 9% on q-o-q and 25% to 35% on a y-o-y basis.
A similar trend was observed in the rental market during the quarter, with all other markets witnessing a growth of 1% to 3% on q-o-q and 10% to 20% on y-o-y basis. Once again, Gurugram and Noida were at the front, with an increase of 5% to 7% on a QoQ basis and a significant 25% to 35% YoY growth. This trend can be attributed to a growing demand for high-end properties and a limited supply of luxury accommodations in key areas, signalling a robust market that continues to captivate investors and tenants.