Delhi residential launches plummet 54% in Q1 2024 | Real Estate Asia
, India

Delhi residential launches plummet 54% in Q1 2024

There were over 3,600 units launched during the quarter.

According to a Cushman and Wakefield report, in the first quarter of 2024, Delhi NCR witnessed 3,614 residential units of new supply. Since 2023 proved to be an exceptional year, setting a high bar, Q1 2024 witnessed a 30% decrease in launches from the preceding quarter and a 54% drop on a y-o-y basis. 

“However, over the eight quarters of 2021- 2022, the region typically saw an average of 2,200 units per quarter, which makes Q1 2024's figure 62% higher than the average,” the report said.

Here’s more from Cushman and Wakefield:

Gurugram dominated supply with 44% share primarily concentrated along the Southern Periphery Road, Golf Course Extension road, and NH8. Following closely, Noida contributed 42% of the launches, mainly concentrated around Greater Noida West and the Expressway region. Noida's share in launches has been on the rise in recent years. 

Traditionally, it used to hold 25-30% of the market share during 2015-2020, however since the past few years the city’s share in launches has started to increase. This increasing share mostly in the high end & luxury segment signals positive momentum for the market, indicating potential growth and development in Noida's real estate sector. 

The quarter witnessed an influx of over 1.300 units under the Haryana affordable housing scheme in Sohna Road, Gurugram.

High-end & luxury segment continues to take lead in Q1 launches 

In Q1-24, launches in the High-End & Luxury segment strengthened further, capturing an impressive 61% share. Gurugram retained its position as the frontrunner in this segment, particularly in submarkets such as Golf Course Road Extension and SPR. These submarkets within Gurgaon are gradually establishing itself as an abode of high-end launches as observed over the last 3-5 quarters. 

Noida and Delhi claim 19% share each in the high-end & luxury segment launches. Meanwhile, the mid segment accounted for 26% of quarterly supply, primarily concentrated in the Noida submarkets. 

Capital and rental values continue to rise as of Q1 

During Q1 2024, capital values in NCR witnessed an increase of 1% – 2% on a q-o-q basis and 12%–15% 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 7 – 10 % with Gurugram and Noida as the front runners with annual growth of 20 – 25%.


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