New Delhi's residential sales down 34% in Q2
Nearly 7 in 10 of the units sold were in Gurgaon.
New Delhi's high-end residential segment saw sales decline by 34% in Q2. JLL reveals 67% of the sales were in Gurgaon while 17% were in Noida. Faridabad and Delhi both contributed 8% each.
"Plotted developments and low-rise floors are attracting buyer interest as reputed developers are launching such projects in prime locations. Apart from this, ready-to-occupy projects also generated buyer interest, particularly from end-users."
Here's more from JLL:
One new project launches in Noida
Only one high-end residential project was launched in 2Q21 by the name of ‘ATS Kingston Heath’ at Sector 150 in Noida. Sector 150 in Noida is becoming a premium residential hub as projects by reputed developers are being launched here at regular intervals.
We expect new launches in the high-end segment segment in 2H21 in Gurgaon and Noida as some upcoming projects have been pushed by two or three quarters due to the lockdown from the second wave of the pandemic.
Prices remain stable
Prices remain mostly range-bound with attractive payment terms and schemes on offer by developers. The historically low interest rate and affordable prices are attracting fence sitters and serious homebuyers.
Prices are expected to be largely range-bound across most of the micro-markets in the short-to-medium term. Developers will continue to provide attractive offers to offload their unsold inventory.
Outlook: High-end residential segment expected to do well in 2H21
Revival of the high-end residential segment is dependent upon the vaccine rollout and containment of the pandemic. Favourable factors such as low interest rates, attractive payment terms and launch of prime projects are going to drive a revival in demand.
Plotted developments and individual floors will continue to be launched by developers as these projects have been well received by buyers in the recent past. Reputed developers may also undertake joint ventures in strategic corridors to gain market share.
Note: Delhi Residential refers to Gurgaon's prime residential market.