,India

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.

Join Realestate Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

New home sales dropped 31.4% during the month.
This is due to elevated supply levels and uncertain demand from the Mainland.
The growth will be more prominent in Japan, Australia, and Hong Kong.
There were 17 major deals worth over US$12.8m each.
Private equity investors’ interest in offices will drive investment demand.
Savills expects rents of outlying business parks to bottom out soon.
Data centres accounted for 34% of all investments during the quarter.
Luxury brands are still wary of going to the high streets.
Q3 Grade A office rents increased 0.7% for the first time in five quarters.
Average multifamily asking rents dropped 3.6% over the year. 
Rents declined in all major submarkets while Kowloon rents proved more resilient.
Sales were propelled by the residential sector.
22% of all residential launches in H1 2021 were from the affordable segment.
But Colliers says transactions may pick up in Q4.