GURGAON: In the third quarter of 2024, the National Capital Region (NCR) witnessed a substantial 53% year-on-year (YoY) increase in new housing launches, with approximately 14,130 units entering the market. Despite this impressive yearly growth, the market saw a 17% decline in new launches compared to the second quarter of 2024. A significant portion of the new supply—64%—was concentrated in the ultra-luxury segment, priced above INR 2.5 crore, reflecting the growing demand for high-end living spaces.
On the sales front, NCR recorded the sale of approximately 15,570 units in Q3 2024, representing a slight 2% decrease from the same period last year. When compared to the previous quarter, sales dipped by 6%, suggesting a cooling off in buyer sentiment as interest rates and property prices continue to rise.
Developer Insights
Leading real estate developers in the region remain optimistic about the long-term prospects of the market, despite the short-term fluctuations.
Surinder Singh, Director at GLS Group, said, “The rise in new launches, especially in the luxury segment, indicates that there is a strong demand for premium properties in NCR. Homebuyers today are looking for larger spaces, better amenities, and prime locations, which is driving growth in this segment. We are confident that as the economy stabilizes, sales will pick up in the coming quarters.”
Homebuyer Sentiment
However, homebuyers have expressed mixed reactions to the current market trends. While the supply of high-end properties is increasing, affordability remains a concern for many.
Shalini Mehta, a prospective homebuyer, shared, “I’ve been looking for a new home for the past six months, but with prices constantly rising, it’s becoming difficult to find something within my budget. The focus on ultra-luxury properties seems to be leaving out middle-class buyers like me.”
Market Outlook
Experts believe that while the luxury segment will continue to grow, the market needs to strike a balance between premium and affordable housing options to cater to a wider audience.