Ghaziabad lead sales surge in Q32024, NCR real estate booms
Ghaziabad real estate growth witnessed a whopping 164 percent increase in launches during the same period.
NCR real estate shines: Gurugram, Greater Noida, and Ghaziabad continued to dominate the National Capital Region (NCR) real estate sales in Q32024 (July-September) according to the latest ANAROCK report. The micro-market performance has been driven by a mix of demand for high-end and mid-segment housing. NCR witnessed robust growth across multiple metrics including new launches, price hikes, and rental value.
NCR contributed approximately 15 per cent to the whole bouquet of new residential project launches in India’s seven cities in Q3 with 14,100 new units on fresh offer during the season. There has been a 2 per cent decline in this number since Q2FY24. Among all these launches, Gurugram led the pack with a 47 percent share though its new units shrunk by 41 percent, compared with the previous quarter.
Ghaziabad real estate growth witnessed a whopping 164 percent increase in launches, marking a rise in its prime residential zone. Ghaziabad bucked the trend with a 164 percent increase in launches, underlining its rise as a prime residential zone.
When it comes to residential rentals, micro-markets like Greater Noida West, Dwarka Expressway, and New Gurugram saw an upward trend in value. Average rates have reached around Rs 13,000 per sq ft with Dwarka Expressway and New Gurugram witnessing an 8 percent quarterly hike. Monthly rentals in the same areas have gone up to RS 14,000 to 34,000 indicating a stable increase in the rental markets as well. In the third quarter of 2024, NCR accounted for 15 percent of the total housing sales across India’s top seven cities with records of over 15,600 units being sold.
NCR also experienced the steepest year-on-year decline in available inventory among the top cities dropping by 18 percent to 85,500 units. The inventory reduction indicates a healthy market with better absorption rates which is primarily driven by affordable and mid-segment categories.
