Gurugram Most Active Residential Market In NCR
New residential launches in NCR witness the sharpest annual rise compared to remaining top 6 cities Contributing approximately 15% to the total new launches across India’s top seven cities, NCR witnessed around 14,100 units launched in the market. This represents a 17% decline compared to the second quarter of 2024.
Despite the quarterly dip, NCR recorded the highest annual growth among the top 7 cities, surging by 53% year-on-year. Geographically, Gurgaon remained the most active zone in NCR, accounting for 47% of the new launches, although it experienced a 41% quarterly decline. Greater Noida and Ghaziabad followed with 22% and 18% shares, respectively.
Notably, Ghaziabad witnessed a remarkable 164% surge in new launches compared to Q2 2024, emerging as the only zone in NCR to record such significant growth. The ultra-luxury segment dominated the market with a 64% share of new launches. While the luxury and affordable segments experienced a decline, the mid and high-end segments witnessed a notable increase in their share on a quarter-over-quarter basis.
NCR remained a significant player in Pan India’s housing sales, capturing 15% of total sales among the top 7 cities in Q3 2024. However, the region experienced a slight slowdown, with sales declining by 6% quarter over-quarter and by 2% year-over-year, with sales reaching approximately 15,600 units. Gurgaon continued to dominate NCR’s sales landscape, contributing a substantial 51% share in Q3 2024. Greater Noida and Ghaziabad followed, accounting for 20% and 13% of the region’s sales, respectively. Notably, Ghaziabad witnessed the most impressive growth, with housing sales surging by 19% compared to the previous quarter, highlighting its emerging prominence within NCR.
NCR’s residential real estate market saw a significant reduction in available inventory during Q3 2024. With nearly 85,500 units available for sale, the region witnessed an 18% year-on-year decline, the sharpest among India’s top 7 cities. While there was a marginal 2% quarter-on-quarter decrease, the overall trend indicates a healthier absorption rate. A closer look at the regional distribution reveals that Gurgaon remains the primary hub for available inventory, accounting for over 40% of the total. Greater Noida and Ghaziabad follow with 23% and 13% shares respectively.
Notably, all zones except Ghaziabad and Faridabad experienced a decline in available units during the quarter. In terms of pricing, the affordable and midsegment categories continue to dominate NCR’s available inventory, comprising 32% and 27% respectively. The inventory overhang remains steady at 16 months by the end of Q3 2024.
