Delhi-NCR Sees Sales of Apartments Worth Rs 87,818 Crore in 2023 – News18

Apartments price Rs 87,818 crore have been offered in Delhi-NCR in 2023, pushed by a powerful housing demand in Gurugram which contributed 63 per cent of the whole gross sales, in accordance with property guide JLL India. The common value per condominium in Delhi-NCR (National Capital Region) rose to Rs 2.29 crore final 12 months from Rs 1.86 crore in 2022. The common measurement of residences and the quantity of items offered (38,407 items) remained roughly identical as in comparison with 2022.

Last 12 months, the whole worth of residences offered stood at Rs 87,818 crore, up 23 per cent on an annual foundation, as per knowledge from JLL India. Out of the whole gross sales of practically Rs 88,000 crore, the worth of residences offered in Gurugram stood at Rs 55,390 crore, Noida-Greater Noida at Rs 24,944 crore, Ghaziabad at Rs 4,404 crore, Delhi at Rs 2,610 crore and Faridabad at Rs 470 crore.

JLL India attributed the expansion to strong financial fundamentals, higher job prospects with more healthy earnings development and addition of high quality premium provide. “The residential sector is expected to cross 40,000 housing units mark in 2024 worth Rs 95,000 crore – Rs 1,00,000 crore with new planned upcoming supply and infrastructure development such as Dwarka Expressway and Noida International Airport,” the guide mentioned.

The spike in the whole gross sales worth was as a consequence of a 13 per cent rise in common value per sq. ft, perceptible improve in excessive-finish launches over the last 12 months and wholesome gross sales from these tasks. “More than 46 per cent of sales value contribution worth Rs 40,805 crore was from new launches during the last year and priced Rs 3 crore and above. In 2023, a substantial proportion of new launches (42 per cent) were in this price segment. It was seen that many luxury housing projects in Gurugram and Noida were sold out within days of their launch,” Samantak Das, Chief Economist and Head Research, India at JLL mentioned.

Gurugram witnessed gross sales of 18,792 items in 2023. “While there have been substantially new launches in Delhi-NCR, the unsold inventory continued to decline to reach 66,777 units at the end of 2023, down by 19 per cent compared to the previous year. It is also the lowest since 2009, indicating strong housing demand by end users as well as from investors,” Ritesh Mehta, Senior Director-Residential at JLL, mentioned.

He mentioned a complete of 1,64,581 housing items have been accomplished in 2023, the best ever. Around 57 per cent of the brand new completions have been in the Noida sub-market alone. Commenting on the info, realty agency Signature Global’s Chairman Pradeep Aggarwal mentioned Gurugram’s actual property market thrived in 2023 with vital demand throughout all segments, and this pattern is anticipated to carry robust even in 2024.

“Fuelled by rapid infrastructure development, Gurugram is likely to retain its lead position as NCR’s utmost residential market,” Aggarwal added.

(This story has not been edited by News18 workers and is printed from a syndicated information company feed – PTI)