New Delhi, 27th Feb 2023: Delhi NCR saw brisk sales of residential property in the calendar year 2022, registering an impressive 19% jump over the previous year. The total sales of residential real estate in Delhi NCR stood at 32,789 units in 2022 as compared to 27,553 units in the previous year, according to a report by leading real estate consultancy, PropEquity.
Delhi NCR’s weighted average price of the homes sold in 2022 has jumped by a whopping 33% at Rs 9,512 per square foot as compared to last year. The average price of new launches in 2022 has shot up by 64% at Rs 10,958 per square foot as compared to the previous year. Even though real estate companies are launching new projects at significantly higher prices, there is sizable demand and healthy absorption of these projects. About 48% of all sales of residential property in 2022 were accounted for by the luxury segment (ticket price more than 1.5 Cr) homes.
“Delhi NCR is one of the most dynamic residential real estate markets in the country and the dynamism played out to the brim in 2022 with the sales and the weighted average price of the homes going up significantly. There seemed exuberance in the property market all throughout 2022 and the momentum seems to be continuing in 2023 as well. There are new developers entering the fray in the Delhi NCR market who are expected to bring their own prowess and finesse which bodes well for the property buyers’ interests, while the existing players continue to launch new projects.” said Mr. Samir Jasuja, Founder and Managing Director at PropEquity.
“These are opportune times for the real estate market in Delhi NCR which is witnessing a constantly upbeat buyers’ sentiment ever since the pandemic has ebbed. Buyers are recognizing the need of buying their own homes or moving to bigger and better homes and the excitement seen in 2022 seems to be continuing. Each micro-market within NCR is seeing positive traction, especially in Gurugram where developers are bringing newer offerings with enhanced features of security and lifestyle. Companies are launching properties at newer price points coupled with attractive schemes and offers which are enticing for buyers also. The Gurugram market is getting more mature and sophisticated and this trend is likely to continue,” said. Mr. Ankush Kaul, Chief Business Officer- Ambience Group.
In terms of new launches, Delhi NCR witnessed negative growth of 28% in 2022 at 15,699 units as compared to the preceding year. The inventory overhang stood at 15 months at the end of 2022 on the basis of the current rates of sales of properties. With total sales of almost 2 times the new launches in 2022, the inventory overhang has dropped significantly. This indicates an increasing demand post-COVID, which paves the way for new launches in the coming year.
The share of a luxury segment (ticket price more than 1.5 Cr) homes was the largest in both new launch and sales categories. Most of the home buyers were seen inclined more towards Luxury segment housing in Delhi NCR. The share of the affordable segment (ticket price less than 75 lacs) of houses stood at 17% and that of the luxury segment was 70% among the new launches. As far as sales are concerned, the share of the affordable category of homes stood at 39% and that of the luxury segment was 48%.
