Property prices, interest rates up; NCR housing sales show uptick

Property prices, interest rates up; NCR housing sales show uptickGURGAON: Housing sales in NCR recorded approx. 65,625 units in 2023, increasing by 3% over the last one year. The new supply in the region was however restricted to approx. 36,735 units. With this cautious approach, NCR reduced its unsold inventory stock by a very significant 23% annually.

As per the latest report of real estate consultants Anarock “NCR launched approx. 36,735 new units this year – a significant 45% rise over 2022. Over 51% of the new supply was added in the INR 40 lakh to INR 2.5 Cr budget segment”.

The report added, NCR saw the highest decline of 23% in unsold stock on a yearly basis – from approx. 1,23,690 units by 2022-end to approx. 94,800 units as of 2023-end. This is the first time since 2013 that NCR’s unsold stock is less than a lakh units, the report claimed.

Anuj Puri, chairman of Anarock group says demand is likely to remain undeterred in 2024, even with average prices likely to appreciate by 8-10% across the top 7 cities. The unchanged home loan rates in the second half of 2023 helped maintain the overall positive consumer sentiment.

Surinder Singh, Director, GLS Group said despite hardening property prices and home loan interest rate hikes in early 2023, it has been a superlative year for residential real estate in NCR. “Riding on the back of a huge demand, NCR also witnessed a large number of new project launches, especially of 3BHK plus houses, luxury homes and a boom in commercial properties. Various infrastructural projects launched by the state governments have also increased realty’s RoI” he said.

Among the budget categories, luxury housing demand increased exponentially as homebuyers continue to look for bigger livable spaces post the pandemic. The new luxury supply addition across the top 7 cities in 2023 has jumped up five times when compared to 2018. There is no reason to expect luxury housing demand to taper off in 2024.

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