Housing sales in Gurugram jump over 3-fold to 24,482 units in 9 months

New Delhi: Housing sales in Gurugram jumped more than three-fold on an annual basis to 24,482 units during January-September this year on higher demand for residential properties across all price categories -- affordable, mid-income and luxury, according to Anarock.

Housing sales in Gurugram stood at 7,725 units in the year-ago period.

Noida saw a 52 per cent increase in sales to 5,040 units in the first nine months of this year compared to 3,315 units in the corresponding period of the previous year, as per data compiled by Mumbai-headquartered property consultant Anarock.

Sales in Greater Noida rose 46 per cent to 8,651 units during January-September 2022 from 5,925 units earlier.

Ghaziabad witnessed a 54 per cent rise in housing sales to 5,395 units from 3,510 units in the corresponding period of 2021. Sales in Faridabad jumped nearly three-fold to 2,890 units from 1,018 units.

Overall, Anarock data showed that sales in the Delhi-NCR market more than doubled to 49,138 units during January-September from 22,478 units in the year-ago period. Noida, Greater Noida and Ghaziabad are in Uttar Pradesh, while Gurugram and Faridabad are part of Haryana.

When contacted, Anarock Vice Chairman Santhosh Kumar attributed the sharp rise in housing sales in Gurugram to various factors, including lower base effect and strong revival in demand.

"Last year, builders launched less projects as demand was muted because of the COVID-19 pandemic. This year, there has been a significant increase in supply across all segments of the housing sector, be it affordable or ultra luxury," he said.

Independent floors saw good demand in the Gurugram market, Kumar added.

Realty major DLF has launched many projects comprising independent floors. M3M Group, Signature Global and Tulip Infratech have also launched many housing projects and achieved good sales.

Pradeep Aggarwal, founder and chairman, Signature Global, said: "Housing sales in Gurugram have risen sharply this year because of higher demand across all price points and segments, be it affordable housing or luxury floors. Of late, builders have also launched many projects with better locations and amenities which is attracting home buyers." Signature Global, which is mainly into the development of affordable housing projects, had in July filed a draft red herring prospectus (DRHP) with market regulator SEBI to raise Rs 1,000 crore.

Garvit Tiwari, co-founder at property brokerage Inframantra, said the NCR market has registered strong sales backed by robust consumer demand.

"We have witnessed a pick-up in sales due to enhanced consumer confidence amidst the steady revival of the Indian economy. The strong consumer demand is manifesting itself in the form of strong sales in the affordable and mid categories as well as in the premium segment," he said.

Besides local developers like DLF, M3M and Gaurs Group, there are many players from South and West India operating in the Delhi-NCR market. These include Godrej Properties, Tata Housing, Prestige Group, Mahindra Lifespace, Birla Estates and Adani Realty.

The Delhi-NCR market is also plagued with a lot of stalled projects. More than one lakh homebuyers are stuck in such projects.

Big players like Unitech, Jaypee Infratech, Amrapali, Ajnara and The 3C Group have defaulted in delivering their projects. Many companies are also facing insolvency proceedings.