this is the first time that in a quarter, NCR’s total unsold stock clocked in lower than in South India's collective unsold stock. In the West's MMR and Pune, the unsold stock declined by 10% between the pre and post-pandemic periods - from approx. 3.07 lakh units by Q1 2020 to approx. 2.75 lakh units in Q1 2022.
NCR saw housing sales increase by 73% - from 23,210 units in 2020 to 40,050 units in 2021. With this performance, NCR comes second only to MMR in terms of sales during the whole of 2021.
Residential property prices across the top cities increased by 1-4% in Q3 2021 compared to Q3 2020, mainly due to an increase in construction cost. Data reveals that the top 7 cities collectively saw average property prices increase by 3% annually - to INR 5,760 per sq. ft. in Q3 2021 from INR 5,600 per sq. ft. in Q3 2020. Bengaluru saw the highest 4% annual rise to INR 5,150 per sq. ft.
Between 2016 and the first half of 2021, corporate and national developers like Godrej Properties Ltd., TATA Housing, Hero Realty, Sobha Ltd., Shapoorji Pallonji Group, Birla Estates and Mahindra Lifespaces took centre-stage.
Affordable and mid-segment housing continued to drive homebuyer demand in 2020, but luxury sales also saw some momentum in NCR despite the pandemic.
The previous 'gold standard' of Indian housing - the walk-to-work / short drive to work, by definition only in and around central corporate workplace hubs - may shed some its popularity for the middle class
Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants
Despite being hit by the overall slowdown in the real estate market and seeing price corrections up to 10% in most areas, Delhi-NCR continues to be attractive to end-users and investors. Being the national capital, Delhi attracts migrants from all across the country.
In fact, as per the Economic Survey of 2017, Delhi, Noida, Greater Noida and Gurugram saw the maximum influx of migrants between 2001 and 2011. Obviously, there is a dire need to fulfil the housing needs of these migrants.
As per ANAROCK data, the housing supply in Delhi over the last two years has been fairly low as compared to its counterparts – Gurugram and Noida. This is essentially due to demand-supply mismatch; there is massive demand for affordable housing in the city, while property prices in most pockets of the city have skyrocketed.
Consequently, the pockets that offer affordable or mid-segment projects have been performing relatively better than the expensive ones – such as Greater Kailash II, Panchsheel Park and South Extension II, to name a few.
In 2018 as well,
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