Delhi-NCR sees sales of apartments worth Rs 87,818 crore in 2023

Apartments worth Rs 87,818 crore were sold in Delhi-NCR in 2023, driven by a strong housing demand in Gurugram which contributed 63 per cent of the total sales, according to property consultant JLL India.

The average price per apartment in Delhi-NCR (National Capital Region) rose to Rs 2.29 crore last year from Rs 1.86 crore in the 2022. The average size of apartments and the number of units sold (38,407 units) remained approximately same as compared to 2022. Last year, the total value of apartments sold stood at Rs 87,818 crore, up 23 per cent on an annual basis, as per data from JLL India.

Out of the total sales of nearly Rs 88,000 crore, the value of apartments sold 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 growth to robust economic fundamentals, better job prospects with healthier income growth and addition of quality premium supply.

"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 consultant said.

The spike in the total sales value was due to a 13 per cent rise in average price per square feet, perceptible increase in high-end launches during the last year and healthy sales from these projects.

"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 said.

Gurugram witnessed sales of 18,792 units 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, said.

He said a total of 1,64,581 housing units were completed in 2023, the highest ever. Around 57 per cent of the new completions were in the Noida sub-market alone.

Commenting on the data, realty firm Signature Global's Chairman Pradeep Aggarwal said Gurugram's real estate market thrived in 2023 with significant demand across all segments, and this trend is expected to hold strong even in 2024.

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

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