Which submarket drove Delhi’s housing demand in Q3?
More than half of the segment sales came from this market.
In a recent report, JLL revealed that Noida led the demand for high-end housing in Delhi in Q3, contributing 52% to the segment sales, followed by Gurgaon with 45%. The remaining demand was contributed by Delhi and Faridabad.
“High-end sales in Noida were largely seen in the Noida Expressway corridor, with the newly launched projects Godrej Tropical Isle in Sector 146 and Ivory Country in Sector 115 doing exceptionally well,” the report said.
Here’s more from JLL:
Of the total high-end sales in Gurgaon in the quarter, 65% were from the Golf Course Extension Road and the Dwarka Expressway submarkets collectively. Close to 4,300 EOIs (Expression of Interest) were received for the newly launched Emaar Urban Oasis, about 10 times the total 424 units on offer, and the project sold out on the day of its launch.
Launches up by 85% q-o-q
A total of 4,152 High-end Residential units were launched in Delhi NCR with Noida contributing 76% to the new supply, followed by Gurgaon. Noida Expressway, which stood out in terms of launches by prominent developers, such as Godrej Properties and County Group.
In Gurgaon, Emaar launched a project in the Golf Course Extension Road corridor, which has already become a hotspot for luxury residential launches. Other launches in Gurgaon included DLF Corner Homes at MG Road and Navraj The Antalyas at Dwarka Expressway.
Capital values continue to increase
On average, capital values in Delhi NCR were up by 3% q-o-q. Noida and Faridabad saw prices increase by 4% q-o-q. Prices in Gurgaon went up by 3% compared to the previous quarter. Prices in Delhi increased slightly by 1%, amid the already high capital values in this submarket.
Rents also increased marginally across all major submarkets in Delhi NCR, largely on account of increased demand from corporates and senior professionals.
Outlook: Residential market to stay strong, backed by quality supply
With the upcoming festive season, demand for high-end homes is expected to be robust, supported by festive schemes and offers from developers. The supply is expected to remain strong with land acquisitions by major developers like Godrej Properties and Experion Developers acquiring multiple land parcels in the quarter, which are likely to translate into residential launches in the future.
Capital values and rents across Delhi NCR are expected to rise marginally along with sustained demand. With rising disposable incomes and people looking for bigger homes with better amenities, the High-end Residential segment is expected to remain strong going forward, both in terms of supply and demand.
Note: Delhi Residential refers to Gurgaon's prime residential market.