According to the most recent research by real estate consultants Anarock, NCR is the only metro area to witness a 6% gain in property sales, while other major cities are seeing a decline. Not only that, but NCR had a staggering 134% rise in new launches in Q2 2024 compared to Q1 2024, with almost 17,030 units introduced. 82% of the new product releases in the second quarter of this year were in the luxury market, with prices above Rs 15 million. According to the survey, despite the addition of new supply, available inventory in the top 7 cities declines by 1% on a quarterly basis and by 6% on an annual basis. The NCR had the worst annual decrease, at 22%. "Average property prices in the top 7 cities increase by 7% on a quarterly basis, but by a noteworthy 25% on an annual basis." Anuj Puri, chairman of Anarock, reported that there has been a 7% quarterly increase and a notable 25% annual rise in average residential prices across the top 7 cities, based on available data. He highlighted that the National Capital Region (NCR) experienced the highest quarterly jump of 10% in the second quarter of 2024, whereas Hyderabad saw the highest annual increase of 38% in average residential prices. Puri added that if prices are effectively controlled from now on, the impact on housing sales may not be significant in the upcoming quarters. Pradeep Aggarwal, chairman of Signature Global, commented that while developers have continued to launch new projects to meet latent homebuyer demand, many are also intensifying efforts to acquire new land in anticipation of future projects. He noted that major peripheral areas of the NCR are witnessing new launches, including amenity-rich group housing, independent floors, and gated plotted developments, aimed at meeting the requirements of modern homebuyers. Vikas Garg, joint managing director of Ganga Realty, stated that the sales growth observed in Delhi-NCR during the April-June quarter, despite price increases and a downturn in most cities, underscores that high-quality housing projects can attract property buyers even in the face of rising prices. He emphasised that Delhi-NCR stands out as the only city showing quarter-to-quarter growth, indicating robust demand from end-users for residential properties, particularly an increase in interest in luxury homes prevailing in the current market conditions. He also noted that Gurugram has particularly witnessed significant growth in uber-luxury homes in the emerging hubs of Gurgaon.
