Real Estate Sector: Despite expensive home loans and increase in house prices, the year 2023 has been excellent in terms of housing sales. Especially for Delhi NCR. In 2023, a total of sales of flats worth Rs 87,818 crore have been seen in Delhi-NCR. Gurugram alone's share in these sales has been 63 percent.
According to the report of real estate consultant JLL India, the average price of flats sold in Delhi-NCR in the year 2023 has increased from Rs 1.86 crore in the year 2022 to Rs 2.29 crore in 2023. According to the report, a total of houses worth Rs 87,818 crore have been sold in Delhi NCR in 2023, which is 23 percent more than in 2022. The total number of houses sold was 38,407. However, this number has remained more or less stable compared to 2022. It is also believed that the reason for this is that there has been a huge surge in the sales of luxury homes in Delhi NCR. There have been 197 percent more sales of luxury homes in 2023 compared to 2022.
According to the report of JLL India, the property market of Gurugram has proved to be the hottest in Delhi NCR. Gurugram alone's share in the total flats sold in this area has been Rs 55,930 crore, which is 63 percent of the total sales. Homes worth Rs 24,944 crore have been sold in Noida-Greater Noida, Rs 4,404 crore in Ghaziabad, Rs 2,610 crore in Delhi and Rs 470 crore in Faridabad.
JLL India attributes the strong growth in Delhi-NCR's housing market to strong economic fundamentals, better job prospects coupled with rising incomes and supply of better quality premium homes. According to JLL India, in the year 2024, about 40,000 housing units worth Rs 95,000 to Rs 1 lakh crore are expected to be sold in the housing market of Delhi NCR. The housing market here will benefit due to better supply, big infrastructure projects like Dwarka Expressway and Noida Airport.
According to the report, due to an average 13 percent increase in prices per square foot in Delhi NCR and a surge in luxury housing projects, the price of houses sold in the Delhi-NCR region has increased. JLL Chief Economist and Research Analyst (India) Samantak Das said, houses worth Rs 40,805 crore were sold in housing projects launched last year with an average price of Rs 3 crore or more.
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