The supply of new residential properties in Delhi-NCR is projected to triple to 13,311 units during July-September 2024, compared to 4,147 units in the same period last year, according to PropEquity. This surge is driven by strong demand and increased developer activity. Housing sales in the region are expected to rise 22%, reaching 10,263 units from 8,411 units last year. However, across nine major cities, including Delhi-NCR, new launches are set to decline to 93,693 units, down from 1,05,655, while sales may drop 18% to 1,04,393 units, reflecting broader market trends.
The supply of new residential properties in the Delhi-NCR region is expected to significantly increase during the July-September 2024 period, with new launches projected to triple compared to the same time last year. According to figures from real estate data analytics firm PropEquity, over 13,300 housing units are estimated to hit the market this quarter, a notable jump from the 4,147 units launched during the same period in 2023.
Developers in the region are capitalising on strong demand, leading to this surge in fresh supply. As a result, housing sales in Delhi-NCR are also expected to see a substantial rise. PropEquity forecasts a 22% increase in sales during the quarter, with an estimated 10,263 units being sold, compared to 8,411 units sold in the corresponding period last year. The increased supply of new homes is one of the major reasons for the boost in sales, alongside strong consumer demand. With more properties available, homebuyers in Delhi-NCR have a wider range of options, further fuelling the market's growth.
However, when looking at the broader picture across nine major cities in India, the overall trend is expected to be different. PropEquity's data suggests that new housing launches across these cities-including Delhi-NCR, Mumbai, Navi Mumbai, Thane, Pune, Bengaluru, Hyderabad, Chennai, and Kolkata-could see a decline. New property launches are predicted to fall to 93,693 units in the July-September 2024 quarter, down from 1,05,655 units during the same period last year. Sales across these cities are also expected to decrease by 18%, with an estimated 1,04,393 units likely to be sold, compared to 1,26,848 units in the same quarter of 2023. While Delhi-NCR is witnessing strong growth, the overall real estate market in these major cities may experience a slight slowdown in the coming months.
The Delhi-NCR region is poised for a significant surge in new residential property launches during the July-September 2024 period, with expectations of a tripling in supply compared to the previous year. This increase, driven by strong consumer demand, is anticipated to boost housing sales significantly. However, the overall trend across nine major Indian cities suggests a potential decline in new launches and sales, indicating a contrasting outlook for the broader real estate market.
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