Luxury housing segment in demand, affordable housing sales dip in NCR: Anarock
Aug 04, 2024
New Delhi [India], August 4 : From the epicenter of unscrupulous real estate activities to one of the country's most vibrant realty markets, the National Capital Region has come a long way. The region has seen several notable trend reversals in the past five years. Among them - housing demand is now heavily tilted toward the luxury housing segment.
Latest data from the real estate consultancy firm indicates that out of NCR's total housing sales of approximately 32,200 units during January-June 2024, over 45 per cent share was in the luxury segment, and 24 per cent in the affordable segment.
Back in 2019, sales of luxury homes were a mere 3 per cent while the affordable sales share stood at 49 per cent.
Approximately 14,630 luxury units were sold in NCR during the first half of 2024, against approximately 1,580 units in 2019. About 7,730 units were sold in the affordable segment in H1 2024, against 23,180 units in 2019.
Anuj Puri, Chairman - ANAROCK Group, says among all NCR cities, Gurugram has been the most active real estate market in recent years.
Millennium City saw 17,570 units sold across different budget segments in H1 2024. Of these, a whopping 59 per cent (approximately 10,365 units) were luxury homes, followed by 27 per cent (4,710 units) in the affordable segment.
"Back in 2019, Gurugram saw approx 13,245 units sold, of which 43 per cent or approx. 5,740 units were affordable housing," says Puri. "The sales share of luxury homes was just 4 per cent, or approx. 470 units."
Noida and Greater Noida together saw 8,425 units sold in H1 2024. Of this, 42 per cent (approx. 3,550) units were luxury homes and just 13 per cent (approx. 1,100) units were in the affordable segment. The highest sales share - 3,770 units or 45 per cent - was in the mid and premium segments priced between Rs 40 lakh and Rs 1.5 crore.
Among other cities in the region, Ghaziabad, Faridabad, Delhi, and Bhiwadi together saw some 6,205 units sold in H1 2024, of which the luxury segment accounted for about 715 units, while affordable housing saw 1,920 units sold. The maximum sales of approx. 3,570 units were in the mid and premium segments.
According to Anarock, new property supplies in the region have followed demand, with developers adding more supply in the luxury segment and curtailing it in the affordable segment.
