Residential launches in Delhi hit nearly 11,000 units in H1 | Real Estate Asia
, India

Residential launches in Delhi hit nearly 11,000 units in H1

This is more than double the volumes recorded in the same period last year.

In Q2 2023, Delhi NCR witnessed the launch of 3,150 residential units, a 60% drop from the previous quarter, which was a historic high. However, according to Cushman and Wakefield, launches were 24% higher when compared with the same period last year. 

The launches were also 7% higher than the average of the past eight quarters, indicating consistent market performance. 

Here’s more from Cushman and Wakefield:

The half-yearly launches reached 10,963 units, representing a 1.4x surge compared to H1 2022. Gurugram dominated new supply during Q2, accounting for 80% of total launches, particularly in key markets such as Dwarka Expressway, Golf CourseRoad Extension, and NH8. The remaining 20% was concentrated in the Noida Expressway region.

A growing demand for luxury projects in the NCR market has prompted major developers to focus on launching high-end projects in select submarkets.The luxury segment claimed a majority share of 42% in the quarterly launches of which 22% were from key markets of Gurugram such as Golf CourseRoad extension and SPR followed by Noida expressway with 20% share. 

The quarter also witnessed launch of some high-end projects by Grade A developers on the Golf Course Road Extension, Gurugram which elevated the price range of the submarket to INR 18,000 – 22,000/sf. All Q2 launch in Noida were from the luxury segment indicating a rising preference for better lifestyle in the city. 

Out of 1,335 luxury units, 67% were from 3 BHK category in the size range of 2,500 – 4,000 sf indicating higher demand for larger size apartments, followed by 21% share of 4 BHK and 12% share of penthouses. 

The affordable sector emerged as the next major segment, accounting for a 33% share in Q2 launches, most of the projects primarily located in Gurugram's NH8 micro market. Additionally, the mid-segment accounted for 25% of the supply during Q2 in key markets such as Gwal Pahari and Dwarka Expressway in Gurugram, with 56% of the supply comprising 3 BHK units, followed by 2 BHK units with a share of 44%. However, no launches were recorded under the Haryana Affordable Housing scheme during the quarter. 

Capital values and Rental Values appreciate in select submarkets 

During Q2, capital values in NCR witnessed an overall increase ranging from 5- 7% on a q-o-q basis and 15- 20% on a y-o-y basis. Gurugram witnessed almost double the growth, with capital values rising by 8-10% on q-o-q and 22- 25% on y-o-y basis. 

A similar trend was observed in the rental market during the quarter, with all other markets witnessing a growth of 4-7% on q-o-q and 15-20% on y-o-y basis. Gurugram once again emerged as a standout market for luxury housing rentals, experiencing a significant increase of 10- 12% on q-o-q basis and a 25- 30% y-o-y growth. This trend can be attributed to an escalating demand for high-end properties and the limited supply of luxury accommodations in key areas.

 

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