The real estate landscape in Delhi NCR is witnessing an unprecedented surge, with soaring demand, increased supply, and substantial property price appreciation marking the first quarter of 2024. The recently published Real Insight Residential Q1 Report 2024 by Housing.com Research sheds light on the remarkable growth trajectory and promising outlook of the region’s property market. According to the report, the real estate property market across Delhi NCR has witnessed unprecedented growth in the last year. With conducive government policies and growing Indian economy, future forecasts for the coming year remain optimistic that the positive consumer sentiment will lead to the Delhi NCR real estate market reaching new heights in 2024.
Delhi NCR sales skyrocket and new supply surge
In Q1 2024, the Delhi NCR region experienced a remarkable surge in both new supply and sales of residential units. The Housing.com Research report reveals that the new supply of units surged by a staggering 32% year-on-year (YoY) from Q1 2023, reaching an impressive 6,872 units. Simultaneously, the sale of units during the same period witnessed an astounding 164% YoY increase, totalling 10,058 units. This surge in both new supply and sales underscores the robust demand and investor confidence in the region’s real estate market.
Property price appreciation: A testament to growth
Guarav K Singh, founder and chairman, Womeki Group said, “In Q1 2024, the Delhi NCR region witnessed an extraordinary surge in both new supply and residential unit sales, marking a significant milestone in the real estate landscape. With a remarkable 32% year-on-year increase in new supply and an astounding 164% YoY rise in unit sales, the perceivable future trend highlights the robust demand and investor confidence in the region. This surge underscores the resilience and vibrancy of Delhi NCR’s real estate market, reflecting a strong appetite for property investment and growth opportunities in the region.”
Bright Future Outlook: Growth and Optimism Abound
Looking ahead at bright future horizons, the outlook for the Delhi NCR real estate market appears exceedingly promising. With sustained economic growth, favourable interest rates, and evolving consumer preferences driving demand, the region is poised for continued growth and prosperity. Furthermore, the surge in property prices and transaction activity indicates a strong investor appetite and confidence in the real estate sector in Delhi NCR. The Real Insight Residential Q1 Report 2024 paints a picture of continued growth and optimism in the Delhi NCR real estate market. With soaring new supply, substantial property price appreciation, and a bullish outlook, the region emerges as a beacon of opportunity and prosperity in India’s real estate landscape.
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