Delhi-NCR’s prime residential market Gurugram saw a 10 per cent rise in housing sales during January-March, but demand fell in Noida and Greater Noida by 23 per cent, according to Anarock.
Market experts attributed the rise in sales in Gurugram to strong demand for luxury homes.
Sales dropped in Noida-Greater Noida due to lesser launches of new projects and lower demand amid increase in mortgage rates as well as property prices, they added.
Data from real estate consultant Anarock showed that housing sales in Gurugram went up 10 per cent to 9,750 units in January-March from 8,850 units in the year-ago period.
However, Noida-Greater Noida saw a 23 per cent decline in sales to 4,250 units from 5,495 units.
In the rest of Delhi-NCR market like Delhi and Ghaziabad, housing sales fell 30 per cent to 3,160 units from 4,490 units.
Overall in Delhi-NCR, housing sales fell to 17,160 units in January-March from 18,835 units in the year-ago period.
“The underlying cause for this drop seems to be the impacted earnings of the affordable segment home buyers which are yet to reach the pre-COVID levels,” Anarock Research Head Prashant Thakur told PTI.
The demand for high-end and luxury units in Gurugram was strong in the first quarter of this calendar year, he added.
Realty firm Krisumi Corporation MD Mohit Jain said the demand in Gurugram would remain buoyant.
“Bolstered by strategic location, a spate of infrastructural developments, and a burgeoning millennial population, Gurugram’s residential market will continue to attract interests from both end-users and investors alike,” Jain said.
Real estate consultant InvestoXpert MD Vishal Raheja said the sales were muted in Noida due to lack of new launches.
However, he hoped Noida-Greater Noida market to revive in this quarter with many launches in pipeline.
Garvit Tiwari, co-founder at NCR-based property brokerage firm Inframantra, said the demand is high in Gurugram especially for premium homes mainly due to improvement in infrastructure and presence of large corporates, especially IT/ITeS firms.
There are limited supply from reputed builders and units launched by them are getting quickly sold, he added.
As per the Anarock data, housing sales rose 14 per cent to 1,13,770 units in January-March from 99,550 units in the year-ago period across seven major cities.
Delhi-NCR was only cities that witnessed fall in the first three months of this year.
Anarock tracks sales, new supply and prices of primary (fresh) residential market of seven major cities.