Over 8,000 high-end housing units sell in Delhi NCR during the quarter

• In Q3 2024, a total of 8,183 high-end housing units were sold in Delhi NCR, down by 9% q-o-q but up by 109% on an annual basis. Gurgaon accounted for 82% of the quarterly high-end sales, followed by Noida with a 15%.
• Within Gurgaon, 54% of the high-end sales were in the Dwarka Expressway cluster, with developers like Max Estates, Godrej Properties, Krisumi Corporation, ATS Homekraft and Whiteland Corporation witnessing strong sales in their new launches.

Over 8,600 high-end housing units launched in Delhi NCR in the quarter

• Gurgaon had the highest portion (85%) of the housing launches during the quarter. In Gurgaon, the Dwarka Expressway cluster saw a majority (59%) of the launches. The clusters of Gurgaon-Faridabad Road and NH8 also saw new launches in the quarter.
• Prominent launches in Gurgaon included Trevoc Group’s maiden project, Royal Residences at Golf Course Road; Max Estates’ first project in Gurgaon, Estate 360 at Dwarka Expressway; and Adani Lushlands at Gurgaon-Faridabad Road.

Capital values and rents for high-end homes rise during the quarter

• Average capital values in Delhi NCR were up by 4.6% q-o-q and up by a significant 20.4% y-o-y. Rents, too, have risen for high-end housing and were up by 2% q-o-q and by 12% y-o-y.
• The Greater Noida cluster in Noida, earlier known for affordable and mass housing, saw the highest increase in prices, with new high-end projects being launched at upwards of INR 10,000 per sq ft during the quarter.

Outlook: Housing launches to remain robust, supported by strong sales

• During the quarter, developers like Godrej Properties, Birla Estates, Experion Developers, Eldeco and County Group acquired land parcels in Gurgaon and Noida to develop residential projects, thus the high-end housing supply is expected to remain robust.
• Demand for luxury homes is expected to remain strong and grow further, driven by people looking for bigger homes with better amenities, a rise in disposable income and launches of quality housing projects by established developers.