Gurgaon Real Estate Update - July 2023: Thriving Sales, Price Growth, and a Promising Outlook
- Gaurav Gupta
- Aug 1, 2023
- 2 min read
Updated: Aug 26, 2023
July 2023 Edition: Welcome to Your Exclusive Monthly Gurgaon Real Estate Update!
Hey there, savvy investors and homebuyers!
We are thrilled to present your personalized gateway to the dynamic world of Gurgaon real estate. Our monthly property update is tailor-made for discerning executives like yourself, seeking valuable insights, trends, and exciting investment opportunities in Gurgaon.
We understand the significance of well-informed decisions in this ever-evolving market. With our expert analysis and market expertise, we are dedicated to helping you discover hidden gems in Gurgaon's real estate landscape and seize those golden opportunities for growth and prosperity.
Market Snapshot
The National Capital Region (NCR) witnessed robust sales of 30,114 housing units in H1 2023, with Gurugram accounting for 52% of the total volumes.
Noida and Greater Noida collectively held a 32% share, followed by Ghaziabad (12%), Delhi (2%), and Faridabad (2%).
New project launches in NCR focused on amenities-rich group housing, independent floors, and gated plotted developments to meet the demands of modern homebuyers.
Premium segment projects (above INR 1.50 crore) dominated new launches with a 29% share, while those between INR 1 crore-1.5 crore constituted 24%.
Price Growth
Average residential prices in NCR rose by 5% YoY in H1 2023, driven by steady demand and higher-priced inventory.
Gurugram witnessed a significant increase in new launches, comprising 82% of NCR's total in H1 2023, reflecting growing development in peripheral areas.
Ready-to-Move Projects
Older inventory nearing completion gained traction, contributing to around 12% of sales in H1 2023.
Unsold Inventory
Unsold inventory in Gurgaon decreased by 2% Q-o-Q in Q2 2023, with new launches outpacing sales, indicating strong market growth.
Years to sell (YTS*) declined from 2.7 years in Q1 2023 to 2.5 years in Q2 2023, pointing to robust sales growth.
Gurgaon's Micro Markets
Dwarka Expressway - 33%
New Gurgaon - 29%
Golf Course Extension / SPR - 21%
Sohna Road - 7%
Others - 10%
Macro Factors
Despite changing interest rates, NCR recorded the second-largest residential sales growth in H1 2023, driven by high consumer demand.
Government initiatives, RBI's rate pause, and moderate inflation revitalized the residential market.
Outlook
Steady launches are anticipated in H2 2023 as developers expand land banks, benefiting from expected interest rate moderation and growing housing demand.
Reputed developers announced a robust supply pipeline set to be launched within the next 7-8 months.
Prominent regional developers expanding into new markets to tap into growing demand in Gurgaon.
The outlook for 2023 is bright, with steady growth expected in mid-segment, premium, and luxury segments.
Keep an eye on these developments as the residential market continues to evolve, offering potential opportunities for real estate investors. We hope our monthly update has provided you with valuable insights, trends, and the confidence to make informed decisions in this dynamic market.
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