Housing Sales in NCR Decline amid Lack of Inventory, Surge in Home Prices
According to statistics acquired by Knight Frank India, the National Capital Region (NCR) saw a minimum seven percent decline in housing sales between July and September. The decline was attributed to shortages in the less than Rs 1 crore sector of the market and larger price fluctuations.
Sales of homes in the region were 12,976 units in Q3 2024 as opposed to 13,471 units in Q2. Compared to the January-March period, sales dropped by almost 16 percent from 15,907 units.
“We saw a significant decline in areas like Gurgaon and Greater Noida as a result of a sharp decline in the supply of available housing for less than Rs 1 crore ticket size.” Homebuyers are forced to go into larger ticket levels, which has also caused a significant decline in the homebuying market, according to Vivek Rathi, head of research at Knight Frank India, who spoke with Moneycontrol.
According to experts, the majority of the newly constructed housing in the area is in the premium and luxury market, with prices starting at above Rs 1 crore. For instance, Rathi continued, a Rs 90-lakh house is now valued at Rs 1.1 crore or even more. “The market will only recover when either prices decline or a major supply of inventory hits the sector in the less than Rs 1 crore segment.”
