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The average price of apartments in Delhi-NCR has risen 23 per cent year-on-year (YoY) to Rs 2.29 crore in CY23 from Rs 1.86 crore in CY22, proprty consultant JLL India said. On per square feet basis, property prices have risen 13 per cent during the same period. JLL attributed the substantial capital appreciation to strong demand fuelled by healthy growth sighted in income of citizens, strong sales reported of apartments in millennium city Gurugram and robust infrastructural development in the entire region. Gurugram has been driving the sales. In calendar year 2023, out of total apartments sold in Delhi NCR, more than half of these came from Gurugram itself.

Commenting on the data, realty firm Signature Global’s Chairman Pradeep Aggarwal said Gurugram’s real estate market thrived in 2023 with significant demand across all segments, and this trend is expected to hold strong even in 2024.

“Fuelled by rapid infrastructure development, Gurugram is likely to retain its lead position as NCR’s utmost residential market,” Aggarwal added.

After Gurugram, Noida-Greater Noida reported the second highest number of apartment sales in 2023.

Sighting the importance of infrastructural development in the region, JLL India  expects sale of Rs 1 lakh crore worth of houses in CY24 in Delhi NCR solely because of construction of Noida International Airport and Dwarka Expressway and other such infrastructural projects.

According to JLL India, the demand in 2023 was robust for newly constructed and high-value properties. “More than 46 per cent of sales value contribution worth Rs 40,805 crore was from new launches during the last year and priced Rs 3 crore and above. In 2023, a substantial proportion of new launches (42 per cent) were in this price segment. It was seen that many luxury housing projects in Gurugram and Noida were sold out within days of their launch,” Samantak Das, Chief Economist and Head Research, India at JLL said.

Sales were so robust in Delhi NCR  that inventory levels also fell on a YoY basis. Unsold inventory tally reduced to 66,777 units by CY23 end. In fact, inventory levels fell to 15-year low levels in Delhi NCR.

Total sales value of apartments was around Rs 88,000 crore in 2023.