Prices in the residential real estate sector were largely steady in the Delhi-NCR region, barring Gurgaon where prices rose marginally, a report said on Thursday. Although enquiries increased during the quarter, sales and average prices are yet to revive in the Delhi-NCR region. “Gurgaon witnessed a marginal upswing in home values, while the twin cities of Noida and Greater Noida reported a plateauing market,” said the Insite Report 2018 (April-June) by 99acres.com.
“Delhi recorded a stable realty landscape in anticipation of the long-pending Dwarka Expressway,” it added. Commenting on the developments in the Delhi and the National Capital Region, Maneesh Upadhyaya, Chief Business Officer, 99acres.com, said: “Construction activity is on a rise around Dwarka Expressway and certain pockets of Gurgaon, which is expected to be fully operational by February 2019. This has lifted market sentiment and the average ‘asks’ around the belt may see an uptick in quarters to come.”
“The rental markets of Gurgaon and Delhi also saw residential leasing rates going up by three per cent, each, over the last one year. To summarise, Delhi NCR’s real estate market is benefitting from steadily improving connectivity and has positioned itself on the recovery path, Upadhyaya said.
As per the report, the upcoming and completed infrastructure projects including the Jewar International Airport, elevated roads, new metro corridors, malls and medical units had improved the sentiment, but did not convert into higher sales volume in Noida and Greater Noida. Ghaziabad’s realty market, meanwhile, remained placid in the face of stale inventory.
In Haryana, both the major cities of Gurgaon and Faridabad witnessed restricted number of new launches in April-June 2018. While price points inched up slightly in Gurgaon on the back of some project handovers and new flyovers easing traffic gluts at important junctions, Faridabad reported weak realty sentiment, it noted.
According to the report, other than Delhi-NCR, Chennai and Kolkata, all major cities reported an upswing in average home prices between one and three per cent.