- Reduced guidance values in Delhi and all-time low home loan interest rates lifted home buying sentiment in Delhi NCR in Jan-Mar 2021. Resultantly, housing sales in the city improved by 10 percent, QoQ.
- Unsold inventory in Delhi NCR stood at over 1.5 lakh units at the March 2021-end. Around 65 percent of the unsold residential stock is in Noida.
- New launches improved in the period, while the market still needs to cover a lot of ground to reach the pre-COVID-19 level.
- The rental demand continued to be the worst hit across zones. Rentals also plummeted by about 15-20 percent, YoY, amid the rising COVID-19 cases.
- Restricted enquiries and small-scale investments impacted annual office space leasing in Delhi NCR in Jan-Mar 2021. Lease rates were down by 10-15 percent, YoY.
* Supply is basis properties listed on 99acres.com * Demand is basis queries received on 99acres.com
Reduced guidance values in Delhi and alltime low home loan interest rates lifted home buying sentiment in Delhi NCR in Jan-Mar 2021. While residential enquiries remained stable, conversions increased QoQ amid the pent up demand, resulting in an around 10 percent surge in housing sales in the quarter. The average property prices, however, failed to register any growth, QoQ.
New launches improved in the period; while the market still needs to cover a lot of ground to reach the pre-COVID-19 momentum. Around 16 new and redeveloped projects/phases were launched across zones, with maximum share in the affordable segment. Barring a few builders, such as Godrej Developers, Express Builders and Trident Builders, many deferred their launches to the forthcoming auspicious period of Navratri. Besides, developers played defensive owing to the recent surge in COVID-19 cases in the capital and the ongoing liquidity crunch.
Unsold inventory in Delhi NCR stood at over 1.5 lakh units around March 2021 end. Around 65 percent of the unsold residential stock is in Noida, followed by Gurgaon at 22 percent and Faridabad at three percent. The remaining is spread across Delhi and Ghaziabad.
The rental market continued to be the worst-hit across zones, as many companies continued to operate with a limited workforce. Rentals also plummeted by about 15-20 percent YoY, and amid the rising COVID-19 cases, it is unlikely to see normalcy any time soon.
Key micro-markets across budget segments
|Key micromarkets||Average Capital 'Asks'||Average Rental 'Asks'||Rental Yield|
|Within Rs 40 lakh||Raj Nagar Extension||2,900-3,400||8||2.75%|
|Rs 40 lakh - Rs 1 crore||Sector-137 Noida||4,200-5,200||12||2.84%|
|Rs 1 crore and above||Sector-6 Dwarka||8,300-9,300||16||2.22%|
|DLF CITY PHASE 2||10,400-11,800||27||2.79%|
* Note: Rental Yield has been calculated for a 1,000 sq ft apartment. **Average property prices and rental rates have been calculated as per listings posted on 99acres.com in the studied quarter. ***The range of property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments