- The average weighted property prices remained unchanged across zones in Delhi NCR, QoQ.
- Property sales recovered by almost 40 percent and the quarter closed with the closure of around 3,100 deals.
- The interest of the NRI community resurged in the wake of the ongoing COVID-19 crisis and the depreciating value of rupee.
- Gurgaon reported a faster recovery in comparison to the other zones such as Noida, Greater Noida and Ghaziabad. Ready inventory remained the prime focus of the risk-averse homebuyers across the city.
* Supply is basis properties listed on 99acres.com * Demand is basis queries received on 99acres.com
Post a lull in housing sales and new launches in Apr-Jun 2020, Delhi NCR’s realty landscape showed some fast cropping green shoots of recovery in Jul-Sep 2020, i.e. soon after the gradual lifting of the nationwide lockdown. Brokers and developers reported a marked improvement in the quality of leads during the quarter as serious homebuyers ventured into the market to conduct site visits. Resultantly, monthly sales volume recovered by almost 50 percent in July. Overall, the quarter closed with transactions numbering at around 3,100 units, which is a nearly 40 percent increase from 2,000 units in the previous quarter, but a significant dip from 9,800 units last year. The city constituted about 22 percent of the total property sales across the top eight metro cities in India, second to Mumbai.
The quoted property prices remained unchanged; however, sellers remained flexible to negotiate up to 10-20 percent in the resale segment. A few distressed sales were also reported in the quarter.
Unlike the previous quarter, which went by without any new launches, Jul-Sep 2020 saw a few new projects coming up in Greater Noida, Ghaziabad and Gurgaon. Overall, the city continues to stand with an unsold housing stock of about two lakh units. The silver lining is the increased interest of the NRI community, which coupled with the festive season may fasten the process of recovery in the final quarter of the pandemic-hit year.
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||2.94%|
|Sector ZETA Gr Noida||3,400-4,200||10||2.85%|
|Rs 40 lakh - Rs 1 crore||Sector-137 Noida||4,100-5,300||13||3.03%|
|Rs 1 crore and above||Vasant Kunj||11,600-13,700||29||2.61%|
|DLF CITY PHASE 1||10,300-13,900||24||2.12%|
* 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