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Quarterly residential real estate analysis of top 8 cities in India

Delhi NCR Real Estate Report Oct-Dec 2020

2144 Jan 21, 2021 Download Report
  • The residential market in Delhi NCR reported around 40 percent growth in the sales volume in Oct-Dec 2020 against Jul-Sep 2020.
  • New launches declined by 25 percent, YoY, with merely nine projects announced in the studied period. Builders refrained from new project announcements and focused on offloading their existing inventory and generating cash inflow.
  • The demand-supply disequilibrium did not alter the average ‘asks’. Builders afraid to lose their potential patrons abstained from increasing prices.
  • The rental market remained the worst hit with migrant workforce still in their native places and homeownership gaining popularity among tenants.
  • Office space leasing in Delhi NCR nearly doubled in Oct-Dec 2020 to 1.7 million sq ft. Among the popular leases, software giant, Microsoft leased 1.5 lakh sq ft of Grade A office space at KP Towers in Noida.

 

DELHI NCR REALTY AT A GLANCE

Property Prices
Rental 'Asks'
Demand
Supply
* Property prices represent quarterly change * Rental 'asks' represent yearly change

* Supply is basis properties listed on 99acres.com * Demand is basis queries received on 99acres.com

 

99ACRES' OUTLOOK

The residential market in Delhi NCR reported around 40 percent growth in the sales volume in Oct-Dec 2020 against Jul-Sep 2020. With about 4,500 units sold, the city emerged as the second-largest contributor to housing sales across metros, after Mumbai. Nevertheless, the numbers were still around 25 percent lower than the Jan-Mar 2020 quarter.

New launches declined by 25 percent, YoY, with merely nine projects announced in the studied period. Barring a few additions by premium developers, such as Godrej, DLF and BPTP, fresh housing supply in Delhi NCR remained low-key. Builders refrained from new project announcements and focused on offloading their existing inventory and generating cash inflow. Many developers also deferred their expansion plans to calibrate their project designs as per the customers’ altered preferences.

The demand-supply disequilibrium did not alter the average ‘asks’. Builders afraid to lose their potential patrons abstained from increasing prices. Resultantly, property values across zones maintained a status quo in Q4 2020
against the previous quarter.

The rental market in Delhi NCR remained the worst hit. With migrant workforce still in their native places and homeownership gaining popularity among tenants, rental demand remained tepid. And, experts feel that the trend might stay for another couple of quarters as tenants are unlikely to return soon amid the news around the new strain of Coronavirus.

 

Key micro-markets across budget segments

Key micromarketsAverage Capital 'Asks'Average Rental 'Asks'Rental Yield
Within Rs 40 lakhDwarka Mor3,960-4,760164.47%
Raj Nagar Extension2,930-3,51082.75%
Rs 40 lakh - Rs 1 croreSector-137 Noida4,120-5,100122.84%
Sector-78 Noida5,050-6,240142.75%
Sector-83 Gurgaon4,940-5,740112.24%
Rs 1 crore and aboveSector-6 Dwarka8,730-9,500172.22%
Sector-10 Dwarka7,960-8,990172.23%
DLF CITY PHASE 29,960-11,850272.79%

* 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

 

 

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
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