New home supplies see 114% growth in NCR: Report

Gurgaon: With the festive season on the doorstep, the real estate market seems to be back on track. This inference can be drawn from a quarterly report on real estate trends which revealed that the new supplies in NCR cities witnessed a growth of 114% in the third quarter of this year as compared to the corresponding period of 2021.
According to the Real Insight residential report by PropTiger.com, a digital real estate transaction and advisory services platform, on the back of strong demand, residential sales in NCR have also shown a robust growth while registering a 20% increase.
Delhi-NCR saw sales of 5,430 units and 6,340 new launches in the third quarter of 2022 over last year’s 4,460 and 1,750 new units, respectively, in the same quarter, as per the report. The new supplies are also at par with the 2015 levels for the second consecutive quarter.
Another consumer sentiment survey report, jointly released by the Confederation of Indian Industry (CII) and real estate consultants Anarock, claimed that the demand for 3BHKs has outstripped that of 2BHKs for the first time. “At least 44% of prospective homebuyers preferred 3BHKs, followed by 38% favouring 2BHKs.”
Nayan Raheja, director of Raheja Developers, said, “With stability coming back post-Covid in the Indian markets, real estate has emerged as the best growing segment for investments, with residential and commercial plotted and low-rise segments leading the way, followed by farmhouses, housing, pre-leased commercials and retails.”
Saurabh Shankar, head of sales, AIPL Group, said, “The demand for a 2BHK with a study or a 3BHK house has increased significantly, not in metros but even in tier II and smaller towns. We expect this trend to continue and developers are also planning the projects accordingly.”
Arun Puri, chairman of Anarock, said, “The pandemic effect on home sizes continues — larger spaces in non-core urban areas remain in higher demand across the top cities. The reopening of offices and schools has changed little about this trend as the increasing demand for the 3BHK configuration over 2BHK”.
Vikas Wadhawan, the group CFO of PropTiger.com, said, “Especially with the festive season which has just commenced, we’re experiencing a continuous surge in consumers’ positive sentiments towards property investments.”