Housing Demand Picks Up 20% in NCR

During the first half of this year, housing sales have risen by 20% in Delhi NCR at 35,000 housing units and displaying the signs of upgrading in the property sector that has been facing slow movement in the demand.

During H1 2013, NCR property sector witnessed a whole absorption of 35,000 residential units showing an upsurge of 18% from H1 2012. This rapid increase in sales can be attributed to the high number of ventures launches in the affordable category, “Property consultant Knight Frank India said.

The highest absorption in Greater Noida climbed nearly 4 times compared to the same period in 2012 signifying the healthy demand for countless reasonable options. It observed the sales of 14,300 residential units in H1 2013 against 3,750 residential units in the preceding year.

Due to increasing unaffordability in the emerging markets like Noida and Gurgaon, the absorption levels have decreased. NCR market is endeavoring for a better steadiness. Many leading developers are mostly concentrating on the project completion and deferring new launches,” the consultant said.

The consultant said that slow-moving buyer sentimentalities have discouraged the sales in locations like Greater Noida, Dwarka expressway and Noida expressway. All these locations are very profitable to lure many investors.