The Delhi-NCR real estate market witnessed positive growth for H1 2018 as per several reports and studies. 90% of growth was witnessed in the entire region with more than 9, 000 new housing units being launched. However, there is still unsold inventory of approximately 1.57 lakh units which will require a few years to completely offload. On an average, half-yearly new launch figures have generally ranged between 40-50, 000 units for the NCR but this started coming down from the year 2015 due to piling up inventory levels, litigations, RERA and demonetization among other factors.
H1 2018 has shown signs of recovery in the Delhi-NCR housing market after the market has settled down and adjusted to all these policy changes. GST and RERA have brought in more transparency, accountability and structure to the industry while scaling up buyer confidence at the same time. Also, the Government’s thrust on affordable housing could drive industry growth in the future as per experts. Several real estate developers came up with new launches for the first half of the year and this indicates a strong revival of the mid-range housing segment. 47% of new launches were seen in Gurgaon for this period.
18, 050 units were sold in the region in this period as compared to 17, 188 units sold in H1 2017, thereby indicating 5% of growth. Buyers are steadily returning to the market and so are fence sitters. With prices stabilizing and correcting in several areas and developers offering better deals, demand may pick up rapidly over the next few months as per reports. Ready-to-move projects are still the first choices for most buyers in this region although newly launched under-construction properties are expected to find more takers too.
