NCR’s residential sales at a decadal high in H1 2023

financialexpress.com:

In H1 2023, the National Capital Region (NCR)’s primary residential market witnessed steadfast homebuying demand. However, the conspicuous annual growth in demand and supply parameters in the half yearly periods of 2021 and 2022 due to the pandemic softened during this review period as the market seems to have stabilized, according to Knight Frank India’s flagship half-yearly report — ‘India Real Estate H1 2023’ — which tracks the ongoing developments that have impacted the residential and office segments across the top 8 cities.

This is largely due to the cumulative repo rate hike of 250 basis points since 2022 which did not derail the homebuying spree but played a role in slowing down the upward sales momentum in certain segments. Despite the annual growth rate slowing down, half yearly sales volume in absolute terms closed at a decadal high at 30,114 units.

H1 2023’s residential sales volume represents a 3% YoY growth over H1 2022. Surpassing the previous sales high of H2 2022 has been possible due to two primary reasons: a) a pause in the repo rate hike cycle in 2023 which brought relief to homebuyers, and b) new inventory coming to the market that has been well received by interested buyers. Due to a lack of ready to move in inventory by credible developers, any new inventory introduced by such developers has found takers in the market as it comes out of the shadow of the pandemic. Post pandemic, buyers’ confidence in timely delivery of new projects has been reinstated to some extent. These factors have contributed to making H1 2023 the strongest half yearly period since H1 2013.

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Of the total units sold in H1 2023, Gurugram accounted for more than