New home sales in the NCR rose by 6% in Q2 2024

01 Jul 2024 CW Team

According to the most recent research by real estate consultants Anarock, NCR is the only metro area to witness a 6% gain in property sales, while other major cities are seeing a decline. Not only that, but NCR had a staggering 134% rise in new launches in Q2 2024 compared to Q1 2024, with almost 17,030 units introduced. 82% of the new product releases in the second quarter of this year were in the luxury market, with prices above Rs 15 million. According to the survey, despite the addition of new supply, available inventory in the top 7 cities declines by 1% on a quarterly basis and by 6% on an annual basis. The NCR had the worst annual decrease, at 22%. "Average property prices in the top 7 cities increase by 7% on a quarterly basis, but by a noteworthy 25% on an annual basis." Anuj Puri, chairman of Anarock, reported that there has been a 7% quarterly increase and a notable 25% annual rise in average residential prices across the top 7 cities, based on available data. He highlighted that the National Capital Region (NCR) experienced the highest quarterly jump of 10% in the second quarter of 2024, whereas Hyderabad saw the highest annual increase of 38% in average residential prices. Puri added that if prices are effectively controlled from now on, the impact on housing sales may not be significant in the upcoming quarters. Pradeep Aggarwal, chairman of Signature Global, commented that while developers have continued to launch new projects to meet latent homebuyer demand, many are also intensifying efforts to acquire new land in anticipation of future projects. He noted that major peripheral areas of the NCR are witnessing new launches, including amenity-rich group housing, independent floors, and gated plotted developments, aimed at meeting the requirements of modern homebuyers. Vikas Garg, joint managing director of Ganga Realty, stated that the sales growth observed in Delhi-NCR during the April-June quarter, despite price increases and a downturn in most cities, underscores that high-quality housing projects can attract property buyers even in the face of rising prices. He emphasised that Delhi-NCR stands out as the only city showing quarter-to-quarter growth, indicating robust demand from end-users for residential properties, particularly an increase in interest in luxury homes prevailing in the current market conditions. He also noted that Gurugram has particularly witnessed significant growth in uber-luxury homes in the emerging hubs of Gurgaon.

According to the most recent research by real estate consultants Anarock, NCR is the only metro area to witness a 6% gain in property sales, while other major cities are seeing a decline. Not only that, but NCR had a staggering 134% rise in new launches in Q2 2024 compared to Q1 2024, with almost 17,030 units introduced. 82% of the new product releases in the second quarter of this year were in the luxury market, with prices above Rs 15 million. According to the survey, despite the addition of new supply, available inventory in the top 7 cities declines by 1% on a quarterly basis and by 6% on an annual basis. The NCR had the worst annual decrease, at 22%. Average property prices in the top 7 cities increase by 7% on a quarterly basis, but by a noteworthy 25% on an annual basis. Anuj Puri, chairman of Anarock, reported that there has been a 7% quarterly increase and a notable 25% annual rise in average residential prices across the top 7 cities, based on available data. He highlighted that the National Capital Region (NCR) experienced the highest quarterly jump of 10% in the second quarter of 2024, whereas Hyderabad saw the highest annual increase of 38% in average residential prices. Puri added that if prices are effectively controlled from now on, the impact on housing sales may not be significant in the upcoming quarters. Pradeep Aggarwal, chairman of Signature Global, commented that while developers have continued to launch new projects to meet latent homebuyer demand, many are also intensifying efforts to acquire new land in anticipation of future projects. He noted that major peripheral areas of the NCR are witnessing new launches, including amenity-rich group housing, independent floors, and gated plotted developments, aimed at meeting the requirements of modern homebuyers. Vikas Garg, joint managing director of Ganga Realty, stated that the sales growth observed in Delhi-NCR during the April-June quarter, despite price increases and a downturn in most cities, underscores that high-quality housing projects can attract property buyers even in the face of rising prices. He emphasised that Delhi-NCR stands out as the only city showing quarter-to-quarter growth, indicating robust demand from end-users for residential properties, particularly an increase in interest in luxury homes prevailing in the current market conditions. He also noted that Gurugram has particularly witnessed significant growth in uber-luxury homes in the emerging hubs of Gurgaon.

Resources

03 Jun 2026

Jyoti Structures Launches Heat Safety Drive Across Sites

Jyoti Structures (JSL) has strengthened heat safety measures across its project sites and manufacturing facilities as temperatures rise across India. The company has implemented a Summer Safety Plan covering all transmission line projects to address risks related to heat stress, dehydration and worker fatigue.The initiative includes rescheduling work away from peak afternoon temperatures, provision of drinking water, ORS and lemon-salt solutions, and installation of rest shelters near work areas. Daily toolbox talks, worker health monitoring, first-aid preparedness, emergency transport arrange..

Real Estate

03 Jun 2026

MHADA Declares 82 Buildings Most Dangerous in Central and South Mumbai

The Maharashtra Housing and Area Development Authority (MHADA) has declared 82 buildings as most dangerous across Central and South Mumbai and has appealed to residents to vacate immediately. The list, prepared after structural assessments by the authority, identifies buildings judged to pose imminent risk to occupants and to passersby. Local civic bodies have been asked to coordinate evacuations and to make arrangements for temporary shelter and rehabilitation for displaced households. Officials said the authority prioritised buildings with visible structural distress, severe cracking, tiltin..

Infrastructure Transport

03 Jun 2026

Damage Reported At Halwara Airport Terminal After First Rains

Severe damage was reported at the terminal of Halwara Airport during the first major rain spell of the season, prompting immediate concern among aviation and local authorities. Images from the site showed water ingress and visible deterioration of the terminal interior, affecting passenger areas and ancillary services. The airport authority suspended certain operations temporarily to assess structural safety and ensure passenger wellbeing. Preliminary inspections have prioritised electrical systems and roof seals to prevent further water ingress. State aviation officials ordered a formal inqui..