Gurugram is at the epicenter of happenings of the state of Haryana. It is arguably the most consequential city in the Northern state after its shared capital of Chandigarh. Real estate in the city has seen a steady growth, given the expansion the city has witnessed, albeit the burgeoning number of corporations, that are working out of the city.
12 per cent Drop in Gurugram
But, as according to a report from Anarock, a research and consultancy firm, that trend is appearing to exhibit a decline for now. In fact, as according to their report, during January to March, housing sales in Gurugram witnessed a 12 per cent decline compared to the previous year.
Meanwhile, fellow NCR constituent Noida experienced a 19 per cent increase in demand for residential properties.
Delhi-NCR Sees a Collective Slump
According to a recent report published by online real estate website Magicbricks, Gurugram topped the list of cities with a hike in rent for accommodations. The Millennium city topped the list with a remarkable 31.3 per cent growth in rents in 2024.
Meanwhile, according to observers in the sector, there will be launches of new projects, that would transpire post the Lok Sabha election, the results for which will only be declared on 4 June.
According to the same report, while Noida fared better, most of NCR appears to have witnesses a slump in numbers. With overall sales in the first quarter of the calendar year seeing a 9 per cent decline in sales in the Delhi-NCR region. The residential properties segment was impacted. The cumulative numbers dropped from to 17,160 units to 15,650 units in the same period of the previous year.
According reports, Noida is the outlier in the region due upcoming projects in the city, like the International Airport, along with pre-existing apparatus, that make the city ready for use, rather being in the state of development, starting for basic amenities from the scratch.
With anticipation of better macroeconomic prospect and the general elections, these number may observe a change over the next weeks and months.
