M A R K E T B E AT

DELHI NCR
Residential Q1 2023

Unit launches swell in Q1 ; Mid segment dominated launches

~7,800 NEW UNIT LAUNCHES (Q1 2023)
SHARE OF MID SEGMENT IN
49% NEW LAUNCHES – Q1 2023
The Delhi-NCR region saw a significant increase in residential launches during Q1 2023, with a total of ~7,800 units launched, indicating over 111%
increase on a qoq basis and a 109% growth compared to the same period previous year. Of this supply, 94% was in Gurugram, with micro markets such
as Golf Course Road Extension, NH8, and Dwarka Expressway witnessing highest number of launches, followed by 4% launches in Noida. The mid
segment accounted for majority of launches, with a 49% share, followed by the High-end/Luxury-segment with a 39% share, and the affordable segment
with a 12% share.

The historic launch of a residential project with a price range of INR 17,500-18,500 in the Golf Course Road Extension area indicates that the real estate
94% SHARE OF GURUGRAM IN NEW
UNIT LAUNCHES – Q1 2023
market in that location is highly buoyant. This could be due to a variety of factors such as the location, connectivity, and amenities offered in the area, as
well as the general positive sentiment towards the real estate market in the region. Also, the fact that prominent builders have lined up launches in
coming quarters further highlights the strength and potential of the market. Healthy number of launches were also recorded under the Haryana affordable
housing scheme with 3,572 units launched in Sohna during the quarter.

Gurugram prime markets imposed with 30% rise in circle rates

MARKET INDICATORS OVERALL Q1 2023 The Haryana government has recently decided to increase circle rates for prime micro markets in Gurugram, including DLF Phase 1-5, Golf Course
Road, Extension Road, and NH8. This new development in Gurugram, might impact the new transactions happening across the region, in the coming
YoY 12-Month quarters. Marquee projects would remain unaffected largely, as their market rates are well above revised circle rates.
Change Forecast
Capital values appreciating for select projects; Prime markets witness price rise
New Launches Owing to high demand for select category of projects, few developers raised their capital values this quarter. This is a trend that could continue in the
near future. Many developers have been voicing concerns around rising input and labour costs, which are now getting passed-through to the buyer.
Unless there is a change in consumer sentiment, this price rise is likely to continue for a few quarters.
Units Sold
During the first quarter of 2023, capital prices in both the mid and high-end segments of Delhi-NCR experienced some appreciation. Average city-wide
capital values increased by 3-5% on a qoq basis, and average rental values saw increase of 2-3%. Conversely, Noida prices remained largely stable.
Average Capital
Values (INR/sf)
SIGNIFICANT PROJECTS LAUNCHED IN Q1 2023

BUILDING LOCATION DEVELOPER UNITS LAUNCHED RATE (INR/SF)

DLF The Arbour Sector 63, Gurugram DLF 1,137 17,500 – 18,500

Aspen Iconic Sector 76, Gurugram Whiteland Developers 120 14,500

M3M Antalya Hills Phase 2 Sector 79, Gurugram M3M 2,068 8,988 – 9,500
M A R K E T B E AT

DELHI NCR
Residential Q1 2023

RENTAL VALUES AS OF Q1 2023 CAPITAL VALUES AS OF Q1 2023

AVERAGE QUOTED
AVERAGE QUOTED QoQ CHANGE YoY CHANGE SHORT TERM QoQ CHANGE YoY CHANGE SHORT TERM
SUBMARKET SUBMARKET CAITAL VALUE (INR
RENT (INR/MONTH) (%) (%) OUTLOOK (%) (%) OUTLOOK
psf)
High-end segment High-end segment
South-west 250,000 – 455,000 2% 13% South-west 38,000 – 58,000 2% 12%
South-east 125,000 – 230,000 1% 6% South-east 27,000 – 40,000 4% 14%
South-central 210,000 – 330,000 4% 21% South-central 35,000 – 55,000 3% 23%
Central 285,000 – 540,000 2% 4% Central 71,000 – 117,000 2% 17%
Gurugram 75,000 – 265,000 5% 40% Gurugram 22,500 – 34,000 4% 25%
Noida 55,000 – 105,000 0% 18% Noida 8,500 – 11,200 1% 17%
Mid segment Mid segment
South-east 98,000 – 192,000 2% 8% South-east 23,000 – 29,500 2% 12%
South-central 119,000 – 228,000 1% 9% South-central 27,800 – 39,500 4% 14%
Gurugram 63,000 – 107,000 3% 28% Gurugram 7,500 – 12,500 5% 33%
Noida 32,000 – 52,000 0% 16% Noida 4,600 – 8,500 2% 20%

The above values for high-end segment are for units typically of 2,000-4,000 sf
The above values for mid segment are for units typically of 1,600-2,000 sf
Faridabad & Ghaziabad are not included in the new unit launches in Delhi NCR
Nikita Sharma
Assistant Manager, Research Services
SIGNIFICANT PROJECTS UNDER CONSTRUCTION IN Q1 2023 +91 124 4695555 /Nikita.Sharma@cushwake.com

BUILDING LOCATION DEVELOPER UNITS LAUNCHED COMPLETION

Suvishesh Valsan
Emaar Digi Homes Sector 62, Gurugram Emaar 504 Q3 2023 Director, Research Services
M3M Heights tower A Sector 65, Gurugram M3M 150 Q2 2023 +91 22 67715555 / Suvishesh.valsan@cushwake.com
ACE Parkway Sector 150, Noida Ace Group 950 Q2 2023

SIGNIFICANT CONSTRUCTION COMPLETIONS IN Q1 2023

BUILDING LOCATION DEVELOPER UNITS LAUNCHED UNIT SIZE

NA
High-end Segment
South-west: Shanti Niketan, Westend, Anand Niketan, Vasant Vihar
South-east: Friends Colony East, Friends Colony West, Maharani Bagh, Greater Kailash – I, Greater
Kailash – II
South-central: Defence Colony, Anand Lok, Niti Bagh, Gulmohar Park, Hauz Khas Enclave, Safdarjung
Development Area, Mayfair Gardens, Panchsheel Park, Soami Nagar, Sarvaodaya Enclave
Central: Jorbagh, Golf Links, Amrita Shergil Marg, Aurangzeb Road, Prithviraj Road, Sikandara Road,
Tilak Marg, Ferozshah Road, Mann Singh Road, Sunder Nagar, Nizamuddin, Tees January Marg,
Chanakyapuri
Gurugram-Luxury: Golf Course Road
Mid Segment
South-east: New Friends Colony, Kalindi Colony, Ishwar Nagar, Sukhdev Vihar,
Kailash Colony, Pamposh Enclave
South-central: Uday Park, Green Park, Saket, Asiad Village, Geetanjali Enclave,
Safdarjung Enclave, Sarvapriya Vihar, Panchsheel Enclave, Navjeevan Vihar
Gurugram: Sohna Road (Sectors 38, 47-49), Southern Peripheral Road, New
Gurugram, Dwarka Expressway and Sohna
Noida: Sectors 50, 74-79, 82, 83, 110, 112, 115-121, 134, 135, 137, 143, 150,
151 and 168), Greater Noida and Yamuna Expressway
cushmanwakefield.com
A CUSHMAN & WAKEFIELD RESEARCH PUBLICATION
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services
firm that delivers exceptional value for real estate occupiers and owners.
Cushman & Wakefield is among the largest real estate services firms with
approximately 51,000 employees in 400 offices and 70 countries. In 2018, the
firm had revenue of $8.2 billion across core services of property, facilities and
project management, leasing, capital markets, valuation and other services.
©2021 Cushman & Wakefield. All rights reserved. The information contained within this
report is gathered from multiple sources believed to be reliable. The information may
contain errors or omissions and is presented without any warranty or representations as
to its accuracy.