Home › Articles › Delhi NCR Records Triple-Digit Growth in New Housing Supply in Q1 2023

Delhi NCR Records Triple-Digit Growth in New Housing Supply in Q1 2023

The Delhi NCR residential property market showed strong momentum during the first quarter of 2023, with a major rise in new housing supply across key cities such as Gurugram, Noida, Greater Noida, Ghaziabad, and Faridabad. During January to March 2023, developers launched around 5,209 new residential units in the region, reflecting an impressive 189% quarter-on-quarter increase. This sharp rise highlighted growing confidence among developers and stronger demand from homebuyers, especially in the mid-income and premium housing segments. Among all NCR cities, Gurugram emerged as the leading market, contributing nearly 63% of the total new housing supply. Its strong commercial growth, premium residential projects, and excellent connectivity made it the top destination for fresh launches and investor interest. Areas like Sector 63, Sector 92, and Sector 93 in Gurugram saw particularly high development activity. Greater Noida West, especially Sector 1 (Noida Extension), also remained one of the most active zones for new project launches. Buyers continued to show strong interest in locations offering better infrastructure, improved road connectivity, and access to schools, hospitals, and commercial hubs. A large share of the newly launched projects around 50% belonged to the above ₹1 crore price segment. This reflected growing demand for premium and luxury housing options in Delhi NCR, as buyers increasingly preferred spacious homes with better amenities and lifestyle features. Average residential property prices in Delhi NCR during Q1 2023 ranged between ₹4,500 and ₹4,700 per square foot, showing nearly 6% year-on-year growth. This steady price appreciation indicated healthy market recovery and improved buyer confidence after previous market slowdowns. In terms of sales, approximately 3,804 housing units were sold during the same quarter. Demand was mainly driven by 3BHK homes, which accounted for about 45% of total sales, followed by 4BHK units at 38%. This trend clearly showed a shift toward larger homes, especially among families looking for long-term residential investments. Noida and Greater Noida together contributed around 39% of total sales, while Gurugram alone accounted for nearly 35%. Popular areas for high sales activity included Sector 86 in Gurugram, Raj Nagar Extension in Ghaziabad, Techzone 4, and Greater Noida West. Despite the strong launch activity, Delhi NCR continued to face a high level of unsold inventory. By March 2023, unsold housing stock stood at nearly 99,690 units, with an inventory overhang of about 66 months significantly higher than the national average of 34 months. This suggested that while new supply was rising, developers still needed to manage existing stock carefully. Overall, the Delhi NCR property market showed clear signs of recovery and resilience in Q1 2023. Strong developer confidence, premium housing demand, and continued buyer interest in strategic locations helped push the market forward. With infrastructure improvements and growing end-user demand, the region remained one of India s most active and attractive real estate destinations.