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NCR Property Market Records 46% YoY Growth in Area Sold in FY23

The real estate market in the National Capital Region (NCR) witnessed significant growth during the financial year 2022 23, with a sharp increase in the total area of properties sold. Reports indicate that the overall area transacted across residential projects grew by approximately 46% compared to the previous financial year, highlighting strong buyer demand and market recovery. This growth reflects a positive shift in consumer sentiment, as more buyers entered the market due to improved economic conditions and increased confidence in real estate as a long-term investment. The demand was particularly strong in major NCR cities such as Noida, Greater Noida, Gurgaon, and Ghaziabad. One of the key factors contributing to this surge was the rising preference for larger homes. After the pandemic, buyers have increasingly prioritized spacious properties with better amenities, leading to higher ticket sizes and increased area sales. Additionally, improved infrastructure development across the NCR played a crucial role in boosting demand. Projects such as expressways, metro expansions, and new connectivity corridors have made several emerging locations more attractive to homebuyers and investors. Affordable and mid-segment housing continued to dominate the market, accounting for a major share of total sales. At the same time, the luxury housing segment also saw growth, driven by high-income buyers seeking premium properties. Another important trend observed during this period was the growing interest in newly launched projects. Buyers showed a preference for modern developments offering better design, amenities, and long-term value. Developers also responded to the rising demand by launching new projects and offering flexible payment plans and attractive deals, further encouraging property purchases. Overall, the NCR real estate market experienced strong momentum in FY23, with a substantial rise in the total area sold. The combination of increased demand, improved infrastructure, and positive buyer sentiment indicates a stable and growing market outlook for the coming years.