Property Sales and Lease Trends in Delhi NCR (January - March 2022)

Affordable Housing May 13, 2022

The property sales market in Delhi - NCR witnessed a decline in transaction volume during January - March 2022 (Q1), compared to October - December 2021 (Q4). Delhi noted the steepest decline among the geographies explored, with a decrease of 22.8% QoQ. YoY trends didn't offer a difference in outlook either, with all regions exhibiting a decline to their figures in Q1 2021. With speculation around Delhi government’s plans to increase circle rates by upto 30% [1], these figures can be expected to take a further downturn over time; especially when evaluated in the context of the recently announced increase in repo rates by RBI [2].

TEAL is India’s largest repository of real estate data.  At TEAL, we leverage cutting-edge big data analytics and machine-learning to power our range of due diligence products and valuation tools. Our data repository covers title documents, municipal and litigation records, RERA registration details among other data points in Delhi-NCR, the Mumbai Metropolitan Region, Pune, Bangalore, Hyderabad, Warangal, Chennai, Coimbatore and other cities in Maharashtra.

Residential Transactions Continue to Account for the Bulk of Sales Volume in Delhi

Following suit from what was observed last quarter, Delhi saw the bulk of sales transactions in the Residential market. However, keeping in line with the general trend of declining sales witnessed this quarter, the residential sales market declined by 22.59% QoQ.

Exploring further, it is observed that smaller properties witnessed the larger proportion of sales this quarter.

Residential Properties With Area < 1500 sq. ft. Saw the Most Sales in Delhi

Properties with square footage less than 1500 sq. ft. held 90.6% of overall residential sales, out of which, 45.6% were observed to be properties under 500 sq. ft. - a figure that is just under 48%, the share observed last quarter.

Rohini Recorded the Highest Residential and Commercial Sales Volume in Delhi

Dwarka and Rohini recorded the highest residential property sales transactions in Q1 2022 with 1185 and 5831 transactions respectively. Rohini also observed the greatest share of its sales in the sub 500 sq. ft. segment, with 60.35% of its total sales falling in that segment.

Other localities that drove residential sales volume were Uttam Nagar and Mohan Garden.

In line with what is seen in the Residential market in Delhi, the commercial market saw the larger share of its sales taken by properties with square footage under 500 sq. ft.

Rohini and Sadar Bazar recorded the highest commercial property sales transactions in Q1 2022 with 131 and 130 transactions respectively.

Lease Activity in NCR Has Seen an Incline Except for in Delhi

Leasing activity, in contrast with what is seen in the sales market, shows an increase in all geographies observed except in Delhi. Ghaziabad showed the strongest increase QoQ with an increase of 12.08% from the last quarter, while Noida comes in next with an increase of 8.24% QoQ. There is room for more optimism as more and more educational institutes and offices reopen their doors for in-person attendance after an extended period of working from home.

Get an in-depth view of all regions explored including insights into demand by square footage, by locality, and by segment for sale and lease activity in NCR among other key metrics in TEAL Analytics’ full report.

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