Housing Prices In Gurugram Down 4%, Noida Sees Marginal Rise: PropTiger
A real estate agent draws the curtains inside a display unit at a high-rise luxury apartment block in Noida, east of New Delhi, India. (Photographer: Prashanth Vishwanathan/Bloomberg)  

Housing Prices In Gurugram Down 4%, Noida Sees Marginal Rise: PropTiger

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Housing prices in Gurugram and adjoining areas have dropped 4 percent in the last one year, while Noida and Greater Noida saw one percent increase, according to brokerage firm PropTiger.

The weighted average basic selling price in Gurugram declined to Rs 4,868 per sq ft in July-September period from Rs 5,055 per sq ft a year ago, News Corp-backed PropTiger said in its report Real Insight.

Gurugram area includes Bhiwadi, Sohna, and Dharuhera. However, rates in Noida (including Greater Noida and Yamuna Expressway) rose marginally to Rs 3,921 per sq ft from Rs 3,886 per sq ft during the period under review.

As per the report, the combined housing sales in both Gurugram and Noida regions fell 47 percent during the July-September period to 5,569 units. Sales in Gurugram fell by 31 percent to 2,742 units in July-September this year from 3,988 in the corresponding period of last year, while demand plunged by 57 percent to 2,827 units from 6,528 units.

In the new supply, Gurugram saw an increase of 27 percent to 2,353 units from 1,851 units, but Noida witnessed a fall of 55 percent to 736 units only from 1,647 units. As of Sept. 30, 2019, builders in the two cities had an unsold stock of 1,06,317 units as against 1,15,598 units a year ago.

In its report, PropTiger tracks sales, launches, prices in residential markets of nine cities - Mumbai Metropolitan Region (including Navi Mumbai and Thane), Pune, Noida (including Greater Noida and Yamuna Expressway), Gurugram (including Bhiwadi, Dharuhera and Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad. PropTiger.com is part of Elara Technologies that also owns Housing.com and Makaan.com.

Also read: India Can’t Get By Without a Big Bang

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