New residential launches in Delhi’s National Capital Region dropped 16% in the second quarter, with developers introducing 11,250 units compared to the same period last year.
Gurgaon contributed nearly half of the new supply. The city accounted for 45% of the quarter’s total units, followed by Ghaziabad at 30% and Noida at 17%. Delhi and Faridabad saw quarterly increases in new supply.
Sales dip as buyers wait for better deals
Sales also declined, falling 9% year-on-year to 10,021 units. Gurgaon led with 43% of transactions, driven by demand along Dwarka Expressway, Golf Course Extension Road, New Gurgaon, and Manesar. Noida captured 36% of sales, while Ghaziabad took 18%.
JLL said sales momentum remained healthy in Ghaziabad, Faridabad and Delhi, supported by a steady flow of new projects that attracted buyers seeking newer housing products.
Developers concentrated new launches in established growth corridors. In Gurgaon, most projects appeared along Dwarka Expressway, while Ghaziabad saw activity near NH-24. Oberoi Realty, Signature Global, and Sobha Developers were among the most active in introducing new units.
Prices and rents keep climbing despite slower demand
Average residential prices in Delhi NCR reached ₹8,333 per sq ft, marking a 1.9% increase from the previous quarter and 9.4% from a year earlier. Gurgaon recorded the strongest annual growth at 10%, with a 1.9% quarterly rise. Noida followed with a 1.8% quarterly gain and 7.1% over the past year.
Ghaziabad and Faridabad posted more modest quarterly increases of 1.4%, while Delhi’s values rose just 1%. Rental growth remained steady across the region, with average rents increasing 1.3% quarter-on-quarter and 4.7% year-on-year.
Looking ahead, JLL expects residential launches to moderate as slower sales velocity, rising prices and easing demand momentum encourage developers to take a more measured approach to new supply. Gurgaon and Noida are expected to remain the main drivers of Delhi NCR’s residential price growth, supported by buyer demand and infrastructure-led development. JLL expects capital values to continue rising, although growth in Faridabad and Delhi is likely to remain more moderate.
The data, compiled by JLL, suggests the market’s direction hinges on whether buyers return in larger numbers or if developers adapt to current demand. Recent activity in Gurgaon’s corridors highlights how location continues to shape development strategies.
