NCR registered 2nd most significant yearly surge in new residential launches among the top 7 cities In Q3 2023, the National Capital Region (NCR) contributed 8% to the overall new residential supply within the top 7 cities. During this period, approx. 9,200 residential units were launched, reflecting a 9% surge in comparison to the previous quarter. Notably, on an annual basis, this figure demonstrates a substantial 44% rise when against the corresponding quarter in 2022.
Delving into zone-wise launches, Gurgaon emerged as the predominant market for fresh residential launches, contributing a remarkable 50% to the overall NCR supply. Noida and Ghaziabad followed suit, making respective contributions of 33% and 15%. Notably, Noida stood out among all the regions, experiencing an impressive 248% quarterly growth in new launches. Delving into the budget segmentation of new launches, the ultra-luxury category dominated with a commanding 38% share, marking the highest q-o-q increase among all the segments by 28%.
Home sales in NCR declined compared to the previous quarter, but showcased an annual increase During the third quarter of 2023, the residential real estate sector in NCR recorded sales of nearly 15,900 housing units. This represented a 13% share of the total sales among the top seven cities. Notably, NCR saw a 6% surge in sales compared to Q3 2022. However, when examining the data on a Q-O-Q basis, there was a slight 3% decline in sales.
Delving into the tapestry of housing sales across the NCR, Gurgaon unquestionably took center stage, commanding an impressive 56% share of the region's residential sales in the third quarter of 2023. Greater Noida, Noida, and Ghaziabad all made their mark in the sales landscape, each possessing a significant share of the market, with 15%, 10%, and 10% of the total sales, respectively. Of particular interest is the standout performance of Noida, as it emerges as the sole market within NCR to exhibit robust growth in Q3 2023 compared to Q2 2023, boasting an impressive 30% surge in sales.
NCR witnessed the highest Y-O-Y decline in inventory overhang among the top 7 cities NCR recorded an available inventory of nearly 1,04,400 residential units. Remarkably, NCR has experienced a 6% quarter-on-quarter decline in available inventory. When considering Y-O-Y data, the region has demonstrated the most substantial reduction, with a 21% drop in available residential inventory compared to the other top six cities.
Within the landscape of NCR's real estate markets, Gurgaon emerges as the dominant contributor, with 41% of the total available stock, followed by Greater Noida, which accounts for 21% of the units. It is worth noting that, except for Noida, all zones within NCR have seen a quarterly decline in their respective available. NCR's available inventory is primarily concentrated in the affordable and mid-segment ticket sizes, jointly constituting over 68% of the total inventory. At the close of Q3 2023, the inventory overhang has reduced by 2 months on a quarterly basis, now standing at 20 months.