Whiteland Corporation To Invest 5,600 Crore
Delhi-NCR-based real estate firm, Whiteland Corporation signed an agreement on July 4th with Marriott International Inc. to bring Weston Residences to Gurugram, investing rs 5600 crore to develop the ultra-luxury project.
Delhi NCR saw approximately 2.72 lakh units sold, and MMR also saw sales of Rs 5.50 lakh units; unsold stock in NCR declined by over 52% in the last 5 years, whereas MMR also saw a decline of 13%.
In fact, NCR has recorded a 49% five-yearly jump in average housing prices between H1 2019 and H1 2024, from rs 4.565 per sq ft to rs 6,800 per sq ft. in MMR, the average residential price appreciated 48% in the period, from 10,610 per sq ft in H1 2019 to rs 15.650 per sq ft in H1 2024, research data by Anarock has shown.
The steep rise of housing prices in Delhi NCR and MMR has also been attributed to steep hikes in construction costs as well as healthy sales. The price in both regions has also maintained the status quo from late 2016 to 2019. When these two markets began to see garden revival shoots, the pandemic struck.
Anuj Puri, Chairman of Anarock Group said that the COVID-19 pandemic was a boom for these residential markets, causing demand to soar to new heights. Recently, developers have induced sales with offers and freebies, but with demand heading north, it gradually increased the average price. It has strong sales that helped unsold inventory to decline in the period, especially NCR.
Unsold inventory in NCR and MMR declines
One infamous for high unsold inventory fed by speculative demand and supply, the region has also seen a sharp decline of over 52% in its unsold stock in the last five years. From approximately 1.82 lakh units at H1 2019 end to approximately 86,900 units by H1 2024 end. The inventory overhang has also been reduced to 16 months in NCR in H1 2024 as against 44 months back in H1 2019.
Conscious curtailment comes with a fresh supply as a major factor that helped the region to clear its stock. Anarock data indicates only about 1.72 lakh units were launched in NCR between H1 2019 and H1 2024.
MMR’s currently available stock is at approximately 1.95 lakh units. In the last five years, the region has also seen a 13% decline in its unsold stock. It has largely been on account of substantial new launches to meet resurgent demand.
MMR has also seen over 5.26 lakh units launched between H1 2019 and H1 2024, it has thrice the new supply in NCR in this period. The inventory overhang in the region came down, by 14 months as of H1 2024 end from 34 months back in H1 2019 end, this has also been shown in the data.
Aakash Ohri, Joint Manager Director and Chief Business. D said that the surge in demand for homes underscores a fundamental shift in people’s perception of homeownership, where the value of having a place to call home. It has also become apparent that ever before. A substantial return is also offered by residential properties, especially luxury homes for investment purposes.
Within NCR, Gurugram has emerged as one of the preferred choices for luxury homebuyers with a large presence of HNIs and UNHs base and a significant rise in the number of affluent millennials in the region, who also prefer to stay close to work, and they are willing to go for the extra mile for their convenience and indulgent lifestyle.
There also has a newly stirred-up insistence on luxurious integrated townships that offer affluent homes, safety, and security to the homeowners, he said.
