The Future is Luxury: Realty Stakeholders Hop On Rising Buyers’ Appetite for Luxury Housing. Image Source: CanvaPro
Luxury housing in the Delhi National Capital Region (NCR) is witnessing a remarkable surge, echoing the broader trend across India’s real estate sector. According to a recent CBRE report, the luxury segment, characterized by units priced at Rs 4 crore and above, recorded a substantial 10 per cent year-on-year growth in sales during the first quarter of 2024. This surge in demand is emblematic of a larger transformation within the real estate landscape, where discerning buyers are increasingly seeking iconic properties adorned with high-class amenities and developed by reputable companies.
“The resurgence of luxury real estate is particularly pronounced in Gurugram, a prominent market within the Delhi NCR region. Gurugram has emerged as a sought-after destination for luxury housing, with gated communities witnessing heightened demand, especially in the wake of the COVID-19 pandemic. Areas olike DLF Phase I/II, Golf Course, and Golf Course Extension along with new surge in Dwarka express way and new gurugram is also getting hyped tremendously. These locations have become hotspots, attracting buyers with average ticket sizes ranging from INR 5- 10 crore. This trend underscores the evolving preferences of affluent buyers who prioritize exclusivity, security, and premium living experiences,” said Sachin Gawri, Founder and CEO, RISE Infraventures.
“Investing in luxury housing in the Delhi National Capital Region (NCR) presents an enticing opportunity as the region continues to witness rapid urbanization and a burgeoning affluent population. With a growing appetite for high-end living spaces, there exists a significant demand for premium residential properties equipped with state-of-the-art amenities and luxurious features. By capitalizing on the region’s economic growth, infrastructural advancements, and evolving lifestyle preferences, developers can tap into a lucrative market segment and establish Delhi NCR as a premier destination for luxury living experiences,” noted Nayan Raheja of Raheja Developers.
“The luxury real estate market has witnessed remarkable growth in the last three years. Further, increased spending on infrastructure, roadways and Metro projects, inauguration of Dwarka Expressway, and novel PPP initiatives such as multi-sports cum commercial projects like the one in Dwarka Sector 19B have raised the luxury quotient of the hitherto mid-income residential hubs,” highlighted Mohit Goel, MD, Omaxe Group.
Projects such as the Regional Rapid Transit System (RRTS) and the upcoming Jewar Airport have also turned NCR into end-users and investors’ dreams, adding to the region’s status as a prime real estate destination and attracting both domestic and international investors.
“In parallel with the growth of luxury housing, the mid-segment continues to dominate the real estate landscape, constituting over 50 per cent of all launches. This diversity reflects the varied preferences of the market, catering to a wide spectrum of buyers,” Neeraj Sharma, MD, Escon Infra Realtor stated.
“The increasing demand for luxury housing is not solely driven by domestic buyers but also fuelled by investments from non-resident Indians (NRIs) seeking lucrative opportunities in India’s real estate market. Luxury homes are not only perceived as symbols of prestige and status but also as sound investment instruments, offering attractive returns over time,” said Pawan Sharma, MD, Trisol RED.
While luxury housing continues to ascend, it is essential to acknowledge the broader dynamics shaping India’s real estate sector. Cities like Mumbai and Pune have emerged as frontrunners in residential launches, indicating a diverse and dynamic market landscape. However, the sustained growth of luxury housing in Delhi NCR signifies the region’s resilience and potential as a key driver of India’s real estate growth story.
The prominence of luxury housing in Delhi NCR underscores the region’s emergence as a beacon of growth within India’s real estate sector. With evolving preferences, robust infrastructure development, and increasing investor interest, luxury real estate in the National Capital Region is poised for a promising future, offering unparalleled opportunities for both developers and homebuyers alike.
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