Real estate developers such as DLF, Godrej, M3M, County, Max and TARC are set to unveil new housing projects in Delhi-National Capital Region, as demand remains robust in this market.
The new projects will come up in locations such as central Delhi, Noida Expressway and Gurugram’s Golf Course Road Extension, which has seen a spurt in land acquisition in recent months.
“One of the most significant trends this year has been the influx of demand for homes in the luxury and above segment. In India, while there has always been an appetite for investing, people have preferred other asset classes to invest in, which has significantly changed since the onset of the pandemic,” said Aakash Ohri, group executive director, DLF.
DLF has planned project launches spanning 9.4 million sq ft in 2023-24, including another phase of the DLF-GIC joint venture in central Delhi, a luxury project on the Golf Course Road Extension and another in New Gurgaon.
Godrej, Max and M3M have acquired land in Noida recently and are preparing for launches.
“We are planning to launch at least three projects, one each in central and south Delhi, and another in Gurugram. We believe this is the best time for residential real estate and we are scaling up as per demand,” said Amar Sarin, managing director, TARC.
According to the CBRE, the healthy momentum in the high-end residential segment could continue with several projects slated for launch in the coming quarters.
“The rising demand for condominiums and lack of integrated developments in Delhi has led to many reputed and also new developers entering the Delhi residential market, strengthening the city’s position as a primary market,” said Shashank Vashishtha, executive director, eXp India.
Historically, Delhi has been regarded as a secondary real estate market, with the majority of investment and development directed toward other major cities. However, there has been a resurgence of interest in Delhi, particularly in the luxury segment, in recent years.
“On Noida Expressway, we will see launches by M3M, Max and County Group, while there are other developers who have also acquired land recently. There has been a momentum in residential sales, and we expect more quality developers to launch projects,” said real estate consultancy Investors Clinic’s corporate director, Sachin Arora.
Certain pockets with low levels of unsold inventory will continue to see appreciation in capital values backed by steady demand, according to analysts. Apartment units in the 1,200-1,500 sq ft range will continue to witness higher traction, they said.
Source : ET