As luxury housing takes center stage, Delhi-NCR offers a dominant real estate market, showing a strong upward trajectory. The exceptionally evolving realty market across Delhi-NCR comprises Delhi, Noida, Gurugram, and Ghaziabad, which are some of the most promising geographies for real estate investment. This modification in the region’s real estate is highly driven by factors like rapid urbanization, rising disposable incomes, buyers’ changing lifestyles, and an increase in the number of HNIs and UHNIs seeking premium homes that align with their living preferences.
According to property consultant, Delhi-NCR sales growth was 29% during July-September 2024 at 10,098 units, compared with 7,800 units in the same period last year. One of the major driving factors for this trend is primarily because of the high investment potential and constant demand for premium properties. Besides, Delhi-NCR continued to top searches in August owing to high investor confidence as well as end-user demand in this sub-market. This increase in activity can be attributed to the festive season, which traditionally drives a surge in real estate transactions.
With infrastructure upgradation, regulatory changes, technological innovations, and shifting buyer preferences, many new projects are anticipated to be launched in Gurugram, giving a new dimension to the Delhi-NCR market. In Gurugram, micro-markets like Dwarka Expressway, Southern Peripheral Road, New Gurugram, and Sohna Road are emerging as realty hubs as these are in high demand among homebuyers.
Meanwhile, the submarkets of Noida, with a great focus on Greater Noida West and Yamuna Expressway, display a surge in both residential and commercial segments. The expressway has experienced an extraordinary increase in property prices over the past five years. As of 2024, flat prices on Yamuna Expressway are at Rs 7,900-8,100 per square foot, and land prices stand at an average of Rs 6,900-7,100 per square foot. This has positioned the Yamuna Expressway as one of the fastest-growing real estate corridors in India. Factors in rising property prices can be attributed, with the Jewar Airport slated to be the catalyst for the Noida-Greater Noida region. The area also tends to gain attraction through the increasing appeal of the DMIC corridor.
Further, the impact of new infrastructure developments and continued demand for luxury housing that focuses on sustainability and the development of green buildings has propelled the sector’s growth. Developers are adding green spaces, using eco-friendly materials, and optimizing natural light, defining luxury homes in the next decade. Beyond aesthetics, these features help reduce long-term energy consumption and operational costs, making green buildings a viable investment for developers and buyers. This emphasis on sustainability will continue to drive the evolution of luxury real estate, ensuring that future developments are not only luxurious but also environmentally responsible.
Thus, this growth in Delhi-NCR along with other micro-markets, will propel the real estate sector. Such growth is likely to be fueled by infrastructure development, strong economic growth, and rising demand among buyers for a premium lifestyle in both the residential and commercial segments, bringing opportunities to those who look to capitalize on these areas’ markets.
Source : Construction Week Online
