From Secondary to Primary Residential Market – How Delhi’s realty landscape is changing now

Since the onset of COVID-19, Delhi is witnessing a rise in demand for high-end condominiums – so far largely seen in the NCR markets like Gurgaon and Noida.

The Covid-19 pandemic has fueled the demand for high-end residential spaces that offer a blend of large, open spaces, hi-tech safety features, modern amenities, greenery and posh locality.

Delhi has always maintained its reputation of being the most desired real estate destination. Offering a concoction of excellent connectivity, vibrant infrastructure, business ecosystem, cultural connect and historical significance, Delhi continues to attract homebuyers searching for an opulent lifestyle in the heart of India. However, gaps between demand and supply of premium residential spaces in gated condos directed the potential homebuyers towards Noida and Gurgaon with no choice.

But now, to cater to the aspirations of today’s discerning customers, India’s leading real estate developers are grabbing the underlying opportunities here by launching premium residences in gated condominiums in posh localities. This trend is repositioning Delhi’s realty market from secondary to primary, and also supporting it to climb up the ladder to emerge as a real estate hotspot.

“The national capital has always remained the most sought-after residential destination for home-buyers not just from different parts of NCR but also other neighboring cities of North India. However, the market has largely been dominated by individual dwellings, starting from bungalows to independent floors, in the past couple of decades. As a result, over a period of time, New Delhi has become a secondary residential market,” said Shashank Vashishtha, Executive Director, eXp Realty India.

“However, since the onset of COVID, the city is witnessing a rise in demand for high-end condominiums, a product type for which the market in all other parts of NCR has been booming in the last two decades. Mostly, such developments are seen in the NCR markets like Gurgaon and Noida, but far and few in Delhi. The rising demand for condominiums and lack of integrated developments in Delhi have led to many reputed and also new developers entering the Delhi residential market and strengthening the city’s position as a primary market,” added Vashishtha.

Aakash Ohri, Group Executive Director and Chief Business Officer, DLF Home Developers Ltd, said, “Our newly-launched residential offering ‘ONE Midtown’ will be an inimitable addition to the New Delhi skyline. With its unrivaled location, striking façade, impeccably designed residences, and a host of lifestyle amenities, it will undoubtedly be one of the most coveted new developments in the heart of New Delhi. We expect ONE Midtown to set the benchmark for a new way of living in the capital city.”

Speaking on the location of the new project, he further added, “The ONE Midtown project will cater to the rising demand for luxury condominiums in the capital. It is located in West Delhi, which is one of the most culturally significant sections of the national capital, epitomising the unique amalgamation of Indian family values and modern urban lifestyles. It ticks all the boxes of location, amenities, luxurious facilities, contemporary infrastructure and connectivity. Alongside, the residents will enjoy the conveniences and comforts offered by the DLF ecosystem.”

The Covid-19 pandemic has also fueled the demand for high-end residential spaces that offer a blend of large, open spaces, hi-tech safety features, modern amenities, greenery and posh locality. Moreover, the increasing attention from UHNIs, HNIs, NRIs, corporate professionals, business leaders and startup founders looking for an avant-garde lifestyle in gated communities and integrated townships has also skyrocketed the housing demand in the National Capital Region. To support the market, the Delhi government has also extended the 20 per cent rebate on circle rates which will boost the housing segment.

A mix of cosmopolitan lifestyle, business activities, presence of busiest international airport, Delhi is the center of economic growth. Its proximity to the key job producing areas of NCR like Noida and Gurgaon is also the reason behind the increasing housing demand. The growth prospects are high and as per PropTiger, housing sales are likely to rise by 15-20 per cent in Delhi, indicating a promising future for real estate growth here.

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