Driven by economic growth, rapid urbanisation, increased individual earnings, and mounting interest in an opulent lifestyle, luxury housing in India is on a roll currently. Buyers now demand bigger spaces fitted with modern amenities and splendid architectural layout with meticulous design to ensure experiential living. And amid the rising demand, Delhi-NCR dominated the luxury housing Q1 launches.
From sprawling villas to swanky penthouses nestled amidst greenery, the Delhi-NCR region has become a hotspot for luxury housing. Its real estate market offers an array of premium projects that precisely match the demands of discerning property buyers. In recent times, an unprecedented surge in luxury real estate sales reflects the growing affluence of the region.
Commenting on the same, Ashish Sharma, AVP Operations, Brahma Group, said, “The luxury real estate market in Delhi-NCR is booming, reflecting strong demand for high-end housing. This demand is driven by increased disposable income, a desire for premium living spaces, and the region’s economic resilience. According to Cushman and Wakefield, 61% of new projects are upscale, reflecting robust demand. Delhi-NCR led a notable upswing in luxury housing in Q1 2024, with sales outpacing other segments. Sales in the luxury segment have significantly outpaced those in other housing categories, signaling a shift in buyer preferences towards exclusivity and luxury. Developers are responding with numerous high-end projects, highlighting a vibrant and dynamic market poised for sustained growth.”
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The March quarter of 2024 is a tell-tale sign of continuous rising bar of the luxury real estate sector. According to a report published by Cushman and Wakefield, Delhi-NCR is surging ahead among India’s major cities to offer luxury homes with prices to the tune of Rs 15,000 per sq. ft, accounting for 61 percent of all new residential projects. This boom drives home a message that more spacious and opulent living has become a growing trend. The change in lifestyle preferences, improved economic conditions, increase in earning capacity, soaring numbers of high-net-worth individuals, and availability of top-notch amenities have fueled the demand for luxury housing.
“The high-end real estate market in Delhi-NCR is witnessing a remarkable surge, driven by a growing demand for luxury properties. This trend reflects a shift towards opulent and customized living environments, catering to discerning buyers with a global outlook. Developers are strategically focusing on providing self-contained living spaces that encompass all facets of modern life coupled with host of finest amenities. Luxury real estate is evolving beyond mere physical product delivery, embracing principles of ‘Design Thinking’ to deliver a finely crafted service experience. This approach not only meets the expectations of affluent buyers but also sets new standards for upscale living. The dynamism and growth of the luxury real estate market in Delhi-NCR highlights its appeal to those seeking exclusive and sophisticated lifestyles,” said, Ashish Agarwal, Director, AU Real Estate.
The increasing demand for luxury housing has cemented market sentiments as well as prompted developers to plan strategically to curate premium projects to cater to the choices of homebuyers. Architects are pushing boundaries, designing iconic structures that redefine skylines. Futuristic facades, sustainable materials, and integration of indoor and outdoor spaces characterize these architectural marvels. Swimming pools that seem to merge with the horizon, state-of-the-art gyms, and exclusive clubhouses are de rigueur. Residents can unwind in spa-like wellness centers or host lavish soirées in elegant banquet halls. Gated communities with round-the-clock security personnel, smart surveillance systems, and biometric access control ensure residents’ safety and peace of mind.
Dr. Renu Singh, Director – Sales & Marketing, Aarize Group, said, “As the high-end housing market in Delhi-NCR continues its upward trajectory, the report underscores a resounding success in the luxury real estate sector. With a surge in demand for premium properties, the region exemplifies a beacon of opulence and sophistication. This burgeoning trend reflects the evolving aspirations of discerning buyers and also signifies the resilience and allure of Delhi-NCR as a prime destination for luxury living. The future promises an even more remarkable landscape of exclusivity and refinement, fostering robust growth and investment opportunities within the broader real estate sector. Our unwavering dedication ensures that we remain at the forefront of this dynamic market, consistently providing unparalleled value and satisfaction to our customers.”
Gurugram, Noida, and other prime neighborhoods in the region are gravitating people toward high-end housing due to their strategic location, excellent infrastructure, and proximity to commercial hubs, educational institutions, and recreational facilities. The average prices of luxury properties in Delhi-NCR have seen significant year-on-year growth, reflecting the increasing demand and limited supply of premium housing options. Moreover, the Delhi-NCR’s luxury real estate market has garnered interest from both domestic and international investors, further driving demand and pushing prices higher. Investors view luxury properties in the region as lucrative investment opportunities, given the potential for high returns and appreciation over time.
Abhishek Trehan, Executive Director, Trehan Iris, said, “The luxury real estate sector in Delhi-NCR has experienced a remarkable surge in the March quarter, indicating a robust performance and growing demand for high-end housing. According to a recent report by Cushman and Wakefield, the market has witnessed a significant boom, driven by a combination of factors such as increasing wealth, evolving lifestyles, and the desire for premium amenities. This surge reflects a broader trend where affluent buyers are seeking properties that offer exclusivity, security, and luxury experiences.”
“A noticeable shift in Delhi-NCR offering luxury homes with 61% of new residential projects is quite encouraging. Besides, there has been an inclination toward luxurious living, with buyers willing to invest in high-end homes that provide enhanced comfort and status. However, developers are responding to this demand by creating luxury residential projects with state-of-the-art facilities, modified interiors, and curated landscape. This upward trajectory in the luxury real estate market underscores the economic resilience and growth potential of the Delhi-NCR region, positioning it as a thriving hub for premium housing,” he added.
Anticipating resilience in demand and continued growth, industry experts are of the firm view that the housing market’s performance in 2024 looks promising. As infrastructure improvements with economic development and supporting government policies, developers will need to innovate and adapt to changing market dynamics to sustain growth. Emerging trends such as eco-friendly designs, smart home technologies, and wellness amenities are likely to shape the luxury housing landscape in the coming years.