Currently, the luxury real estate sector in the National Capital Region (NCR) is experiencing significant growth, driven by the interests of high-net-worth individuals and affluent buyers who are increasingly seeking residences that provide an exclusive and enhanced lifestyle. In the aftermath of the pandemic, the priorities of luxury homebuyers have shifted, with many now emphasizing a harmonious work-life balance, spacious living areas, access to green spaces, and superior infrastructure. The location has emerged as a critical factor in this decision-making process, becoming one of the primary considerations in the valuation of high-end properties. Buyers are now inclined towards homes that not only offer a superior standard of living but are also strategically situated to ensure convenient access to major urban centers.
As a result, developers in NCR are becoming attuned to this demand for well-located luxury residences and are strategically initiating projects in both emerging and established luxury corridors. In Gurugram, areas such as the Dwarka Expressway, Golf Course Road, Southern Peripheral Road, Golf Course Extension Road, New Gurgaon, and Sohna Road are gaining prominence as prime locations that meet the lifestyle expectations of modern, discerning buyers. Simultaneously, Noida Sector 150, the Noida-Greater Noida Expressway, and Siddharth Vihar in Ghaziabad are also witnessing a surge in buyer interest.
Commenting on the same, Sandeep Chhillar, Founder and Chairman of Landmark Group, says, “The micro-markets of Dwarka Expressway and New Gurgaon have captured attention with their modern infrastructure and ease of accessibility to Delhi and Gurgaon. As these markets evolve, they are projected to become top preferences for luxury investments. The comprehensive growth of these areas has unlocked vast potential for luxury real estate, aligning perfectly with the preferences of today’s discerning buyers. Our projects are strategically positioned to meet the rising demand for well-connected, luxury living spaces that promise long-term value and lifestyle enhancements.”
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A recent report by JLL revealed that in H1 2024, around 23,500 residential units were launched in Delhi-NCR, including Delhi, Gurugram, Noida, and Ghaziabad. This exceeded the total launches of 2023, which stood at 22,707 units. Gurugram dominated with 55% of the new launches, while Noida contributed 35%. In the first half of 2024, luxury real estate in the NCR saw a significant influx of new units priced at Rs 5 crore and above across various prime submarkets. Dwarka Expressway in Gurugram led the market with 2,117 units launched, followed closely by Southern Peripheral Road, Gurugram, with 1,908 units. Golf Course Extension Road and New Gurgaon in Gurugram also contributed substantially, with 590 and 524 units, respectively.
Highlighting the luxury appeal of Gurgaon’s developing sectors, Rajjath Goel, Managing Director of the MRG Group, says, “Gurgaon’s Sector 106, positioned strategically along the Dwarka Expressway, is rapidly gaining prominence among luxury buyers. The area offers exceptional access to both Delhi and Gurgaon’s core business areas, appealing to those who prioritize seamless connectivity alongside a high standard of living. This location is becoming a haven for affluent buyers who seek thoughtfully designed residences that offer tranquility within reach of the city’s key destinations. Sector 106 is establishing itself as a premier address, blending investment potential with the exclusivity and comfort that today’s luxury homebuyers demand.”
Dr. Gautam Kanodia, Founder of KREEVA, Kanodia Group and Kanodia Cement, says, “The strategic positioning of SPR, Golf Course Road, and Golf Course Extension Road has created unmatched demand for luxury properties in these areas. Sector 46, in particular, has emerged as a top choice for high-end buyers, offering seamless connectivity to Gurugram’s business hubs and access to premium amenities, making it ideal for those seeking an exclusive, well-rounded lifestyle. On the other hand, South Delhi’s classic neighborhoods have a unique and enduring appeal among luxury buyers. Thus, we foresee a strong demand in these areas, as each offers unique benefits that align with the diverse aspirations of today’s luxury homebuyers.”
Furthermore, once primarily known for affordable and mid-range housing, Noida has transformed into a prime destination for premium real estate over the past five years. According to Cushman and Wakefield’s “Market Beat Delhi NCR Residential Q3 2024” report, new project launches across Delhi-NCR surged by 121% in the first nine months of 2024 compared to the same period in 2023. Among these burgeoning submarkets, Siddharth Vihar stands out as a preferred choice for luxury living, attracting high-end buyers with its enhanced infrastructure, excellent connectivity, and growing livability quotient.
Prateek Tiwari, Managing Director of Prateek Group, says, “The market sentiment displays a strong affinity for the luxury residential segment in Noida and Ghaziabad. Noida Sector 150 is quickly emerging as one of the most desirable areas for high-end buyers. On the other hand, Siddharth Vihar’s strategic proximity to Delhi and Noida and its improved infrastructure and well-planned urban development have made it a top choice for buyers. Therefore, we expect both areas to emerge as the next big thing for high-end buyers looking for luxury and convenience in NCR.”
Looking ahead, as the luxury real estate market in NCR grows, developers are increasingly targeting locations with strong growth potential. By selecting strategically-positioned locations, developers ensure that their projects not only cater to the luxurious tastes of their buyers but also promise long-term sustainability and market appreciation. As these areas develop and offer a combination of modern conveniences and long-term investment potential, they will stay at the forefront of NCR’s luxury real estate market.