Today’s Homebuyer Is Investing in Quality of Life, Not Just Property: Mitul Jain, SPJ Group
The National Capital Region (NCR) real estate market is undergoing a profound paradigm shift. Today’s homebuyers are moving away from purely speculative investments and standalone housing, prioritizing execution credibility, long-term liveability, and infrastructure-led growth instead. In this exclusive interview, Mitul Jain, Managing Director of SPJ Group, shares deep insights into how changing consumer preferences are reshaping premium and mixed-use developments, why micro-market infrastructure capacity is dictating future growth, and how the industry is transitioning toward long-term value creation.
Q: What are the key emerging trends currently shaping the NCR real estate market?
A: The NCR market is currently going through a more quality-driven and infrastructure-led phase of growth, visible across both residential demand and development activity. Industry estimates suggest that over 50% of urban homebuyers are considering homes priced above Rs. 1 crore, while premium housing absorption across NCR has remained consistently strong over the last few years. This reflects a broader shift in buyer expectations rather than only a luxury market surge.
At the development level, large infrastructure corridors such as the Dwarka Expressway, SPR and emerging metro-linked zones are creating new growth clusters, with developers responding through more integrated and better-planned projects. The focus is gradually moving beyond standalone housing toward developments that combine residential, retail, open spaces, wellness and social infrastructure in a more organised manner. Besides, developers today are not just building projects within a region; they are actively contributing to how entire micro-markets evolve by improving liveability, organised infrastructure and overall urban character around them.
Most importantly, what has changed significantly is the way buyers now evaluate developers and projects. Earlier, purchase decisions were often more investment-driven, but today consumers are paying much closer attention to execution capability, timely delivery, planning quality and whether promised infrastructure and amenities will actually translate into long-term liveability. In many ways, the market is becoming far more credibility-driven than before, with homebuyers placing greater value on trust, usability and overall quality of development.
Q: How are changing consumer preferences influencing residential and mixed-use developments today?
A: Consumer preferences today are becoming far more practical and lifestyle-oriented than before. Buyers are no longer influenced only by brochures or large amenity lists; they are paying closer attention to how comfortably a project fits into their everyday routine. Factors such as commute convenience, access to schools and workplaces, open spaces, maintenance quality, and overall ease of living are becoming increasingly important in the decision-making process.
This shift is particularly influencing mixed-use developments across NCR. Consumers increasingly prefer projects where everyday conveniences are integrated more thoughtfully to create a more balanced lifestyle environment. At the same time, buyers are being specific about density, traffic movement and whether a development can remain functional and comfortable even as the surrounding area grows.
On the other hand, premium housing demand across NCR has also remained consistently strong. With a massive 72% jump in luxury home prices, the region has positioned itself as one of the country’s fastest-growing premium real estate markets. This reflects a broader willingness among buyers to invest in better planning, stronger infrastructure and developments that can genuinely support a smoother and more refined day-to-day lifestyle rather than purely speculative real estate purchases.
Q: How do you see infrastructure development impacting Gurugram and NCR real estate?
A: Infrastructure is fundamentally reshaping the growth story of NCR today. Over the last few years, we have seen how quickly the perception of a location changes once connectivity improves. Areas that were earlier considered too peripheral begin attracting serious residential and commercial interest the moment commute efficiency becomes more practical. In many ways, infrastructure today is influencing buyer confidence as much as real estate itself.
Corridors such as the Dwarka Expressway, SPR and metro-linked zones are already witnessing this transformation. Gurugram accounted for nearly 73% of NCR’s total launches during Q1 2026, with the Dwarka Expressway corridor alone contributing close to 2,500 units, clearly reflecting how infrastructure-led growth is reshaping demand across the region.
At the same time, infrastructure today has to be viewed far more holistically than before. Wide roads and strong connectivity alone are no longer enough to sustain long-term urban growth. In fact, not all prime locations are equally future-ready. For instance, established corridors like Golf Course Road with premium positioning have faced challenges around sewage systems, traffic pressure and civic infrastructure management. On the other hand, corridors such as SPR are being planned with a stronger focus on integrated infrastructure development, including better road networks, sewage planning and overall urban capacity. That difference becomes extremely important for long-term liveability and future growth potential.
This also changes how land and future growth corridors are evaluated. Today, developers need to assess not just connectivity potential but also the long-term infrastructure readiness of a location because sustainable urban growth depends as much on civic capacity as it does on accessibility.
Q: How important is experiential and lifestyle-led development in today’s market?
A: It has become extremely important, especially among younger professionals, affluent families and premium homebuyers across NCR who are increasingly seeking a more balanced and elevated way of living rather than just a residential address. Today’s consumers are not simply evaluating apartments or commercial spaces in isolation; they are paying far closer attention to the overall living experience a development can offer. The way public spaces feel, the ease of walkability, the integration of retail and leisure, the presence of wellness infrastructure, greenery and community interaction — all of these factors are now influencing purchase decisions much more meaningfully than before.
What is becoming increasingly visible today is that consumers no longer step out only for one specific purpose. A retail visit often extends into social experiences, which is changing how developments are being designed and activated. Buyers and consumers now connect more strongly with spaces that feel vibrant, interactive and emotionally engaging rather than purely functional. Developments that successfully create opportunities for people to spend time, interact and build everyday memories tend to generate much stronger long-term attachment and engagement than purely transactional spaces.
Q: Do rising construction costs and global economic uncertainties pose risks to sector growth?
A: They do create pressure, particularly on project costs and financing sentiment. However, the current market cycle is also far more disciplined than some previous growth phases. That indicates demand is being supported more by end users and genuine consumption rather than speculative activity alone. So while developers are cautious about costs and execution timelines, the broader market fundamentals remain stable. Buyers today are more selective, but they are also more serious in their purchase decisions.
Q: How is SPJ Group incorporating sustainability and future-ready planning into its projects?
A: Sustainability cannot remain a symbolic layer added toward the end of development. Buyers see through that very quickly now. At SPJ Group, we increasingly look at sustainability through the lens of long-term usability rather than only certifications. Efficient planning, better ventilation, responsible water management, controlled density and greener mobility integration matter because they directly affect how a project ages over time. Future-readiness also means flexibility. The challenge is that future-ready planning often increases upfront complexity and costs, while the benefits emerge slowly. But the market is gradually beginning to reward that patience.
Q: What is your outlook on the NCR real estate market over the next 3–5 years?
A: The long-term outlook for NCR remains very promising, but I also believe the market is entering a far more mature phase of growth than what we have seen in previous cycles. Over the next few years, infrastructure-led corridors across Gurugram, Noida and other emerging micro-markets will continue attracting strong residential and commercial demand because connectivity is fundamentally changing how people choose where they want to live and work. At the same time, the nature of demand itself is evolving. Buyers today are far more selective and much less willing to compromise on planning quality, execution standards and overall liveability. In our view, this will gradually separate well-planned developments from purely speculative or volume-driven projects. What is particularly encouraging is that the market is moving toward long-term value creation rather than short-term momentum. Developers who focus on thoughtful urban planning, stronger construction quality, sustainability and integrated living environments will be far better positioned in the years ahead.
