Delhi-NCR’s Luxury Real Estate Soars: Q1 2024 Report Unveils High-End Housing Boom

April 27, 2024: Luxury real estate sector continues to raise the bar in Q1 2024. A recent report by Cushman and Wakefield states that among India’s major cities, Delhi-NCR takes the lead, offering luxury homes with prices no less than Rs. 15,000 per sq. ft, made up of 61% of all new residential projects. This upsurge reflects a growing trend among affluent buyers towards more spacious and opulent living solutions.

The increasing demand for luxury housing has not only strengthened market sentiments but also prompted strategic planning from developers. As more developers shift their focus to the high-end segment of the market, they are keen on curating premium projects that precisely cater to the discerning tastes of buyers, making them feel understood and valued.

Commenting on the same, Manoj Gaur, CMD Gaurs Group, said, “The luxury market has soared to unprecedented heights over the last few years. With the change in lifestyle preferences, luxury homebuyers are seeking living spaces offering holistic lifestyles with premium amenities and green surroundings. Furthermore, the increase in earning capacity, improved economic conditions, and the availability of high-end amenities have instilled greater confidence among buyers towards developers. As developers continue to curate more high-end projects, we envision the demand for high-end houses to grow in the coming years”.

“The luxury segment has seen rapid growth over the last few years. This surge in luxury housing demand indicates that people are opting for properties offering generous living spaces and outdoor areas for relaxation. Furthermore, this trend boasts Delhi-NCR as a highly desirable residential destination and offers lucrative investment opportunities. In addition, Noida has also contributed to the premium housing segment with the FNG and Delhi – Noida- Expressway further solidifying the region’s growth trajectory and redefining the real estate landscape in the entire Delhi-NCR region. Also, with many luxury projects coming in, Siddharth vihar is an upcoming market for real estate luxury destination.”, said Prateek Tiwari, Managing Director, Prateek Group

The report also highlights that during Q1 2024, capital values in NCR witnessed an increase of 1%- 2% on a q-o-q basis and 12%- 15% on a y-o-y basis. The active markets of Gurugram and Noida lead this upward trajectory. With more launches anticipated in the premium submarkets of Gurgaon and Noida, capital values are also expected to rise in the upcoming quarters.

Reflecting on this trend, Ankush Kaul, Chief Business Officer of Ambience Group, expressed, “Delhi-NCR’s real estate market offers immense potential in the luxury segment.  Over the past few years, the strengthening of infrastructure in NCR has instilled confidence in consumers, leading them to explore newer neighbourhoods beyond the traditional areas. New metro routes which are creating better connectivity within sectors has added to the attraction of Gurugram, making it a coveted destination for luxury housing options”

This increasing share, mainly in the high-end and luxury segment, signals positive momentum for the market, indicating potential growth and development in Delhi’s real estate sector.