From Square Footage to Soul: Redefining the Urban Living Ecosystem

Praveen Raina, Executive President, SPJ True Realtyy

New Delhi, February 10, 2026: The Indian real estate landscape is undergoing a profound metamorphosis, shifting from a commodity-driven market to one defined by lifestyle aspirations and unwavering credibility. In this exclusive interview, Praveen Raina, Executive President, SPJ True Realtyy, delves into the evolving psyche of the modern homebuyer—where ‘why we build’ matters as much as ‘what we build’. From the luxury price surges in Delhi-NCR to the transformative power of infrastructure-led growth along the Dwarka Expressway, we explore how destination-led development and a ‘relationship-first’ philosophy are setting a new benchmark for trust and long-term value in a competitive industry.

How do you see Indian homebuyer expectations evolving, and what does this mean for developers over the next few years?

If you examine today’s homebuyer, the most significant change is in their mindset. People are no longer buying a home purely as a milestone or an investment; they’re buying into a way of life. Expectations have matured, and so has awareness. Buyers now ask sharper questions around design, livability, long-term value, and the overall ecosystem around a project. The focus has clearly moved beyond price and possession timelines. As per Anarock’s research, average luxury home prices across the top seven cities increased by 40 per cent between 2022 and 2025, with Delhi-NCR registering a 72 per cent price hike for luxury properties. This clearly reflects how buyers expect curated experiences, integrated amenities, and prime locations, just as much as the property itself. Equally important is the developer’s track record, credibility and transparency, which now influence purchase decisions as much as location.

As Executive President, what core leadership principle guides your decision-making in a dynamic sector like real estate?

For me, the most enduring leadership principle is clarity of intent; being absolutely clear about why we are building, for whom, and with what long-term impact. Real estate is a sector where decisions echo for decades, so short-term gains can never come at the cost of long-term credibility. I believe leadership today is less about control and more about alignment—aligning teams, partners, and stakeholders around a shared vision. In a dynamic market, agility is important, but consistency in values is non-negotiable. At SPJ Group, decisions are guided by a simple question: Does this add genuine value to the end user and the city we operate in? Empowering teams to think independently, while holding them accountable to quality and timelines, has been key to navigating both market cycles and evolving consumer expectations.

What defines SPJ Group’s long-term vision, and how is it differentiated in a crowded real estate market?

SPJ Group’s long-term vision is rooted in creating destination-led developments rather than standalone assets. We don’t view real estate as isolated buildings; we see it as ecosystems where people live, work, shop, and connect. Our focus has always been on the quality of location, the strength of planning, and the longevity of relevance. What truly differentiates us is our ability to identify untapped yet high-potential micro-markets, especially in Gurugram, where emerging connectivity, infrastructure, and lifestyle demand create disproportionate value for early movers. By entering these micro-markets thoughtfully, we aim to deliver projects that are not only relevant today but continue to appreciate and experience over time. In a crowded market, credibility is built not by how loudly you speak, but by how consistently you deliver. Our developments are designed to age well functionally, commercially, and aesthetically, which is what creates lasting brand equity.

Which one trend—be it infrastructure, policy, or lifestyle demand—do you believe will most strongly shape residential real estate growth?

If I had to choose one defining trend, it would be infrastructure-led urban transformation. Infrastructure today is no longer just a catalyst—it is the foundation of residential demand. Expressways, metro corridors, airport-led development, and integrated transport hubs are fundamentally reshaping how people choose where to live. In NCR, we are seeing a clear shift toward micro-markets that offer seamless connectivity, social infrastructure, and commercial depth. For instance, Dwarka Expressway, with its Delhi section now operational, it has catalyzed a residential and commercial movement along this corridor. Property prices along this corridor have more than doubled from the prices of 2020.

Lifestyle aspirations follow infrastructure, not the other way around. This trend also brings greater price stability and long-term appreciation, which reassures both end-users and investors. Developers who align early with infrastructure growth corridors and plan holistically around them will lead the next phase of residential expansion.

What, according to you, is the single most important shift the real estate industry must make to build lasting consumer trust?

The most important shift the industry must make is moving from transactional thinking to relationship-driven development. Trust is not built through promises; it is built through consistency, transparency, and accountability at every stage of the customer journey. Homebuyers today are well-informed and digitally empowered. They value honest communication, realistic timelines, and clear documentation more than aggressive marketing. The industry must also invest in post-sales engagement, which has historically been overlooked but plays a critical role in long-term brand perception. At a broader level, developers need to see themselves as long-term custodians of urban spaces, not just sellers of square footage. When intent is genuine, and delivery is disciplined, trust becomes a natural outcome, not a marketing gimmick.