Surge in Demand: Realty Developers Thrive on Growing Demand of Luxury Housing in Delhi-NCR

Homebuyers are increasingly favoring expansive residences within well-established communities, demonstrating a willingness to pay a premium for such properties.
Surge in Demand: Realty Developers Thrive on Growing Demand of Luxury Housing in Delhi-NCR

Surge in Demand: Realty Developers Thrive on Growing Demand of Luxury Housing in Delhi-NCR. Image Source: Canva

Demand for luxury housing in India has surged significantly over the year, thanks to the rise in the disposable income that has pushed the demand. According to a Times Property report, an impressive growth of 75 per cent YoY has been seen in the sales of luxury homes priced at Rs 4 crore and above in 2023. The surge is attributed to robust demand, with Delhi-NCR leading the pack with 197 per cent YoY increase, followed by Pune, Hyderabad, and Mumbai.
Noida, a satellite city of Delhi, is emerging as one of thriving real estate markets in the country. A planned city of Uttar Pradesh, Noida is among the fastest developing realty hubs. Several real estate players have made investments in projects that go beyond expectations.
City-based realty firm Gulshan Group has said that it has secured occupation certificate (OC) from the Noida Authority for its new project located in Sector 144.
"This encourages unwavering commitment to delivering excellence in the real estate sector. The management is committed not to just provide luxury living but an entire wellness experience," Yukti Nagpal, director, Gulshan Group, said.
Delhi-NCR witnessed a nearly threefold surge in luxury home sales last year, marking the highest sales among seven major cities, according to a recent report by CBRE. The report revealed a substantial 75 per cent increase in the sales of luxury homes, priced at Rs 4 crore and above, with transactions soaring from 7,395 units in the previous year to 12,935 units in the 2023 calendar year.
Data from CBRE further indicated a significant rise in luxury home sales within Delhi-NCR, reaching 5,530 units in 2023, compared to 1,860 units in the preceding year. Homebuyers are increasingly favoring expansive residences within well-established communities, demonstrating a willingness to pay a premium for such properties, as noted by real estate experts.
This trend is anticipated to persist and intensify, propelled by India's rapid economic growth and increasing prosperity. According to CBRE data, overall housing sales across various price categories surpassed 322,000 units in 2023, marking a 9% year-on-year growth. The sustained demand momentum prompted developers to introduce more than 313,000 new housing units in 2023, reflecting a 6% year-on-year increase, according to the consultancy's findings.
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