Experiencing NCR’s Luxury Real Estate: A Journey of Promise
Posted On August 18, 2023
India’s National Capital Region (NCR), encompassing Delhi and its neighbouring areas in Haryana, Uttar Pradesh, and Rajasthan, boasts a dynamic and ever-evolving real estate landscape.
These include Gurugram in Haryana, Noida, Greater Noida, Ghaziabad in Uttar Pradesh, and Faridabad in Haryana. Additionally, the NCR includes cities like Meerut, Sonipat, Bahadurgarh, Panipat, Sohna, Kundli, Bhiwani, Rewari, and Bulandshahr in Haryana and Uttar Pradesh. These cities and regions form an integrated metropolitan area that shares significant economic, social, and developmental ties with Delhi, collectively known as the National Capital Region.
As one of the country’s most significant real estate markets, the NCR plays a crucial role in shaping the real estate sector in India. The region’s strategic location, economic potential, and infrastructure development have attracted immense interest from investors, developers, and homebuyers alike. With cities like Gurugram, Noida, and Ghaziabad offering a vast range of residential, commercial, and industrial properties, the NCR stands as a testament to the rapid growth and potential of the real estate sector in the country.
Properties in Delhi reflect a harmonious blend of rich cultural heritage and modern developments. Influenced by iconic landmarks like Qutub Minar and Red Fort, the city seamlessly integrates history with contemporary living. Urban planning and infrastructure initiatives have shaped its growth. At the same time, its status as the capital city attracts investors, leaving a lasting impact on the region and Real Estate India.
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Present-day Real Estate Trends and Projects:
The real estate market in Delhi and NCR has recently witnessed a remarkable surge, catering to a wide range of demands with its diverse residential and commercial properties. Despite facing challenges during the pandemic, the region’s growing population, rapid urbanization, and thriving business ecosystem have contributed to its impressive resilience.
One of the significant drivers of real estate growth in Delhi has been the development of robust infrastructure. The extensive and efficient Delhi Metro has revolutionized connectivity and accessibility within the region, making it easier for residents and commuters to navigate the city. Additionally, improved highways, such as the Delhi-Mumbai Industrial Corridor (DMIC), have played a crucial role in catalyzing growth in the peripheral areas, making commercial properties in Delhi highly sought after by investors.
Gurugram, a prominent city within the NCR, stands as a shining example of rapid urban development. With its modern infrastructure, state-of-the-art commercial spaces, and vibrant lifestyle, Gurugram has become a preferred destination for investors seeking commercial properties in Delhi. The city’s strategic location and business-friendly environment have attracted numerous businesses and corporate entities, contributing to its dynamic real estate market.
The residential segment has also experienced a substantial upswing in sales, especially in the luxury segment. Developers have recognized the demand for modern, well-designed residential properties, creating various housing options to meet the population’s diverse needs.
The Role of Government Policies:
Government policies have significantly influenced the NCR Delhi real estate market, fostering affordability and transparency for residential and commercial properties in Delhi. Initiatives like the Pradhan Mantri Awas Yojana (PMAY) have played a pivotal role in supporting affordable housing, addressing the needs and boosting sales of residential properties in Delhi. The Real Estate Regulation and Development Act (RERA) has instilled confidence among homebuyers and investors, ensuring accountability and trustworthiness.
Emerging Real Estate Investment Opportunities:
Delhi and NCR offer great investment opportunities, especially in cities like Noida and Greater Noida. These places have modern infrastructure, many amenities, and a vibrant lifestyle, making them attractive to homebuyers and investors. The region is also committed to sustainability, significantly contributing to the nation’s green buildings.
While properties in Delhi have grown exceptionally well, there are some challenges to address. Traffic congestion, infrastructure issues, and affordable housing are essential factors for Delhi’s sustainable and livable future. Thankfully, the government’s allocation of INR 63,509 crore (~8.5 billion USD) for infrastructure development in the “Master Plan for Delhi-2041” shows a promising future for the real estate market in the region.
The Allure of Luxury Real Estate
The demand for large houses in Delhi and surrounding areas has surged, especially after the pandemic, propelling the premium and luxury sectors to rapid expansion. Per a CBRE South Asia report, luxury housing sales in NCR have witnessed a massive 216% growth, surpassing other major cities like Mumbai, Hyderabad, Kolkata, and Pune. The high-ticket segment, with properties priced above Rs 1.5 crore, has played a pivotal role in this growth, accounting for approximately 24% of the total units sold.
The trend towards luxury residences is driven by the desire for a lavish lifestyle and the availability of premium facilities and amenities within these housing complexes. The surge in housing demand in NCR post-pandemic reflects the resilience and enduring appeal of the real estate sector.
The National Capital Region is emerging as a leading real estate hub in India, with a remarkable 97% growth in deliveries in 2023 compared to the previous year. Around 170,000 residential units are expected to be completed in 2023, accounting for nearly 30% of the total delivery pipeline for the year.
The region’s robust real estate market is supported by a 34% increase in new residential property launches compared to Q1 2022, with 12,450 units launched in Q1 2023. Residential property prices in the top seven cities grew between 6% to 9% in Q1 2023 compared to the same period in the previous year.
The reduction in the repo rate by the Reserve Bank of India has further fueled positive sentiment in the market, promising sustained growth and a promising future for the housing market in NCR.
The region’s embrace of sustainable practices, infrastructure investments, and investor-friendly policies position it as a thriving hub of opportunities. With its rich heritage, robust infrastructure, and commitment to sustainability, properties in Delhi are poised to attract further investments and opportunities for growth. And there is no doubt that NCR stands out as a promising region, surpassing other Indian regions regarding real estate growth and potential.