Delhi NCR leads Real estate sector showcasing 65% growth, 19% sold in luxury segment

According to data evaluated by real estate consultancy firm JLL, Delhi NCR has distinguished itself among the top seven cities in India with a noteworthy 64% portion of luxury residential releases during the first six months of 2024.

Numerous upscale projects have been initiated by a host of developers, among them DLF Limited, TARC, Sobha Ltd, Paras Buildtech, M3M India,BPTP,Krisumi Corporation,Central Park,and Experion Developers. 

Gurugram has evolved as the top performer in the luxury segment, with 88% of all launches concentrated in the Dwarka Expressway and Southern Peripheral Road regions. This overall growth reflects the increasing demand for premium residences in these areas.

In H1 2024, the residential market in Delhi NCR experienced a robust revival as luxury housing witnessed an escalating demand. The launch of 23,500 units exceeded last year's figure of 22,707 and set a positive tone for future growth.

Developers are adapting to shifting buyer preferences, with more people seeking larger, upscale homes with premium amenities. This has resulted in a rise in luxury launches, even from developers who traditionally focused on affordable and mid-range housing.

Gurugram had the highest share of new launches at 55%, followed by Noida with a contribution of 35%. It is worth mentioning that approximately 6,200 units were luxury apartments (priced at Rs.5 crore or above), comprising roughly around 26% of all new launches. However, in contrast to this statistic, only about 12% of total new launches projected for the year2023will fall within the luxury segment category.

During the first half of 2024,nearly 19% of the overall sold properties come under the luxury segment. The majority of the homes were sold in and around Gurugram. The highest performing areas are New Gurgaon, Dwarka Expressway and Southern Peripheral Road.

Real Estate firm JLL mentioned, "In the future, it is anticipated that luxury housing sales in Delhi NCR will surpass 8,000 units by the end of CY 2024, representing a twofold increase from the previous year. Furthermore, established developers are actively procuring land in prime locations and growth corridors to meet the increasing demand and launch their projects in the future."

Gurugram's residential boom continues with major investments and new projects. Whiteland Corporation and Marriott International have partnered to launch Westin Residences in Sector 103 along Dwarka Expressway. This will be India’s largest branded residence under the Westin brand, offering exclusivity, wellness, and top-tier hospitality. The project’s estimated investment is Rs.5,600 crore, including Rs.5,000 crore for construction and Rs.600 crore for land.

Godrej Properties Ltd. (GPL) has secured two luxury group housing plots in Gurugram through an e-auction by Haryana Shehri Vikas Pradhikaran, with a total bid value of Rs.515 crore on September 2. The plots, measuring 3.6 acres and 2 acres, are located in prime areas: one in the Golf Course Road micro-market and the other in Sector 39 near NH 48, according to an exchange filing. These plots offer a development potential of over 1 million square feet, with estimated revenue potential exceeding Rs.3,400 crore. The planned projects will include luxury residential apartments in various configurations.