Delhi NCR dominates luxury housing Q1 2024 launches, leaving Mumbai and Bengaluru in the dust

Delhi Les Luxury: Delhi NCR has taken a commanding le in luxury housing segment amongst India's major cities in first quarter of 2024, according to a recent report by Cushman & Wakefield reveals. In this region, luxury homes—priced at no less than Rs 15,000 per sq ft—me up 61 per cent of all new residential project launches, a stark contrast to Mumbai and Bengaluru, where luxury projects accounted for only 26 per cent and 19 per cent, respectively.

allure of luxury living in Delhi NCR has been palpable, with several luxury projects, such as DLF Privana, selling out within just 72 hours of pre-launch. This market activity highlights a growing trend amongst affluent buyers toward more spacious and luxurious living solutions.

Similarly, in 2023, DLF launched Arbour, a luxury high-rise project in Golf Course Extension Ro, Gurgaon. Despite commanding a premium price of approximately Rs 18,000 per sq ft, Arbour was sold out within three days before its official launch. DLF also launched a series of luxury independent floors across DLF Phase 1-4 in Gurgaon that too were swiftly sold out, showcasing strong demand for luxury homes in Delhi NCR across all categories.

Post-Pandemic Parigm Shift

Weighing on increasing demand for luxury homes in Indian real estate, Aakash Ohri, Jt Managing Director & Chief Business Officer, DLF shared " surge in demand for luxury and super luxury homes can be attributed to various factors. Firstly, post-pandemic era has stressed importance of quality living, prompting individuals to seek residences that offer not just living spaces but holistic lifestyles with modern amenities and green surroundings".

"Secondly, rise in wealth creation has expanded luxury real estate market, driven by economic resilience amongst affluent segments, who view real estate as not only an appreciating asset but also one with tangible and intrinsic value. ditionally, interest of Indian diaspora in investing back in country, fuelled by emotional ties, favourable currency exchange rates, and simplified investment processes, has furr boosted demand for luxury properties," Ohri ded.

Similarly, DLF launched last tower of its luxury offerings, ONE Midtown, in Moti Nagar, New Delhi towards end of 2023. According to company, project is almost sold out, with only a handful of units left, showcasing that demand for luxury homes is increasing not just in Gurgaon but also in Delhi.

Affluence fuels luxury

Experts attribute this surge in luxury real estate activity to an influx of affluent professionals, improved economic conditions, and availability of high-end amenities that cater to an upscale lifestyle. Enhanced developer reputation and buyer confidence have also played important roles in boosting sales figures.

To capitalise on rising demand for luxury homes, Smartworld Developers recently launched its inaugural luxury project, Smartworld Edition, at Sector 66 , Golf Course Extension Ro, which features over 900 luxury apartments with spacious 3.5 BHK and 4.5 BHK residences. project spans across 10 acres and comprises 900+ apartments.

Millennials drive demand for lavish living

Vivek Singhal, CEO, Smartworld Developers, commented, “ surge in demand for luxury housing indicates that people are opting for a lifestyle that mirrors ir achievements and ambitions. In today's market, discerning homeowners are looking for properties that offer generous living spaces, natural illumination, and outdoor areas for relaxation and leisure activities. Millennials' growing purchasing power and higher disposable income is furr stimulating demand for lavish living".

" escalating demand for flats valued upwards of Rs 1 crore furr stresses evolving aspirations and purchasing capacity of buyers in NCR. This prevailing trend not only underscores allure of NCR as a highly desirable residential destination but also accentuates lucrative investment potential it presents,” Singhal ded.

ding to this, Shashank Vashishtha, Executive Director, Exp Realty India, commented, “At forefront lies flourishing wealth and evolving aspirations of India's affluent populace, who seek not just homes but statements of prestige and refinement.”

This trend towards luxury living is expected to continue as more developers focus on catering to high-end segment of market, ensuring availability of world-class properties that meet discerning tastes of affluent buyer base in Delhi NCR.