Delhi NCR Takes the Lead in Luxury Residential Launches in H1 2024
Delhi NCR showcases a notable 64% share of luxury residential launches among the top seven cities in India, with Gurugram excelling as the leading performer in the luxury real estate segment.
Luxury Real EstateDelhi NcrGurugramLuxury Residential LaunchesReal Estate MarketReal Estate MumbaiSep 10, 2024
This substantial growth indicates a rising demand for upscale residences in these specific areas. In terms of luxury sales in India, Delhi NCR stands out as the leader among the country's top seven cities, holding a significant market share of 65%, with a total of 4,763 units sold.
The Delhi NCR residential market witnessed a strong rebound in H1 2024, with a total of 23,500 units launched, surpassing the total launches of 2023, which stood at 22,707 units. This indicates a growing preference for luxury homes, attributed to factors such as rising disposable income, a growing aspiration for a luxurious lifestyle, and the continuous development of infrastructure in the region.
One of the latest infrastructure projects influencing the demand for luxury housing is the recent launch of the Dwarka Expressway. According to the JLL report, the number of new launches in the real estate market exceeded the total launches of 2023, indicating a noticeable inclination towards luxury homes among buyers.
Gurugram led the market with a 55% share of new launches, followed by Noida with a 35% contribution. A significant 88% of all new launches are focused on the Dwarka Expressway and Southern Peripheral Road regions, highlighting the growing desire for high-end residential properties in these specific areas.
Developers are adapting to the evolving preferences of homebuyers, who are demonstrating an increasing inclination towards spacious, high-end residences with enhanced amenities. This shifting consumer demand has led to a notable uptick in the introduction of luxury housing projects.
Interestingly, a significant proportion of these new launches, representing approximately 26% and comprising about 6,200 units, consisted of luxury apartments valued at Rs 5 crore or above. This marks a significant increase in the luxury housing market within a year.
Experts in the industry believe that luxury is no longer just about grand spaces and high-end finishes, but about creating living spaces that truly resonate with individual values and lifestyles. Today's buyers are increasingly seeking personalization in their homes, with a keen understanding of the growing importance of sustainability.
The luxury real estate market is witnessing a transformative shift, driven by the evolving preferences of discerning homebuyers. Modern luxury homebuyers prioritize smart home technology as an essential feature, with 77% considering it crucial when selecting a new home.
Frequently Asked Questions
What is the current trend in the luxury real estate market in India?
The luxury real estate market in India is witnessing a transformative shift, driven by the evolving preferences of discerning homebuyers, with a growing demand for sustainable and tech-enabled projects.
Which city has emerged as the leader in luxury residential launches in H1 2024?
Delhi NCR has emerged as the leader in luxury residential launches in H1 2024, with a 64% share among the top seven cities in India.
What is the significance of the Dwarka Expressway in the luxury real estate market?
The recent launch of the Dwarka Expressway is one of the latest infrastructure projects influencing the demand for luxury housing, with a significant 88% of all new launches focused on this region.
What is the current market share of luxury sales in India?
Delhi NCR stands out as the leader among the country's top seven cities, holding a significant market share of 65%, with a total of 4,763 units sold.
What is the expected growth rate of the Indian luxury real estate market?
The Indian luxury real estate market is projected to grow at a CAGR of 3%.
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