NewsVoir
Delhi-NCR [India], July 11: The demand for luxury homes in the Indian real estate market is witnessing an unprecedented surge, driven by homebuyers prioritizing the combination of opulence and quality living. Over the past few years, the sector has experienced a trend, with more people seeking spacious and comfortable living spaces that offer an enhanced lifestyle, notably in the metro cities, where the demand for luxury homes is more prominent. India's leading metro cities are seeing a significant uptick in the construction and sales of luxury homes, with Delhi-NCR leading the growth graph.
A report by Knight Frank, revealed that the first half of 2024 (H1 2024) witnessed a significant jump in residential unit sales across India's top eight cities, including Mumbai, Delhi-NCR, Bengaluru, Pune, and Hyderabad. The surge in demand for luxury housing, which formed 41 per cent of all sales in the first half of 2024, has not only strengthened market sentiments but also prompted strategic planning from developers.
NCR's realty landscape is constantly evolving, marked by towering skyscrapers and premium residential projects, offering high-end living experiences. Gurugram and Noida are witnessing a construction boom, with numerous luxury projects underway. These projects are characterized by their innovative designs, world-class amenities, and strategic locations. One of the defining features of NCR's luxury real estate market is the prevalence of towering skyscrapers. These architectural marvels not only redefine the cityscape but also offer residents a host of benefits.
Amit Modi, Director, County Group says, "The luxury real estate market in NCR is fueled by the economic growth and buyers' changing lifestyle preferences. Homebuyers now seek spacious living spaces offering holistic lifestyles, premium amenities, and green surroundings. This trend places Delhi-NCR, notably Noida, as a desirable residential destination. In addition, various infrastructure developments like the upcoming Noida International Airport further boost the growth of luxury housing. Furthermore, the influx of affluent professionals, improved economic conditions, and the availability of high-end amenities have instilled greater confidence among buyers toward developers. As the growth continues, we anticipate Noida becoming the epicenter of luxury residential real estate in NCR."
Catering to the soaring demand for towering skyscrapers and luxury homes, leading developers such as County, Gulshan, Landmark, and Omaxe Group have contributed to NCR's realty landscape. Their unique offerings attract discerning buyers, and they set new standards for luxury living with their meticulously planned and aesthetically pleasing high-rise residential projects. The renowned Prateek Group is also making a significant contribution to this landscape with its premium residential projects that emphasize a blend of luxury and quality living. Nestled in the lush green landscapes of Noida and Siddharth Vihar, the group's project offers its residents innovative living spaces offering luxurious life. These developers are setting new benchmarks in luxury living with their meticulously planned and aesthetically pleasing residential complexes, redefining luxury in NCR.
Sandeep Chillar, Founder & Chairman, Landmark Group says, "The pursuit of luxury homes and quality living is driving a transformation in India's real estate residential market, particularly in the metro cities. The prominence of Gurugram as a preferred luxury home destination in NCR is undeniable. The city's rapid development, coupled with its enhanced infrastructure and excellent connectivity, makes it an attractive choice for luxury homebuyers. This demand fuels ongoing growth and positions Gurugram as a coveted luxury residential destination. The development of niche luxury projects will continue to drive its continuous growth and potential as the leading luxury real estate residential market in India."
The report also indicates that developers are strategically catering to homebuyers' changing preferences for an upgraded lifestyle experience. It highlights a 5.8 per cent year-on-year increase in new home launches, with 183,401 units added to the market in H1 2024.
Mohit Goel, MD, Omaxe Group, says, "The demand for luxury homes in NCR highlights a shift in buyer choices towards more sophisticated and comfortable living environments. Especially over the last few years in cities like Faridabad, where steps have been taken to improve the city's infrastructure and connectivity, it has also helped increase its brand value. Notable developments like the Faridabad-Noida-Ghaziabad (FNG) Expressway, Eastern Peripheral Expressway (EPE), KGP Expressway, and others have provided an additional impetus to Faridabad's residential charm. In Faridabad, buyers can find luxury apartments larger than those in Noida and Gurugram for the same price. This has made the city attractive to higher mid-income and premium homebuyers and investors. As a result, Faridabad has begun to outshine Noida and Gurugram, prompting visionary real estate developers to curate high-end residential projects with state-of-the-art facilities."
Salil Kumar, Director- Marketing & Business Management, CRC Group says, "The luxury real estate market in NCR, particularly in Noida, is booming as buyers increasingly seek premium living experiences. The city is now a prime choice for discerning homebuyers due to the blend of opulent amenities and strategic locations. The region boasts high-rise projects designed to cater to these sophisticated tastes, offering world-class facilities, expansive green spaces, and advanced security features. Thus, the ongoing demand reflects a significant shift in lifestyle alternatives, with buyers prioritizing spacious living environments that provide comfort and luxury."
Towering skyscrapers and luxury residential complexes are redefining living standards, offering homebuyers an unparalleled blend of luxury, convenience, and quality and Delhi-NCR stands at the forefront of this growth. As the demand for such homes continues to rise, the NCR is set to remain a prime destination for those seeking the finest living experiences.
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