2024 is set to emerge as a powerhouse of growth, reflecting the aspirations and preferences of prospective buyers in the bustling landscape of Delhi-NCR’s real estate market. According to a recent survey report by R&R, a whopping 57% of buyers plan to make real estate investments in the next 3-5 months, indicating a surge in demand, and a significant 44% of buyers in Delhi-NCR are keen on investing in under-construction properties, underlining the optimism in the sector.
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Residential properties are the primary focus for almost half of the prospective buyers who are seeking high-end living spaces that elevate their lifestyle and offer unparalleled comfort. The trend indicates a shift towards owning a property and embracing a holistic living experience.
Nayan Raheja of Raheja Developers says, “The current trend signifies a shift towards quality living. Buyers are not just looking for homes; they are seeking an elevated lifestyle. Our luxury projects are witnessing heightened interest as people aspire for comfort and opulence in their living spaces. Buyers are not merely drawn to the market by the prospect of ownership but by the potential for remarkable returns. The availability of preferred property types also motivates them to invest, and Gurugram has emerged as a doubt-after destination in this concern with projects across various verticals. This aligns with the belief that real estate is not just an investment but a statement of one’s status and lifestyle.”
Sachin Gawri, Founder & CEO, Rise Infraventures, sheds light on the market dynamics, saying, “The real estate market in Delhi-NCR is poised for substantial growth. Buyers are becoming more vigilant, focusing on locations with potential for appreciation. The rise in demand for premium homes and the surge in investments reflect the market’s resilience and attractiveness for both self-use and investment. The significant influence of women in buying decisions related to homes and residential spaces has also led to the increase in investment in residential spaces as they believe that investing in such spaces is secure and beneficial.”
A closer look at the demographics shows that 60% of respondents belong to the 35-44 age group, suggesting that mid-level professionals consider real estate as a top priority for investment.
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Gurugram emerges as the preferred location for investment, with 35% of buyers expressing their desire to buy property in this thriving city. Noida, Delhi, and other sections of NCR follow closely behind.
The Gurugram market, in particular, has witnessed a remarkable 45% price hike in the premium homes segment, reinforcing the notion that investing in the right location can lead to substantial returns. Prominent real estate developers support this sentiment, emphasising the rising demand for high-end residential spaces.
Mohit Goel, MD, Omaxe Group, says, “2024 marks a turning point for Delhi-NCR’s real estate, with buyers expressing a strong inclination towards luxury living. We are proud to be part of this transformative journey. Our projects redefine opulence and sophistication, offering an unmatched living experience. Today’s discerning buyers are not just investing in a property; they are investing in a lifestyle. The positive trends indicate that the demand for ultra-luxury spaces is on the rise, and we are committed to meeting this demand by delivering projects that exemplify exclusivity, design excellence, and unparalleled comfort.”
“Delhi-NCR’s real estate landscape in 2024 is a canvas of endless opportunities. We are witnessing a surge in demand for mid-segment properties, indicating a trend of smart investments. Buyers are not just looking for a space; they are seeking value and future potential. Our projects are designed to meet these expectations, providing a perfect blend of affordability and growth potential. The market dynamics are favourable, and we are confident that our offerings will contribute to the vibrant growth of the real estate sector in the region,” says Radheecka Rakesh Garg, Director, Rajdarbar Realty.
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It is evident that the realty sector in Delhi NCR is witnessing a paradigm shift, with buyers focusing on high-end residential spaces that not only meet their basic housing needs but also enhance their overall lifestyle. As real estate becomes more intertwined with the aspirations of the urban populace, the outlook remains positive, promising a flourishing future for both developers and investors alike.
