Luxury real estate | Image:Pixabay
Delhi Leads Luxury: Delhi NCR has taken a commanding lead in the luxury housing segment amongst India’s major cities in the 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—made 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.
The 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 The Arbour, a luxury high-rise project in Golf Course Extension Road, Gurgaon. Despite commanding a premium price of approximately Rs 18,000 per sq ft, The 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 the strong demand for luxury homes in Delhi NCR across all categories.
Post-Pandemic Paradigm Shift
Weighing on the increasing demand for luxury homes in Indian real estate, Aakash Ohri, Jt Managing Director & Chief Business Officer, DLF shared “The surge in demand for luxury and super luxury homes can be attributed to various factors. Firstly, the post-pandemic era has stressed the 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, the rise in wealth creation has expanded the luxury real estate market, driven by economic resilience amongst the affluent segments, who view real estate as not only an appreciating asset but also one with tangible and intrinsic value. Additionally, the interest of the Indian diaspora in investing back in the country, fuelled by emotional ties, favourable currency exchange rates, and simplified investment processes, has further boosted the demand for luxury properties,” Ohri added.
Similarly, DLF launched the last tower of its luxury offerings, ONE Midtown, in Moti Nagar, New Delhi towards the end of 2023. According to the company, the project is almost sold out, with only a handful of units left, showcasing that the 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 the 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 the rising demand for luxury homes, Smartworld Developers recently launched its inaugural luxury project, Smartworld The Edition, at Sector 66 , Golf Course Extension Road, which features over 900 luxury apartments with spacious 3.5 BHK and 4.5 BHK residences. The project spans across 10 acres and comprises 900+ apartments.
Millennials drive demand for lavish living
Vivek Singhal, CEO, Smartworld Developers, commented, “The surge in demand for luxury housing indicates that people are opting for a lifestyle that mirrors their 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 further stimulating the demand for lavish living”.
“The escalating demand for flats valued upwards of Rs 1 crore further stresses the evolving aspirations and purchasing capacity of buyers in the NCR. This prevailing trend not only underscores the allure of the NCR as a highly desirable residential destination but also accentuates the lucrative investment potential it presents,” Singhal added.
Adding to this, Shashank Vashishtha, Executive Director, Exp Realty India, commented, “At the forefront lies the 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 the high-end segment of the market, ensuring the availability of world-class properties that meet the discerning tastes of the affluent buyer base in Delhi NCR.
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