Delhi NCR holds 64% share of luxury residential launches in first half of 2024

Delhi NCR stood out with a remarkable 64 per cent share of luxury residential launches in the first half of 2024 among the top seven cities in India.

As per the data analysed by real estate consultancy firm JLL, Gurugram has emerged as the top performer in the luxury segment, with 88 per cent of all launches concentrated in the Dwarka Expressway and Southern Peripheral Road regions.

This impressive growth reflects the increasing demand for premium residences in these areas.

Several developers, including DLF Limited, TARC, Sobha Ltd, Paras Buildtech, M3M India, BPTP, Krisumi Corporation, Central Park, and Experion Developers, have launched luxury projects.

The Delhi NCR residential market witnessed a strong rebound in H1 2024, with a total of 23,500 units launched.

This surpassed the total launches of 2023, which stood at 22,707 units, indicating a growing preference for luxury homes, the report said.

Gurugram dominated with 55 per cent of the new launches, while Noida contributed 35 per cent.

Over 26 per cent of these new launches totalling about 6,200 units comprised luxury apartments, priced at Rs 5 crore or above.

In 2023, only 12 per cent of the launches were in the luxury segment.

Delhi NCR led the luxury sales among India’s top seven cities, accounting for 65 per cent of the market share totaling 4,763 units sold.

Factors like increasing disposable income, an aspirational lifestyle and infrastructure advancements like the recent launch of Dwarka Expressway are driving up the demand for luxury housing in the region.

In H1 2024, approximately 19 per cent of the total homes sold in Delhi NCR were in the luxury segment. A majority (81 per cent) of the luxury homes sold in the region were in Gurugram.

The top performing micro markets in Gurugram includes New Gurgaon, Dwarka Expressway and Southern Peripheral Road.

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