Delhi to see more residential launches this year as demand rises
The strong momentum seen in 2022 in both sales and new launches of residential real estate state is expected to continue in the first half of 2023, according to property consultants and developers.
According to CBRE, apartment launches expected to remain robust this year as well, with Mumbai, Hyderabad, Pune and Delhi-NCR driving supply infusion in 2023.
In the premium / luxury housing segment, CBRE expect to see the strong sales traction to continue in 2023, against the backdrop of a depreciating rupee and significant wealth creation at the upper end of the income pyramid.
“As the national capital, the city has perpetually been a favoured address for residential and commercial developments. While NCR has gained popularity among home buyers by creating a template for future cities; many aspire for a similar lifestyle without compromising the comfort and privilege of living in Delhi. As a result, today, there is an exponential rise in demand for gated communities within Delhi,” said Aakash Ohri, Group Executive Director and Chief Business Officer, DLF.
“Homebuyers still have the highest preference to own property in Delhi,” Ohri said.
DLF has developed DLF Midtown at Shivaji Marg in Moti Nagar. It is planned to be one of the biggest integrated developments in West Delhi and is already home to around 2700 families.
One Midtown, a recently launched project, is part of a larger development plan for DLF Midtown. In the first phase, this high-rise luxury residential project sold towers worth Rs 1500 crore. DLF is soon planning to launch the last tower of One Midtown. Similarly other leading developers like TARC, Godrej, Parsvanath have launched high rise projects in the national capital in last couple of years.Experts believe that monetary tightening will have limited impact on residential sales.
Developers are now focusing on building vertical structures that offer more living space per square foot.
“The national capital has always remained the most sought-after residential destination for homebuyers. The city is witnessing a rise in demand for high-end condominiums, a product type for which the market in all other parts of the NCR has been booming in the last two decades. The rising demand for condominiums and lack of integrated developments in Delhi has led to many reputed and also new developers entering the Delhi residential market, strengthening the city’s position as a primary market,” said Shashank Vashishtha, Executive Director, eXp India.
With the rise of luxury condominiums and integrated townships, the real estate market of Delhi has undergone a significant transformation.
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