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Rising Demand Puts Developers Focus Back To The Capital
With rising demand, it is now racing ahead by constantly strengthening its position in the housing market and this has put the focus of real estate developers back to Delhi.
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Offering a blend of modernity and heritage, the National Capital today has become one of the world’s fastest growing metropolises. While Delhi’s charm continues to attract today’s discerning customers, its world class infrastructure and excellent connectivity are making it a rewarding realty destination. Grabbing the vast opportunities here perfectly, India’s leading real estate developers are now offering premium residential spaces, shifting the status of its market from secondary to primary. As per industry reports, the region recorded a healthy growth of 48% Y-o-Y in housing sales at 9,101 units with increase in demand for gated communities and integrated townships. With rising demand, it is now racing ahead by constantly strengthening its position in the housing market and this has put the focus of real estate developers back to Delhi.
"Delhi market has largely been dominated by individual dwellings, starting from bungalows to independent floors, in the past couple of decades. As a result, over a period of time, New Delhi has become a secondary residential market. However, since the onset of COVID, the city is witnessing a rise in demand for high-end condominiums, a product type for which the market in all other parts of NCR has been booming in the last two decades. As metro cities continue to grow, space will contract, and prices along with demand will continue to upsurge. In such a scenario, condos are the answer for new home buyers in cities like New Delhi. And condo sales are increasing for a reason. Buyers see condos as a more practical option, appreciate the amenities they include, and recognize the investment potential they have, additionally if these properties are located in prime locations, they are even more desirable. Hence, what we are seeing right now is a catch-up and a surge in supply of such integrated ecosystem-based developments within Delhi", said DLF Spokesperson.
The pandemic has further heightened the demand of upscale residential spaces with large open spaces, modern amenities, high-tech facilities situated in posh neighbourhoods. There is an exponential rise in demands for gated communities in Delhi. Increased interests from UHNIs, HNIs, NRIs, corporate professionals, business leaders and startup founders looking for an avant-garde lifestyle in gated communities and integrated townships, have further uplifted the value of such offerings in Delhi’s real estate market. According to a recent report of consulting firm Redseer, premium and luxury segments in gated communities have seen higher growth. It is expected that their contribution will go up to 20% in the next five years. Now developers are announcing new projects to cater to the rising demand.
DLF Spokesperson further added "Today’s buyer is more cautious than ever and scrutinizes some key aspects while making a home buying decision, factors impacting their day-to-day living such as health & wellness, safety and security, ample open spaces, facilities that are available within walking distance or possibly inside the complex, and a location that is well connected to all the significant parts of the city. Mostly, such developments are seen in the NCR markets like Gurgaon and Noida, but far and few in Delhi. But now, developers are coming up with such projects in Delhi, strengthening the city’s position as a primary market. DLF realized the demand for such products a while back and therefore in the heart of West Delhi, created DLF Midtown, which happens to be one of the largest integrated ecosystems of residential and commercial developments all in one place, in one of the most vibrant neighbourhoods of NCR. Envisaged to be expanded into one of the largest integrated developments of West Delhi, it is already home to around 2700+ families with green open space, world-class amenities and some of the best social infrastructure available in the vicinity. Catering to the rising demand of buyers from this part of Delhi, we are gearing up for upcoming launches within the DLF Midtown ecosystem.""
The National Capital offers a cosmopolitan lifestyle and remains to be the nucleus of economic activities. It houses one of the busiest international airports and its strategic location is working in its favor, making it easily accessible from Noida and Gurgaon.
The real estate sector has emerged as an absolute winner this year by becoming the most secured investment choice. As confirmed by Anarock, housing sales are likely to reach pre-Covid level in the next year while rates may appreciate by 5-10% during 2022 and with this, Delhi’s appeal as a sought-after residential destination will continue to grow in 2022.