The National Capital Region, or NCR, has clearly become the leader in luxury housing in India with robust infrastructure development and strategic investments. As JLL says in their Delhi-NCR residential market update h1 2024, NCR has been the leader in luxury residential space in India, with locations such as Dwarka, Dwarka Expressway, and the Yamuna Expressway marking growth as prime real estate destinations. This growth has been credited to the region’s improved connectivity as well as the ever-expanding infrastructure landscape that has significantly increased property demand and values.
The report stresses on the imperative role that infrastructure is playing in fueling this boom. Some of the key developments like new expressways and metro extensions have greatly reduced the travelling time, making erstwhile peripheral areas more attractive for homebuyers as well as investors. For instance, Dwarka Expressway has witnessed an increased demand due to the closeness to central business districts in Delhi, while Yamuna Expressway gained momentum following the construction of Noida International Airport, which poses this zone as a strategic investment area.
The Delhi-Mumbai Expressway should be able to increase real estate values along its corridor by efficiently connecting NCR with national growth corridors and further increasing its appeal to investors.
This has positioned the region for further growth, with promising opportunities for both residential and commercial property seekers.
Developers are responding to this demand with transit-oriented projects designed to capitalize on improved connectivity. Beyond providing mere housing, these developments aim at creating integrated and self-sufficient communities that have shopping complexes, schools, and healthcare facilities. This is further a result of the changing priorities of homebuyers in enhancing accessibility, convenience, and sustainability as elements that characterize their choice of residence.
Industry majors believe the luxury segment has a rosy future in NCR. Group COO, Eldeco Group, Manish Jaiswal said growing demand for luxury property in Gurgaon and Noida has reflected the maturity of the region as a premium real estate destination. As for CFO, Alphacorp Development Pvt Ltd, Santosh Agarwal observed that rising demand for luxury homes reflected an ever-growing penchant towards lavish living arrangements replete with exclusivity combined with cutting-edge contemporary amenities.
Despite these promising trends, however, experts caution that rapid urban growth must be accompanied by careful planning to avoid the potential issues that may arise due to congestion and environmental concerns. Nevertheless, with the infrastructural developments in the offing, the real estate market of NCR is likely to remain a major player in India’s luxury property sector at least for the near future.
