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The Rise of Luxury Residential in Delhi NCR

19/06/2024

LUXURY HOUSE TRANSFORMATION IN DELHI-NCR

India, the world’s fastest-growing major economy, has now secured the fifth spot with a GDP of 3.94 trillion. Forecasts predict India is poised to ascend to one of the top three economic powers globally within the next 10-15 years. The Indian real estate sector is expected to expand, reaching US 5.8 trillion by 2047.Consequently, real estate developers are experiencing robust growth, with strong demand being witnessed in the residential sector.

Gurugram, has emerged as a significant luxury real estate market in NCR, featuring notable areas like Golf Course Road and Golf Course Extension Road among others. Moreover, the pandemic has significantly influenced homeowner preferences, shifting focus toward projects with tailored amenities, designed to enhance their living experience. Delhi-NCR’s luxury residential market has grown remarkably due to rise in disposable income among the upper-middle class, the influx of HNIs due to burgeoning startups, improvements in physical infrastructure, and the desire for a high-quality lifestyle among millennials. Overall, this evolution reflects changing consumer preferences, technology, and environmental awareness.

In luxury housing, discerning buyers prioritize specific amenities over traditional location-centric factors. Developers empower buyers to prioritize their lifestyle preferences by focusing on specific amenities, thereby reshaping the luxury real estate market, and fostering new micro-markets like New Gurugram & Dwarka Expressway. Despite rising property prices, demand for larger apartments remains resilient. The luxury segment is witnessing substantial growth, with both demand and supply reaching unprecedented levels.

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