Team OpulnzAbode: 11-07-2024, 15:15, Read Time – 2.5mins
Delhi NCR took a commanding lead in the luxury housing segment among India’s major cities in the first quarter of 2024, according to a recent report by Cushman & Wakefield. Luxury homes, priced at no less than ₹15,000 per sq ft, made up 61% of all new residential project launches in this region. This is starkly contrasting Mumbai and Bengaluru, where luxury projects accounted for only 26% and 19%, respectively.
The Appeal of Luxury Living in Delhi NCR
The allure of luxury living in Delhi NCR is evident, with several projects selling out rapidly. For instance, DLF Privana sold out within 72 hours of its pre-launch. This market activity highlights a growing trend among affluent buyers toward more spacious and luxurious living solutions.
Successful Luxury Projects
In 2023, DLF launched The Arbour, a luxury high-rise project on Golf Course Extension Road in Gurgaon. Despite commanding a premium price of approximately ₹18,000 per sq ft, The Arbour sold out three days before its official launch. Similarly, DLF launched a series of luxury independent floors across DLF Phase 1-4 in Gurgaon, which were swiftly sold out, showcasing the strong demand for luxury homes in Delhi NCR.
DLF Arbour: https://www.opulnzabode.com/the-arbour-dlf-luxury-flats-sector-63-gurgaon/
DLF One Midtown Delhi: https://www.opulnzabode.com/dlf-one-midtown-moti-nagar-luxury-flats/
Post-Pandemic Paradigm Shift
Aakash Ohri, Joint Managing Director & Chief Business Officer of DLF, attributes the surge in demand for luxury and super-luxury homes to several factors:
- Quality Living: The post-pandemic era has stressed the importance of quality living, prompting individuals to seek residences that offer holistic lifestyles with modern amenities and green surroundings.
- Wealth Creation: Economic resilience among affluent segments has expanded the luxury real estate market, with real estate being viewed as both an appreciating asset and one with tangible and intrinsic value.
- Indian Diaspora Investments: The interest of the Indian diaspora in investing back in the country, fueled by emotional ties, favourable currency exchange rates, and simplified investment processes, has further boosted demand for luxury properties.
Rising Demand Across Delhi and Gurgaon
DLF’s recent launch of the last tower of ONE Midtown in Moti Nagar, New Delhi, towards the end of 2023, is almost sold out, indicating that the demand for luxury homes is increasing in Gurgaon and Delhi.
Affluence Fuels Luxury
Experts attribute the surge in luxury real estate activity to an influx of affluent professionals, improved economic conditions, and the availability of high-end amenities that cater to an upscale lifestyle. Enhanced developer reputation and buyer confidence have also played crucial roles in boosting sales figures.
Upcoming Projects: Smartworld Sector 69 Gurugram
Smartworld Developers plans to launch its new luxury project, Smartworld Sector 69, at Golf Course Extension Road to capitalise on the rising demand for luxury homes. This project features over 900 luxury apartments with spacious 3.5 BHK and 4.5 BHK residences spanning 15 acres.
Smartworld New Launch: https://www.opulnzabode.com/smartworld-sector-69-gurugram-spr-road/
Millennials Drive Demand for Lavish Living
Vivek Singhal, CEO of Smartworld Developers, commented, “The surge in demand for luxury housing indicates that people opt for a lifestyle that mirrors their achievements and ambitions. In today’s market, discerning homeowners seek properties offering generous living spaces, natural illumination, and outdoor areas for relaxation and leisure activities. Millennials’ growing purchasing power and higher disposable income stimulate the demand for lavish living.”
Escalating Demand for High-Value Properties
The increasing demand for flats valued upwards of ₹1 crore underscores buyers’ evolving aspirations and purchasing capacity in the NCR. This trend not only highlights the allure of the NCR as a highly desirable residential destination but also accentuates its lucrative investment potential.
Himanshu Bamola, Founder and CEO of Opulnz Abode, added, “At the forefront lies the flourishing wealth and evolving aspirations of India’s affluent populace, who seek not just homes but statements of prestige and refinement.”
Opulnz Abode: www.opulnzabode.com
Looking Ahead: The Future of Luxury Living in Delhi NCR
This trend towards luxury living is expected to continue as more developers focus on catering to the high-end segment of the market. The availability of world-class properties that meet the discerning tastes of the affluent buyer base in Delhi NCR ensures that the region will remain a top choice for luxury residential investments.
