October 17, 2024 |
Delhi-NCR Set For Massive Rs 1 Lakh Crore Residential Boom This Festive Season: Report
The festive season in Delhi-NCR could see the launch of over ₹1 lakh crore in residential projects, with developers timing releases after the Haryana government formation. Gurugram has surpassed Mumbai and Delhi, two of the most expensive real estate markets in India in with regards to the value of recently-launched projects.
More than one lakh crore worth of residential projects could be unveiled in Delhi-NCR during the festive season. Developers have postponed new releases until the Haryana government was formed and the festive season.
Although housing sales have been increasing for the previous two years, the third quarter wtinessed a decline of 11 per cent.
Extensive projects have been launched by some of the listed developers like TARC, DLF, Max Estates and Signature Global in Gurugram. While, Noida along with Gurugram will also see the launch of new housing projects by other developers such as Smartworld, M3M, Central Park, Trident Group, Gaurs Group, Paras, County Group, Adani Realty and BPTP.
“Traditionally, the Indian festive season is considered an ideal time to invest in wealth-creating assets. This year, the sector is poised to see a substantial rise in demand for homes, especially with a wave of new luxury launches attracting high net worth individuals (HNIs), ultra-high net worth individuals (UHNIs), and significant investments from the NRI community,” stated Aakash Ohri, joint managing director and chief business officer, DLF Homes.
DLF is unveiling an opulent project with Rs 34,000 crore target sales value, around 2.5 times the value of its Camellias project in Gurugram, or any other real estate project in the country.
The sales value of DLF’s next project, The Dahlias, will be comparable to that of Naman Xana in Mumbai, DLF Camellias in Gurugram, and Three Sixty West by Oberoi Realty in Mumbai. The beginning size of the flats would be 9,500 sq. ft.
The new project is anticipated to significantly increase DLF’s market share. As per PropEquity, the market share of DLF was 25 per cent in the ultra-luxury segment (properties rated more than Rs 25 crore) in the past five years.
“The Gurugram real estate market is already heating up in anticipation. Areas like Golf Course Extension Road and Dwarka Expressway are emerging as prime hotspots, driven by infrastructure upgrades and a growing demand for luxury homes,” said Vivek Singhal, CEO, Smartworld Developers.
Smartworld Developers recently sold 900 residential units in its latest luxury project in Sector 69, Gurugram, featuring luxury apartments ranging between Rs 4-5 crore each.
Gaurs Group also sold 1,200 high-end apartments in Ghaziabad worth Rs 3,000 crore.
Additionally, Signature Global claimed its best-ever half-year pre-sales, totaling Rs 5,900 crore in H1FY25, showing a 217 per cent year-over-year rise, while Max Estates reported Rs 4,100 crore in pre-sales from its first residential development in Gurugram.
Gurugram has surpassed Mumbai and Delhi, two of the most high-priced real estate markets in India in with regards to the worth of recently-launched projects.
Source: Times Now News
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