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As demand in the National Capital Region remains strong, real estate developers such as DLF, Godrej, M3M, County, Max, and TARC are planning to launch new housing projects.
The new projects will be built in areas such as central Delhi, the Noida Expressway, and Golf Course Extension Road Gurugram, which has seen a recent surge in land acquisition. One of the most significant trends this year has been the influx of demand for homes in the luxury and above segment.
DLF has 9.4 million square feet of project launches planned for 2023-2024, including another phase of the DLF-GIC joint venture in central Delhi, a luxury project on the Golf Course Extension Road, and another in New Gurgaon.
Godrej, Max, and M3M have recently purchased land in Noida and are preparing to launch new products.
TARC is planning to launch atleast three projects in NCR, one each in central and south Delhi, and another in Gurugram. “We believe that this is the best time for residential real estate, and we are expanding in response to demand,” said Amar Sarin, managing director of TARC.
“Rising demand for houses and a lack of developments in Delhi have resulted in many reputed and new developers entering the Delhi residential market, strengthening the city’s position as a primary market,” said Shashank Vashishtha, executive director, eXp India.
Historically, Delhi has been considered a secondary real estate market, with the majority of investment and development going to other major cities. However, in recent years, there has been a resurgence of interest in Delhi, particularly in the luxury segment.
“On the Noida Expressway, we will see launches by M3M, Max, and County Group, as well as other developers who have recently acquired land.
According to analysts, certain pockets with low levels of unsold inventory will continue to see capital value appreciation supported by steady demand. Apartment units between 1,200 and 1,500 square feet will continue to be in high demand, according to the experts.