Due to the upcoming festival season, developers have been buying land over the last six months in an effort to meet the increased demand for homes. Delhi-NCR is expected to have a record number of housing unit launches around the coming festive season.
NCR based real estate developers like DLF, Godrej, L&T, TARC, Signature Global, and County Group among the developers with launches scheduled for the second half of 2023.
Residential launches in the first half of this year were already more than double those in the same period last year, claims Cushman & Wakefield.
All of the prime Indian cities have shown consistent sales growth, but NCR saw a notable increase in demand for the residential category.
With annual price increase reaching record levels, Gurugram housing market has been a popular real estate investment location during the last three years, according to Aakash Ohri, joint MD and chief business officer.
The two micro markets in Delhi NCR with the biggest Year on Year increases in home prices were Golf Course Road and Dwarka Expressway, at 46% and 40%, respectively.
The newly developed Dwarka Expressway and the upcoming 50 km six-lane highway in Delhi NCR are expected to drive luxury housing demand in Gurugram, Ghaziabad, Noida and neighbouring micro markets.
Improved infrastructure, better connectivity, increased disposable income, and government incentives have all been cited as contributing causes to the increase in demand for homes in India.
The demand for houses is still strong, apart from the difficulties that developers are still having with rising construction prices. According to Peush Jain, managing director of Occupier Services, Colliers India, housing demand is projected to continue to increase over the next few quarters, driven by the coming holiday season and a persistent desire for home.
Source-ET
