According to a recent analysis by R&R by Rise, the demand for both residential and commercial buildings would cause the Delhi-NCR real estate market to increase significantly in 2023.
The 30- to 44-year-old millennial group, which is driving this demand, is anticipated to reach new heights in the upcoming year. About 40% of prospective purchasers believe that real estate in Delhi-NCR is the best investment opportunity and prefer it to other types of investments.
With 45 percent of potential purchasers choosing to invest in residential properties and 35 percent preferring commercial properties, residential real estate is more in demand than commercial real estate.
The poll also showed that 46% of prospective purchasers are first-time buyers, while 29% want to move up to bigger spaces. Properties with two to three bedrooms are the most sought-after, with 65 percent of prospective buyers choosing one of the two alternatives.
The real estate market in Delhi-NCR is predicted to increase more than anticipated, according to the poll results. Strong economic development, reasonable interest rates, steady prices, favourable demographics, and a rise in foreign investment have all helped the market.
The infrastructural investments made for roads, metro connectivity, and other amenities have also provided the Indian real estate market a boost. Another important factor contributing to the health of the Indian real estate industry is foreign investment.
The millennial generation is predicted to drive demand for both residential and commercial properties in the Delhi-NCR real estate market, which is anticipated to increase exponentially in 2023.
Commercial properties are less in demand than residential ones, with 2-3 BHK homes being the most sought-after. The real estate market in Delhi-NCR is expanding as a result of a number of reasons, including price stability, favourable demographics, and infrastructural spending.
Source- ET
