The Reasons Why Real Estate Developers Launching Luxury Projects In Delhi-NCR

The Reasons Why Real Estate Developers Launching Luxury Projects In Delhi-NCR

Many developers and local builders have launched a flurry of luxury real estate projects in Delhi-NCR. The healthy offtake and demand for renovating properties in the premium class is the main reason behind this.

The publicly traded real estate company is still optimistic about India’s housing market and anticipates strong sales momentum to continue as a result of the country’s rising urbanisation, increased affordability, and aspirational requirements.

A recovery in demand for luxury residences that has nearly doubled in the past five years was also noted in the company’s Financial Year 2023 annual report.  From a single luxury property project called “The Arbour,” which was launched in Gurugram during the March quarter, recorded sales bookings of Rs 8,000 crore.

There have been a number of luxury real estate launches in Gurguram and Noida priced above Rs 10,000 per square foot since the launch, which practically established a pattern for the Delhi-NCR real estate market.

Numerous High-End Launches

Godrej Properties, a real estate company, revealed last week that it had won the e-auction held by the Haryana Shehri Vikas Pradhikaran (HSVP) and received the Letter of Intent (LOI) to develop two group housing sites as the highest bidder.

These two eight-acre land parcels are part of the Golf Course Road micro-market, which is popular for its high-end residential and commercial constructions and is a desirable location for real estate development.

The real estate division of Max Ventures and Industries Ltd., Max Estates, recently debuted 201 opulent apartments in Noida and intends to begin building its first opulent housing project by the third quarter of 2023 and finish it in 48 to 60 months.

These condos cost Rs 18,000 per square foot. According to the company’s filing, pre-formal launch sales for the project, which is registered with the Uttar Pradesh Real Estate Regulatory Authority, exceeded Rs 1,800 crore.

Sector 128 of Noida is the location of the Estate 128 project, which would span 10 acres. There is a demand for luxury housing products in Noida, and that is evident from our success in both segments, residential and commercial, with Project 128 and Max Towers.

Source- Moneycontrol

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