The demand for real estate had increased across all categories since last year, when it took a big knock due to the epidemic. The Delhi-NCR market, in particular, has seen an increase in pricing and demand. Navin Raheja, the chairman and managing director of Raheja Developers, discusses market trends in real estate, particularly in Delhi-NCR, in an interview with news18.com.
The luxury housing segment in Delhi-NCR has witnessed a remarkable surge in recent years, signalling a paradigm shift in desires and aspirations. Once a privilege limited to a select few, luxury living has become more accessible, thanks to the region's economic growth and the rise of successful entrepreneurs. Today, individuals aspire to recreate the opulent standards they have experienced globally, with housing taking centre stage.
Modern luxury housing encompasses a fusion of exquisite design, generous spaces, flawless services, cutting-edge security systems, state-of-the-art amenities, and convenience at its core. This evolving trend has spurred the emergence of specialized real estate developers who integrate state-of-the-art technologies and collaborate with renowned service providers to meet the demands of discerning buyers.
With the opening up of the economy and the advent of a flourishing entrepreneurial class, a new echelon of affluence has emerged. These individuals yearn for a life beyond the ordinary and seek to replicate the luxurious standards they have encountered while travelling abroad. They view housing as more than a mere shelter; it embodies their aspirations. Meticulous attention is paid to crafting exceptional living spaces that mirror the opulence they have been exposed to and yearn to possess.
The growing preference for luxury housing in Delhi-NCR underscores the desires and ambitions of this new wealthy class. They strive to transcend conventional boundaries and embrace a lifestyle that reflects their elevated status. As a result, the future of luxury housing in the region appears promising, driven by the unwavering aspiration to emulate the exceptional living standards witnessed during journeys abroad.
Within the Delhi-NCR region, several specific areas and neighbourhoods are poised to become significant growth centres in the near future, presenting attractive opportunities for real estate development. These areas include:
Dwarka Expressway: With its strategic location connecting Gurugram and Delhi, Dwarka Expressway, also known as the Northern Peripheral Road, holds immense promise. Its proximity to the international airport, ongoing infrastructure projects, and planned metro expansion make it an appealing destination for real estate development.
Greater Noida West (Noida Extension): This area has rapidly emerged as a thriving real estate hub, offering affordable housing options and excellent connectivity to Noida, Greater Noida, and Delhi NCR. The presence of reputed educational institutions, healthcare facilities, and commercial centres further adds to its allure.
Sohna Road, Gurugram: Sohna Road's strategic location, near business districts, excellent connectivity, and well-developed infrastructure make it an attractive destination for real estate growth and investment.
Yamuna Expressway: Serving as a corridor between Greater Noida and Agra, the Yamuna Expressway offers affordable housing options, excellent connectivity, and significant potential for industrial growth, making it an appealing choice for real estate development.
Faridabad-Neharpar: The Neharpar area in Faridabad is witnessing notable infrastructural developments, focusing on affordable housing, industrial zones, and proposed commercial and retail projects. These factors contribute to its potential as a growth centre for real estate.
These areas' strategic locations, connectivity to key areas, proposed infrastructure projects, and the presence of essential amenities make them attractive for future residential and commercial real estate development. Investors and developers can explore these growth centres to capitalize on the promising prospects they offer within the Delhi-NCR real estate market.