How has Delhi-NCR’s real estate market evolved over the past few years?

How has Delhi-NCR’s real estate market evolved over the past few years?

One of the biggest real estate markets in India offers a diverse mix of properties in Delhi-NCR. Delhi NCR, real estate market has undergone remarkable changes in the last few years. With its status as the nation & capital, Delhi has always been a favorite destination for migrants & job seekers.

One of the biggest real estate markets in India offers a diverse mix of properties in Delhi-NCR. Delhi
NCR, real estate market has undergone remarkable changes in the last few years. With its status as
the nation & capital, Delhi has always been a favorite destination for migrants  & job seekers.
Although it has experienced slower growth in recent times, India remains an attractive destination
for both investors and users for a variety of reasons, such as the booming IT Industry, improved
Metro connectivity, the rise of affordable micro-markets, to name a few.

Demand-supply dynamics have been shifted as a result of increasing demand for residential
property. Compared to its counterparts - Gurugram and Noida - Delhi housing supply has been
relatively low but few top-notch projects like DLF One Midtown will increase Delhi’s real estate as
well. A mismatch in demand and supply appears to be the reason. Even though the city has a huge
need for affordable housing, property prices are skyrocketing all over the city. There have been
certain micro-markets across the region that have performed significantly better than others
because these areas provide affordable housing or mid-segment projects.

Gurgram entered the real estate market during the early 2000s, targeting mostly DINK couples and
MNC employees. Those properties, which enjoyed & marketed exponentially for their proximity to
the international airport, were priced at a level that is comparable to today's property prices in Delhi
NCR. However, the city has grown to offer housing opportunities for all segments of the population
as the years have passed. These days, Gurugram has affordable housing hubs and high-end
properties that are both available to the middle class and the wealthy. Various factors have
contributed to the increasing demand, including infrastructural development, job opportunities,
policy amendments, and more.

Due to this, a few hotspots for affordable construction have emerged in Delhi. Among the hot
favorites for real estate development are Dwarka-L Zone, Uttam Nagar, Rohini, Gurugram, Sohna,
Sector 65, and Sector 68. Aside from the growth of residential property, commercial real estate has
also grown significantly in the region. Despite the effects of the pandemic, the infrastructure
capacity & workforce availability have enticed corporates & employers, although at a slower pace.
Those interested in buying plots, near-completed properties, and ready-to-move properties in the
region have expressed an interest in a Knight Frank report. Combined with the dip in home loan
rates, the lowered down property prices have greatly enhanced the affordability index. The
increased demand can be seen in the rising number of project launches in Noida & Greater Noida.

Unsold inventory has decreased by 9% since 2019, which is an interesting aspect of the real estate
market in the region.

As a means of boosting the real estate market, micro-markets have had the best results. A majority
of buyers have chosen Gurugram's New Gurugram area including the Dwarka Expressway and Golf
Course Road. Affordable housing has been sought by the middle segment buyers near Greater Noida
West. Furthermore, the construction of the DME along this highway belt has fueled the demand for
housing. In these areas, projects were launched with success, as evident by the widening of the NH
24 and the new units being sold soon after they were launched.

The rise of luxury real estate is another important development to observe, particularly for the Delhi
NCR region, in addition to the affordable and micro-market segments. As the number of ultra-
wealthy individuals grows, the range of luxury and ultra-luxury housing options, which can
accommodate the design-oriented and custom-built abodes preferred by HNIs, UHNIs, and NRIs is
growing more rapidly than before. More homes are designed and constructed to offer wellness and
health amenities, and sustainable living options are increasing.

Along with various other favorable conditions, the increase in first-time developers in the region is
likely to boost the regions real estate growth further in the coming years. For the real estate market
in Delhi NCR, it has become a prized asset & will continue to be so.