The property market in Delhi NCR was showing signs of recovery after being impacted by the COVID-19 pandemic.
The Delhi NCR (National Capital Region) includes areas such as Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, and Faridabad. In recent years, the property market in Delhi NCR has witnessed a surge in demand for affordable housing, especially in the outskirts of the city.
In the first half of 2022, property prices in Delhi NCR showed a marginal increase compared to the second half of 2021. According to a report by Knight Frank India, residential sales in Delhi NCR saw a 36% YoY increase in H1 2023, while new launches increased by 15%.
However, the market remains highly competitive, and prices vary depending on the location, property type, and other factors. The demand for affordable housing, especially in the outskirts, continues to remain strong, while the luxury segment is also witnessing steady growth.
The Delhi-NCR real estate market is anticipated to experience exponential growth in 2023, with several intriguing themes influencing the future of Delhi, Gurgaon, Noida, and the surrounding districts, all of which are experiencing unprecedented growth. In Delhi-NCR, real estate is still the best investment option, with almost 40% choosing it above other types of investments.
One of the survey’s significant findings indicates that the millennial generation is a major force in Delhi-NCR’s expanding real estate sector. The demographic driving demand for both residential and commercial real estate is between the ages of 30 and 44. Within the next two years, more than 70% of respondents said they plan to buy a house.
Residential real estate is more in demand than commercial, with 45% of respondents intending to buy residential and 35% looking to rent out business properties. Nearly 46% of the respondents said they planned to purchase their first residences within the following two years. More than 29% intend to move into a larger, better space with more lifestyle and wellness features than their existing residences. With 65% of people choosing one of the two alternatives, the demand for 2-3 BHK is very strong.
The market will be dominated by real estate assets and investment vehicles formed only for the purpose of investing and making money. In fact, commercial real estate, which produces income through rentals, returns on investments, and income-producing assets, has also grown in popularity as a type of investment. Spending on infrastructure for roads, metro connectivity, and other amenities has provided the Indian real estate market more push. Additionally, foreign investment in Indian real estate is a significant factor in maintaining the country’s thriving real estate industry.
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