Infrastructure and luxury housing are the twin engines powering Delhi-NCR’s real estate surge. – Jag mohan Garg.
Over the past few years, India’s real estate sector has experienced a remarkable resurgence, with Delhi-NCR emerging as a pivotal hub for this growth. The region has witnessed a significant boom, driven by robust infrastructure development, enhanced connectivity, and a surge in demand for luxury and premium housing.
Jagmohan Garg, a prominent figure in the real estate industry and director of Tirupati Infraprojects discusses Delhi NCR’s surge as one of India’s leading real estate development and the reasons behind it.
In the last decade, the Delhi-NCR real estate market has experienced remarkable growth, transforming into one of India’s most dynamic and sought-after regions. In recent years, this growth has accelerated, with property prices in Delhi-NCR witnessing a significant surge. For instance, housing prices have risen by 137% over the past five years, driven by large-scale infrastructure projects and strong demand from both investors and homebuyers. In 2024 alone,
Delhi-NCR saw a 49% increase in property values, leading the nation in price growth.
What are the factors leading to such growth? Let’s see
One of the primary catalysts behind this growth is the development of massive infrastructure projects. Developments such as the Dwarka Expressway and metro expansions have significantly enhanced connectivity, transforming micro-markets like New Gurugram and Sohna Road into thriving real estate hotspots.
Other NCR areas, including Kundli-Sonepat, Faridabad, Noida, and Greater Noida, are experiencing significant growth. Kundli-Sonepat is emerging as a manufacturing hub, while Faridabad benefits from metro connectivity. Noida and Greater Noida thrive due to ongoing infrastructure projects and proximity to Delhi.
Upcoming projects like Jewar Airport and the Delhi-Meerut Rapid Rail will further boost the region. Jewar Airport will enhance connectivity, and the rapid rail will reduce travel times, making Noida and Greater Noida even more appealing for commuters and investors.
“Infrastructure projects like the Dwarka Expressway and metro expansions have been the magic wands for Delhi-NCR’s real estate scene. Not only have they waved goodbye to those dreaded traffic jams, but they’ve also increased desirability in New Gurugram and Sohna Road, turning them into the region’s most sought-after lifestyle hubs,” notes Jagmohan Garg.
“And what’s more, these hubs are now sprouting with all the essentials—shopping malls, schools, and healthcare centers—essentially creating mini-cities where you can live, work, and play without ever needing to leave!” he adds.
Moreover, infrastructure development has spurred economic growth by creating new employment opportunities and attracting businesses to the region. Areas like Aerocity and Gurugram have become hubs for commercial activities, benefiting from modern office spaces and enhanced connectivity. This economic growth has further fueled the demand for housing, contributing to the region’s real estate boom.
In addition to growing infrastructure, Delhi-NCR has solidified its position as India’s luxury real estate hotspot. The region accounted for 61% of India’s new luxury housing launches in Q1 2024, reflecting strong demand for premium living spaces among affluent buyers. This surge in luxury housing is driven by the growing preference for exclusivity, high-end amenities, and exceptional quality.
Jagmohan Garg of Tirupati Infraprojects states, “Developers are responding by creating thoughtfully designed luxury spaces that cater to these aspirations. Luxury projects are often strategically located in areas with enhanced connectivity and proximity to major economic zones, offering not only a sophisticated lifestyle but also lucrative investment opportunities.”
The luxury segment’s growth is also influenced by broader market trends, such as the increasing preference for spacious living and the desire for a higher quality of life. These trends have been amplified by remote work practices and a shift towards suburban living.
Furthermore, the region’s robust demand and investor confidence are underscored by the impressive sales and supply figures recorded in Q1 2024. During this period, Delhi-NCR witnessed a remarkable 164% year-over-year (YoY) increase in residential unit sales, coupled with a 32% surge in new supply.
This significant growth in sales reflects a strong appetite for residential properties, while the increase in new supply indicates developers’ confidence in the market’s potential. Such robust demand and supply dynamics highlight the region’s resilience and attractiveness to both homebuyers and investors, positioning Delhi-NCR as a leader in India’s real estate sector.
“It seems like everyone’s smiling in Delhi-NCR’s real estate scene—investors are beaming with joy, homeowners are basking in the glory of rising property values, and developers are rubbing their hands in anticipation of the next big project. This harmonious symphony of happiness suggests that Delhi-NCR is poised to continue its upward trend in demand.” Says Jagmohan Garg.
In conclusion, the real estate boom in Delhi-NCR is a testament to the region’s potential for growth and development. With infrastructure projects continuing to enhance connectivity and luxury housing meeting the demand for premium living spaces, Delhi-NCR is poised to remain a leading destination for real estate investments in India.
