Luxury sells. And, the capital leads in lapping it up. With this month’s landmark deal of a flat in Gurugram’s DLF Camellias for Rs 190 crore, luxury real estate in Delhi-NCR is on a new high. Among the top seven cities in India, Delhi-NCR stood out with a remarkable 64% share of luxury residential launches in H1 2024, as per real estate consultancy JLL. Several developers, including DLF, TARC, Sobha, Paras Buildtech, M3M India, BPTP, Krisumi Corporation, Central Park, and Experion Developers, have all launched new luxury projects here.
The H12024 saw around 23,500 residential units launched in Delhi-NCR, exceeding the total launches of 2023, which stood at 22,707 units, as per JLL estimates. Gurugram dominated with 55% of the new launches, while Noida contributed 35% in 2024. Notably, over 26% of these new launches, totalling about 6,200 units, comprised luxury apartments (priced at Rs 5 crore or above).
DLF will soon launch 400 residences in DLF Dahlias with prices starting at Rs 80,000 per square foot, and apartments averaging Rs 100 crore each.
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Factors driving high price tags include superior amenities, location and exclusivity. Properties in prime urban locations with superior connectivity will command higher prices, along with developments featuring sustainable designs, smart technologies, and luxury finishes. The increasing demand for larger, more personalised spaces will also push prices upward, as will the presence of HNIs and UHNIs seeking investments in high-end assets.
As per Anshuman Magazine, chairman & CEO—India, South-East Asia, Middle East & Africa—CBRE, a commercial real estate services and investments firm, “Factors such as the size of the property, location, and range of amenities offered within a specific micro-market play a significant role in determining price trends. As demand for premium residential spaces continues to grow, especially in key locations with robust infrastructure and connectivity, these elements collectively contribute to price appreciation in the region.”
Anuj Puri, chairman of real estate company, ANAROCK said, “The average property prices in nine months of 2024 witnessed a 32% rise in the top seven cities as against 2023-end, from `6,669 per sq ft in 2023-end to nearly Rs 8,390 sq ft in Q32024. Among the top seven cities, Hyderabad recorded the highest 37% jump with prices here at Rs 7,150 per sq ft as of Q3 2024-end.
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