The National capital city i.e. Delhi’s property market has always been a lucrative platform for home buyers and investors especially those belonging to luxury segment. There are many plush localities in Delhi where property prices start from more than a crore, still, these market have never failed to attract premium home buyers of the city as well as HNIs and NRIs.
Moreover, a recent report by Knight Frank also revealed that the capital city is one of the fastest-growing cities for luxury real estate market maintaining a number 4 position amongst leading global cities. As per the report, Delhi has witnessed a 4.4% growth in the average capital value of the luxury homes in the last year.
This growth has mostly been witnessed in localities like Jor Bagh, Golf Links, Sarvodaya Enclave, Lutyens Delhi and some other plush areas of South Delhi. Comprising mostly of 3 to 6 BHK villas, the average property price in these areas hovers around Rs 40,000 per sq ft to Rs 1.5 lakh per sq ft.
Take a look at a few reasons due to which luxury housing has gained momentum in Delhi’s property market:
Increase in Affluent Buyers
With the growing number of business class and affluent families in Delhi, the demand for luxury homes has increased. Today, most of the HNIs want to own a premium-class or uber-luxury homes that match their lifestyle and status. Because of this, builders are constructing villas and builder floors in areas like Jor Bagh, GK and South Extension. Some developers are also coming up with the concept of Boutique homes that caters to the niche segment of the society. These properties are developed after proper market research and future potential.
Investment in Marquee Assets
In last few years, Delhi has seen some of the highest transactions in the residential real estate that has also been able to generate headlines. These transactions in marquee assets are mostly done by NRIs and HNIs to create a brand image and social status.
Some of these property transactions include a Rs 304 crore villa on Bhagwan Das Road, a Rs 476.50 crore bungalow on Prithviraj Road, and a Rs 220 crore villa on Amrita Shergill Marg.
All these transactions have added a benchmark to the Delhi’s residential realty market.
Rise in Affordable Luxury Market
With affordable luxury achieving new heights in the realty market of India, today even a salaried class individual can afford to own a luxury home in some of the plush societies of Delhi. Localities like Green Park, Greater Kailash, Preet Vihar, Anand Vihar are home to many salaried-class families already living here. Also, with the increasing demand for such homes, the builders are coming up with more such projects in various other localities of Delhi.
Apart from the above factors, others like better infrastructure facilities, presence of premium amenities, connectivity, are also adding to the growth of luxury real estate market of the National Capital. Experts suggest that with such pace of growth, the luxury market will flourish more in the coming years.