Construction Industry News
Based on a new study conducted by JLL, the residential market in Delhi NCR experienced a notable recovery in the first half of 2024. A total of 23,500 units were released, which was more than the 22,707 units recorded in 2023. This tremendous growth shows the increasing need in the area for luxurious residences.
Amongst the top seven cities in India, Delhi NCR held a remarkable 64% share of luxury residential launches. With 88% of new launches focused on the Dwarka Expressway and Southern Peripheral Road areas, Gurugram emerged as the top in the luxury real estate market. This growth indicates the increased desire in premium living spaces, fueled by the region’s growing infrastructures and connections.
With 4,763 units sold in the first half of 2024, Delhi NCR similarly rules the industry in terms of luxury home sales, with a dominating 65% market share. The area’s strong performance highlights the rising demand for luxury real estate as affluent individuals and discriminating purchasers look for upscale apartments that offer exclusivity, comfort, and modern amenities.
The rise in launches and sales points to the future growth of the luxury real estate sector in Delhi NCR, positioning the area as the premier location for luxury living in India.
“The report cements Delhi-NCR’s position in luxury residential launches for H1 2024,” stated Pradeep Aggarwal, founder and chairman of Signature Global (India). The rise is a blatant sign of the area’s rising reputation for premium real estate. Furthermore, this demand is further driven by affluent buyers’ increased desire to live in opulent homes and their rising disposable income. Given Gurgaon’s established status as a top option for high-end real estate, we predict exponential rise in the city’s luxury index.
Kushagr Ansal, director, Ansal Housing said, “The luxury real estate segment is currently gaining momentum, driven by several factors such as the growing aspiration for a high-end lifestyle, the development of Dwarka Expressway, increasing disposable incomes, and continuous infrastructure expansion.”
Developers are responding to this demand by pushing the boundaries of design and technology. “For developers, the luxury segment is incredibly lucrative. The focus is now on sustainability, innovation, and creating homes that resonate with the affluent class. These are not just homes—they are landmarks,” says Sachin Gawri, founder and CEO, RISE Infraventures.
In conclusion, the first half of 2024 saw a notable expansion of the Delhi NCR luxury real estate sector, fueled by growing demand for upscale living arrangements, solid infrastructural development, and higher disposable incomes. The area is well-positioned as a top choice for affluent homes in India, having seen record launches and sales.
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