Delhi NCR Drives Launch Of Luxury Homes In First Half Of 2024, JLL Data Reveals

The data found that 23,500 units were launched in the Delhi NCR luxury residential market in H12024 against 22,707 units launched in the corresponding period a year earlier

Real estate data showed that luxury homes emerged as the favourite choice in Delhi NCR in the first half of 2024. The data analysed by JLL showed that the region accounted for 64 per cent of overall luxury residential launches done in the first six months of the year. 

The real estate consultancy firm in its data found that 23,500 units were launched in the Delhi NCR luxury residential market in H12024 against 22,707 units launched in the corresponding period a year earlier. Further, Gurugram became the top performer in the luxury segment as 88 per cent of the launches during the period under review were concentrated in the Dwarka Expressway and Southern Peripheral Road regions, reported Business Standard.

These luxury properties have been launched by several developers such as TARC, Sobha Ltd, Paras Buildtech, DLF Limited, M3M India, Krisumi Corporation, Experion Developers, BPTP, and Central Park. 

Reasons Behind The Surge

This surge in luxury residential properties is mainly due to the increasing preference of buyers who are looking for more luxurious homes with better amenities. As such, developers who were earlier focusing in the affordable and mid-segment housing are now shifting towards luxury homes. Apart from Gurugram, Noida also saw a popular response for luxury residential options as the region accounted for 35 per cent of new launches were in the area.

In luxury sales also, Delhi NCR led amongst the top seven cities in India and controlled a 65 per cent share of the market with sales of 4,763 units. This was possible due to several factors like rising disposable income, infrastructure advancements, and an aspirational lifestyle. About one fourth of the launches in the first six months of 2024 in Delhi NCR were priced at Rs 5 crore and above.

Sharing the outlook for the luxury real estate market, JLL said, “In the future, it is anticipated that luxury housing sales in Delhi NCR will surpass 8,000 units by the end of CY 2024, representing a twofold increase from the previous year. Furthermore, established developers are actively procuring land in prime locations and growth corridors to meet the increasing demand and launch their projects in the future.”