This is the best performing residential submarket in Delhi | Real Estate Asia
, India

This is the best performing residential submarket in Delhi

Over 80% of the 4,000 units sold in the city came from this district.

According to JLL, there were around 4,000 high-end apartments sold in Delhi NCR in Q1. Gurgaon continues to remain the top-performing submarket, contributing 82% to the overall high-end sales. 

DLF was able to sell all of the 1,137 units in its newly-launched project, The Arbour, within three days of launch, highlighting the sustained demand for such luxury projects. Golf Course Extension Road and Dwarka Expressway were the best performing corridors here.

Here’s more from JLL:

Noida contributed 12% of the high-end sales, followed by Delhi, which contributed the rest. A majority of the units sold in the high-end segment in Noida were in the Noida-Greater Noida Expressway corridor.

Launches up 52% q-o-q

In 1Q23, all of the high-end launches were recorded in Gurgaon. Golf Course Extension Road corridor led in terms of new launches, contributing over 40%. National-level developers like DLF, Birla Estates and Adani Realty have launched projects in this corridor.

The Dwarka Expressway corridor was next with 37% of the new launches, with established developers like M3M and Tata Realty launching projects here. Local developers like Whiteland Corporation and Central Park also launched a project in the NH-8 and Sohna corridors, respectively.

Prices and rents up marginally across most submarkets

Prices in the high-end segment went up by 2.1% q-o-q and 6.8% y-o-y. Gurgaon saw the highest price increase on a quarterly basis, with the sustained demand for high-end housing in the region being a big factor. Along with this, rents also increased marginally in Gurgaon.

Capital values and rents in Noida and Delhi also increased marginally. Despite the rising prices, sales have continued to remain robust with the buyer profile seemingly unaffected by the repo rate hikes.

Outlook: Robust demand to be expected and backed by strong supply

A majority of the high-end launches are expected to take place in Noida and Gurgaon. High-end launches in Noida have slowed down in recent years, but with established developers like M3M, Max Estates and L&T Realty acquiring land and announcing plans to launch projects in the Noida-Greater Noida submarket, premium housing supply is expected to get a boost in Noida.

Capital values and rents are expected to go up further, driven by robust demand and infrastructure developments. Along with this, policy changes will also impact pricing, such as circle rates in Gurgaon which are likely to be raised in the next quarter. Demand is also likely to remain robust due to aspirational lifestyles and rising disposable incomes.

Note: Delhi Residential refers to Gurgaon's prime residential market.

 

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