The micro markets of Gurgaon, Noida, and Delhi are demonstrating consistent signs of growth in both value and demand. Real estate remains the preferred investment avenue in these cities, with individuals increasingly choosing them as their residential destinations. Each of these micro markets exhibits a flourishing luxury residential sector.
Gurugram’s real estate market is thriving, debunking speculations that attributed its growth solely to post-pandemic pent-up demand. Favorable government policies, economic conditions, and rising market demand contribute to the robust performance of each micro market within Gurugram. With positive sentiments persisting and demand on the rise, leading players from across the nation are gearing up for extensive expansion plans in the area. The luxury residential segment has shown remarkable growth, with average rentals experiencing a notable year-on-year increase, particularly along Dwarka Expressway and Golf Course Road.
Noida has carved out its unique identity, offering diverse residential and investment opportunities while instilling confidence through its low unsold inventory and new launches. Market watchers anticipate a stronger growth trajectory ahead, with luxury unit launches more than doubling in 2023. Notably, over 65% of these developments are concentrated along the Noida-Greater Noida Expressway, underscoring the micro market’s increasing prominence in the luxury residential sector. Noida’s micro markets experienced the highest rental growth in 2023, with Sector 150 witnessing a rise in luxury residential availability, leading to a softening of average rental values.
Delhi, being the country’s heart, has witnessed a shift in prime residential areas over time, with Central West Delhi emerging as a new destination for premium living. The city is increasingly attracting luxury homebuyers, signaling a shift in its real estate landscape. Average rental values in Delhi saw significant growth in 2023, particularly in Central 1 micro market, followed by South East, South Central, and Central West micro markets. Vishesh Prakash, Head of R&R, acknowledges Delhi-NCR’s leading position in real estate and emphasizes the exceeding market expectations across its micro markets.
These trends underscore buyers’ preference for areas offering luxury amenities and a product mix that aligns with their aspirations. Factors such as favorable demographics, robust infrastructure, and the availability of high-end luxury projects continue to drive the success of Gurgaon, Noida, and Delhi micro markets and their prominent zones.
Key Highlights:
- Delhi-NCR micro-markets remain in high demand in the real estate sector.
- Gurgaon’s Golf Course Road and Dwarka Expressway are witnessing peak rental rates, emerging as hotspots.
- Noida experiences the highest growth in capital values for luxury properties along the Noida-Greater Noida Expressway.
- Delhi sets new benchmarks for super luxury realty, not only in South and Central Delhi but also in Central West Delhi.