Even as the real estate sector is witnessing a surge in demand across segments since last year after facing a significant hit due to the pandemic, the Delhi-NCR market in particular is seeing a surge in both prices and demand. In an interview with news18.com, Raheja Developers Chairman and MD Navin Raheja talks about market trends in real estate, especially Delhi-NCR. Edited excerpts:
The luxury housing segment in Delhi-NCR has seen a significant growth in recent years. How do you envision the future of luxury housing in the region, and what factors contribute to its sustained growth?
The growing preference for luxury housing reflects changing desires and aspirations today. Previously limited to a privileged few, luxury has now become more accessible with economic growth and entrepreneurial success. As individuals seek to replicate the luxurious standards they experience abroad, housing has become a focal point. Luxury housing now encompasses exquisite design and spaciousness, impeccable services, state-of-the-art security systems, modern conveniences, and a wide range of amenities. This trend has led to the emergence of real estate developers specializing in luxury housing, incorporating advanced technologies and partnering with renowned service providers.
However, as the economy opened up and entrepreneurship became popular, a new affluent class emerged. With their wealth, these individuals desired an extraordinary life. They sought to replicate the luxurious standards they experienced during their travels abroad. Housing became their focal point, and they paid great attention to creating exceptional living spaces. This shift in buyer preferences towards luxury housing reflects the aspirations of this new wealthy class and their desire to emulate the living standards they were exposed to during their journeys abroad.
We are halfway through 2023. What are your projections for the growth and development of the real estate industry in Delhi-NCR?
As we look beyond the immediate future, our long-term vision for the real estate industry in Delhi-NCR is one of continued growth, development, and transformation. In the next decade, we anticipate several key trends and factors that will shape the market.
We anticipate strong demand for sustainable and technologically advanced residential properties and the rise of mixed-use developments and improved infrastructure. Green initiatives and sustainability will gain prominence, and the commercial sector will continue to thrive, attracting investments from various industries.
Regulatory reforms and transparency will be crucial for a favourable business environment. As a leading developer, we are committed to delivering innovative projects that meet evolving customer needs while creating vibrant and sustainable communities.
Looking beyond the immediate future, what is your long-term vision for the real estate industry in Delhi NCR? How do you see the market evolving and transforming over the next decade?
Our long-term vision for the real estate industry in Delhi-NCR focuses on sustainable, inclusive, and technologically advanced growth. We anticipate the rise of green developments, smart cities, mixed-use communities, enhanced connectivity, affordable housing, and innovation. This includes incorporating eco-friendly features, digital integration, vibrant communities, robust infrastructure, and affordable housing options.
We aim to create environmentally responsible communities with efficient energy management and seamless automation. Integrating advanced technologies will improve infrastructure, connectivity, and quality of life. We foresee the development of vibrant communities with a comprehensive range of amenities and services.
Our vision embraces inclusivity, social infrastructure, and affordability to cater to diverse socioeconomic segments. Through innovation and adaptation, we strive to create spaces that enrich lives and contribute to a sustainable future in Delhi-NCR.
Commercial development has been gaining traction in Delhi-NCR. How is your company capitalising on this trend, and what unique opportunities do you see in the commercial real estate sector in the region?
As a leading real estate company, we capitalise on the growing commercial development trend in Delhi-NCR. We emphasise on mixed-use projects integrating luxury residential apartments with commercial and retail spaces, creating vibrant communities. Our ‘Hotel Residences & Branded Residences’ concept combines ultra-luxury apartments with high-end hotel services.
We select strategic locations and develop Grade A offices, logistics parks, and high-end retail spaces to meet evolving demands. With a focus on convenience, accessibility, and amenities, we deliver exceptional commercial spaces that cater to businesses and investors. Our expertise, strong partnerships, and innovative approach contribute to the dynamic commercial real estate sector in Delhi-NCR.
Consumer preferences and trends are constantly evolving in the real estate market. Could you shed light on any emerging trends or changing preferences in terms of property design, amenities, or location choices that you are observing in Delhi-NCR?
The real estate market in Delhi NCR is witnessing changing preferences and emerging trends that shape property design, amenities, and location choices. Key observations are:
Premium and Luxury Residences: Homebuyers seek opulent living spaces with high-end finishes, innovative designs, and exceptional amenities.
Sustainability Features: Properties with eco-friendly features, energy-efficient systems, and sustainable construction practices are gaining prominence.
Connectivity: Proximity to major transportation hubs, highways, metro stations, and the upcoming Jewar Airport is highly sought after.
Proximity to Employment Hubs: Buyers prefer properties near business districts and commercial centres for convenience and shorter commuting times.
Lifestyle Amenities: Increasing demand for fitness centres, swimming pools, landscaped gardens, and community spaces within residential complexes.
Smart Homes and Technology Integration: Home automation systems and smart security features enhance convenience and energy efficiency.
Developers are aligning their offerings to cater to these evolving preferences, providing luxurious, sustainable, and technologically advanced living experiences in Delhi NCR.
Can you highlight any specific areas or neighbourhoods within the region that you believe will become significant growth centres in the near future, and what factors make them attractive for real estate development?
The real estate market in Delhi-NCR is witnessing significant developments, and several areas and neighbourhoods within the region are poised to become prominent growth centres. These locations show great potential for increased real estate development in the near future. Specific areas that we believe will experience substantial growth and emerge as key centres of real estate activity are:
Dwarka Expressway: With its strategic location connecting Gurugram and Delhi, Dwarka Expressway (Northern Peripheral Road) holds immense promise for real estate development. Proximity to the international airport, ongoing infrastructure projects, and planned metro expansion contributes to its attractiveness.
Greater Noida West (Noida Extension): This area rapidly emerges as a real estate hotbed, offering affordable housing options and excellent connectivity to Noida, Greater Noida, and Delhi NCR. Reputed educational institutions, healthcare facilities, and commercial hubs further enhance its appeal.
Sohna Road, Gurugram: Sohna Road’s proximity to business districts, excellent connectivity, and developed infrastructure make it an attractive destination for real estate development.
Yamuna Expressway: The corridor between Greater Noida and Agra, Yamuna Expressway offers affordable housing, excellent connectivity, and potential for industrial growth.
Faridabad-Neharpar: Witnessing significant infrastructural developments, Faridabad’s Neharpar area focuses on affordable housing, industrial zones, and proposed commercial and retail projects.
These areas’ strategic locations, connectivity, proposed infrastructure, and essential amenities make them favourable for future residential and commercial real estate development.
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