Luxury condominiums continue their reign as the most in-demand segment across the country showing the fastest increase over the last year. The disturbance caused by COVID-19 has pushed the demand for condominiums and gated communities along with self-sustainable ecosystems during this unusual phase of the pandemic. Buying a lux property in a prime location has also become important amid COVID. Homebuyers don’t want to travel too much for work and leisure. Delhi with limited offerings sees maximum demand for homes in integrated condominiums. Data by CRE Matrix Research has observed that the sales figures in Delhi in 2021 and 2022 were more than in pre-Covid times. In 2019, 1.15 lakh houses were sold, while in 2020, it was 73,777. This number touched 1.23 lakh in 2021 and 1.34 lakh in 2022.
This demand has led leading developers like launch projects in the capital. There has been a resurgence of interest in Delhi’s real estate market in recent years, particularly in the luxury segment. This is due to the city’s growing demand for upscale homes and the return of developers with new, high-end offerings. One Midtown, a recently launched project, is part of a larger development plan for DLF Midtown. In the first phase, this high-rise luxury residential project sold towers worth Rs. 1500 crores. DLF is soon planning to launch the last tower of One Midtown.
For the millennials, first-time homebuyers, condos are the most preferred option when buying a property. Their values and change in lifestyle in terms of wellness and safety drive them toward buying condos because they tend to be more spacious, secured with all the amenities that reduce the need to venture out. Supporting the point, a report by ANAROCK Consultants states that the residential sector after the COVID outbreak has completely altered the home buyers’ perspective. The report shows that the demand for gated townships has risen; being in a controlled environment is becoming a necessity, resulting in a rise in demand for townships where one can live-work-play within a safe community.
Shashank Vashishtha, Executive Director, eXp India said, “The national capital has always remained the most sought-after residential destination for homebuyers. The city is witnessing a rise in demand for high-end condominiums, a product type for which the market in all other parts of the NCR has been booming in the last two decades. The rising demand for condominiums and lack of integrated developments in Delhi has led to many reputed and also new developers entering the Delhi residential market, strengthening the city’s position as a primary market”
With stability in the market and things getting better by the day, the realty sector has been showing signs of a fast recovery and the luxury segment being the weatherproof segment continues to rise at a fast pace. The upsurge of demand for green and open spaces is being observed in the market along with wholesome safety measures in an integrated township.
