Feb 29, 2024NCR Real Estate

5 Real Estate Trends in Delhi NCR for 2023

by Godrej Properties Limited

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5 Real Estate Trends in Delhi NCR for 2023

Delhi NCR, the prime location of India's economic activity, is a symbol of growth and development. In this ever-growing metropolis, the real estate sector has, unsurprisingly, been on an upward trajectory. As we sum up 2023, it's crucial to analyze the pivotal trends shaping Delhi NCR's real estate landscape.


Top Real Estate Trends in Delhi, NCR

1. Accelerated Urbanisation

Delhi NCR's real estate trends are intricately linked with its rapid urbanization. The influx of professionals seeking job opportunities has increased the demand for residential and commercial spaces. Government initiatives like Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Smart Cities Mission have further spurred urban development, propelling the real estate sector.


2. Seamless Connectivity

Connectivity remains a cornerstone of Delhi NCR's real estate boom. With a well-established network of highways, an international airport, and an extensive metro system, the region has become incredibly accessible. This enhanced connectivity facilitates commuting and enriches the real estate value across the region. 

3. Co-working Revolution

Co-working spaces are emerging as a significant trend in Delhi NCR's real estate market. The rise of startups and the gig economy has elevated the demand for flexible office spaces. Large and small businesses are increasingly turning to co-working spaces for cost-effective and versatile office solutions. Consequently, a number of co-working facilities have sprung up across Delhi and NCR.

4. Okhla's Ascendance

Okhla real estate is capturing the spotlight, thanks to its rapid development. Okhla is poised to become South Delhi's premier neighbourhood with its rise in industrialization and surging demand for upscale properties. Okhla is becoming a top choice for residents due to its cosmopolitan appeal, coupled with excellent connectivity through National Highway (NH) 19 and proximity to the Delhi Metro's Violet Line.

Also read: Why Okhla is the new sought after location for Delhi homebuyers

5. Housing Price Dynamics

The Delhi NCR real estate market has witnessed a notable shift in luxury housing. Unsold inventory for upscale residences has seen a remarkable 23% YoY decline, with approximately 8,880 units now available in the NCR. This shift is indicative of evolving buyer preferences in the region.

In Conclusion: The Future of Real Estate Investments in Delhi, NCR

As Delhi NCR continues to witness the development of residential and commercial projects, it emerges as a prime investment destination. The expansion of the IT and e-commerce sectors is poised to drive demand for office spaces, further enhancing the prospects of the commercial real estate sector.


Frequently Asked Questions

Q: What is the current trend in home prices in Delhi NCR?

Ans: Dwarka Expressway witnessed a remarkable 59% surge in housing prices, attributed to the opening of the central peripheral road and the connecting loop to NH-8. In Gurugram, prices on Golf Course Road saw a substantial increase of 42%.

Q: Is Okhla a wise choice for real estate investment?

Ans: Okhla is one of South Delhi's most sought-after residential areas due to its excellent connectivity and ongoing infrastructure development. It presents promising investment opportunities.

 

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