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Delhi-NCR Luxury Market Heats Up: Gurugram Takes Lead in Q1 Launches
Updated : July 26, 2024
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The Delhi-NCR region witnessed a significant boom in the luxury real estate segment during the first quarter (Q1) of 2024, as per a report by Cushman and Wakefield – Residential Q1 2024. Gurugram emerged as the frontrunner in terms of new launches, contributing nearly 44% of the total high-end and luxury properties introduced in the market.
Gurugram's Hotspots:
The report highlights specific sub-markets within Gurugram that are particularly attractive for luxury developments:
- South Peripheral Road (SPR): This area is experiencing a surge in high-end residential projects, offering a blend of excellent connectivity and upscale living.
- Golf Course Extension Road: This corridor is rapidly transforming into a hub for luxury apartments and villas, known for its proximity to golf courses and verdant surroundings.
- NH 8: This established zone continues to hold its appeal for luxury buyers seeking well-developed infrastructure and a vibrant lifestyle.
Market Trends:
The dominance of the luxury segment in Gurugram's Q1 launch activity reflects a growing demand for premium residences in the city. This trend is likely driven by factors such as a rise in disposable incomes among affluent buyers, a preference for spacious and amenity-rich living spaces, and the overall growth of the Delhi-NCR region as a major business and economic centre.
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Key Destinations Beyond Gurugram:
While Gurugram takes the lead, the report also indicates growth in other parts of the Delhi-NCR region. Noida is another key player with a significant share of new launches in Q1 2024. It's crucial to explore specific areas within Noida that cater to the luxury segment for a more comprehensive understanding of the market dynamics.
Conclusion:
The Delhi-NCR luxury real estate market is experiencing a boom, with Gurugram leading the charge in terms of new launches during Q1 2024. Specific sub-markets within Gurugram, such as SPR, Golf Course Extension Road, and NH 8, are attracting significant interest from high-end buyers. It's important to consider Noida and other emerging luxury destinations within the Delhi-NCR region for a complete picture of this thriving market.
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