Bounce Back - Major Real Estate Developers To Introduce New Projects in the Delhi-National Capital Region in 2023-2024

DLF, Godrej, M3M, County, Max, and TARC Plan new housing projects in the Delhi-National Capital Region

Real estate companies such as DLF, Godrej, M3M, County, Max, and TARC are preparing to introduce new housing projects in the Delhi-National Capital Region, where demand continues to be high after a lull for a couple of years.

The new buildings will be constructed in areas such as central Delhi, Noida Expressway, and Gurugram's Golf Course Road Extension, where land acquisition has accelerated in 2022-2023.

"One of the most notable developments this year has been the increase in demand for luxury and upscale properties. While there has always been a desire for investment in India, individuals have favoured investing in other asset classes prior to the outbreak of the epidemic" said to Aakash Ohri, group executive director of DLF.

DLF has planned project launches covering 9.4 million sq ft in 2023-24, including another phase of the DLF-GIC joint venture in central Delhi, a premium property on the Golf Course Road Extension and another in New Gurgaon. Godrej, Max, and M3M have just bought property in Noida and are planning launches.

"We want to develop a minimum of three projects, one each in central and south Delhi, and one in Gurugram. We feel this is the finest moment for residential real estate and we are scaling up as per demand," said Amar Sarin, managing director, TARC.

According to CBRE, the robust momentum in the luxury residential market may continue in the next quarters, as a number of new projects are scheduled to debut.

"Due to the increased demand for condos and the dearth of integrated buildings in Delhi, several reputable and new developers have entered the Delhi residential market, boosting the city's position as a key market," stated Shashank Vashishtha, executive director of eXp India.

Historically, Delhi has been considered a secondary real estate market, with the bulk of investment and development concentrated in other big cities. In recent years, there has been a revival of interest in Delhi, notably in the luxury category.

On Noida Expressway, M3M, Max, and County Group, among other developers have recently bought land parcels and new projects are expected to sprout there in the near future.

According to economists, regions with low amounts of unsold inventory will continue to enjoy capital value increase supported by constant demand.

Apartment apartments in the 1,200-1,500 sq ft area would continue to show stronger traction, they predicted.