Positive Buyer Sentiment To Drive Real Estate Demand In Delhi-NCR

New Delhi: The real estate market in Delhi-NCR is expected to grow exponentially in 2023, with some interesting trends shaping the future of Delhi, Gurgaon, Noida, and the periphery areas that are all gaining traction like never before. Real estate continues to be the best investment option in Delhi-NCR, with approximately 40 percent preferring it over other investment options.

R&R By Rise conducted a survey of potential real estate buyers in Delhi-NCR recently. The findings clearly highlight the fact that the Delhi-NCR realty is going to surprise one and all with growth beyond everyone’s expectations. The mood of the buyers clearly points to good times for the real estate segment in the region. A number of factors are driving this success, including stable prices, decent interest rates, strong economic growth, favorable demographics, and an increase in foreign investment.

Vishesh Prakash, Research Partner, says, “As the world gets ready to get back to the furious growth path, one clear indication that the Delhi-NCR buyers have given is that they’re looking at real estate as a means to a meaningful and a healthy lifestyle. An overwhelming number of buyers indicated that they’re now ready to take the first steps toward buying their first home. A large number of homeowners also indicated they are looking to upgrade to bigger and better homes. These responses clearly point to an emergence of a real estate buying class that’s making home buying and investment decisions an intrinsic part of their future well-being.”

One of the key findings of the survey that emerged points to the millennial population being a key player in the growing real estate market in Delhi-NCR. Those aged between 30-44 years are driving the demand for both, residential and commercial real estate. Over 70 percent of respondents indicated that they are looking at buying a home in the next couple of years.

Demand for residential realty precedes commercial, with 45 percent of respondents looking at picking up residential, and 35 percent looking at tapping into commercial spaces respectively. Around 46 percent of the respondents indicated that they are looking to pick up their first homes in the next two years. Over 29 percent plan to upgrade from their current homes into bigger better spaces, with more lifestyle and wellness amenities. The demand for 2-3 BHK witnesses great traction with 65 percent opting for either of the two options.

Real estate assets and investment vehicles will be created for the sole purpose of investing and making money, and this trend will dominate the market. In fact, commercial real estate, which generates income in the form of rentals, ROIs, and income-producing properties, has also become a sought-after investment option.

Infrastructure spending on roads, metro connectivity, and other such amenities have given a further impetus to the real estate ecosystem in India. Besides, foreign investment in Indian real estate is also playing a major role in keeping the Indian real estate market buoyant.

Key Highlights:

·       Real estate in Delhi-NCR and its peripheries to be the center of attraction as far as the demand is concerned.

·       Millennials planning to invest in realty will drive the 2023 real estate market, both residential and commercial.

·       Demand for residential realty precedes commercial, 45 and 35 percent respectively.

·       The percentage of first-time buyers goes up to 46 percent, while the percentage of those who want to upgrade to bigger spaces goes up by 29 percent.

·       Demand for 2-3 BHK witnesses great traction with 65 percent opting for either of the two options.