Diwali, perhaps the most widely celebrated festival in India, is recognised by many to buy a home of flagging off a real estate project. Of all the real estate markets, the one in in Delhi-NCR is one of the biggest and according to reports this festive season could witness developers launching real estate projects that could be worth Rs 1 lakh crore, or Rs 1 trillion.
Reports said that mega real estate developers such as DLF, Max Estates, TARC and Signature Global have already launched big projects in Gurugram. These builders are listed entities. They are into construction of both residential and commercial projects.
Listed and unlisted builders in the fray
Other developers who have focussed on this prime market in the festive season this year include Adani Realty, Trident Group, Central Park, M3M, Paras, Smartworld, County Group and Gaurs Group. According to reports these builders have also lined up new residential projects in Gurugram and Noida.
Gurugram, Noida hotbed
It was reported in July this year by Jones Lang LaSalle that the residential sector bristled with activity in the first half of the current year with Gurugram recording as much as 55% of the new launches while Noida came second with 35%. Most of the new launches were in the premium category that has seen a jump since the end of the Covid-19 pandemic. As much as 27% of the apartments launched in January-June this year were priced at Rs 5 core and above.
Along Dwarka Expressway
The region adjoining Dwarka Expressway has emerged as the new hotspot which has also commanded a year-on-year rise of 53% in real estate prices, said another report by Savills India.
However, after the blistering launches of premium projects, in the first six months, sales in July-September quarter have suffered a decline of 11%, said reports.
Crucial quarter
“This quarter is going to be crucial because it is the festival quarter. We are hoping there will be a bounce-back from the drop that has been experienced in the last quarter,” Anuj Puri, chairman of Anarock Property Consultants wrote on social media on October 7.
The project that DLF, that reportedly enjoys a 25% share in the ultra-luxury residential segment, is about to launch alone carries a value of Rs 34,000 crore.
Gurugram has emerged as the hottest real estate market in India followed by Noida, where premium properties are being picked up like hot cakes. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
