Why Delhi-NCR continues to be a luxury home hub? Expert decodes

As India’s capital, New Delhi is a spectacular blend of heritage, culture, and a cosmopolitan lifestyle. It is one of the fastest-growing cities that continues to lead with a robust urban infrastructure, enabling its citizens to live and thrive in a global metropolis. With decades of growth, an established economic model, New Delhi continues to be an epicentre for commercial activity, making it a natural home to corporates and businesses. Amar Sarin, Managing Director & CEO, TARC shares his knowledge on why Delhi-NCR continues to be a luxury home hub. 

"A business ecosystem at par with any global city, for both local and global players, New Delhi boasts of one of the best and busiest international airports, it is at the heart of tourism for Northern India, enjoys a high footprint of luxury hotels, a strategic location works to its advantage with access to manufacturing hubs of Noida and Gurgaon, the capital city is also one of the key employment generators," says Amar Sarin.

"As a city, New Delhi has grown tremendously and has also kept pace with the changing times setting a vibe and feel aspired by all. Delhi offers well-organized and zoned residential areas
across the city, with Central and South Delhi being the most sought after. The expansive Lutyens Bungalow Zone (LBZ) brings in an unparalleled charm to New Delhi with its halo continuing to positively influence the developments around. It is the inherent beauty that lies settled within the city’s structures that make it an unparalleled symbol for luxurious living. Ranking at number 27 in the Q3 2020 Knight Frank report on Prime Global Cities is a clear marker that proves Delhi’s growth towards the luxury housing segment. Ahead of Mumbai and Bengaluru, New Delhi led in the global index that measures the annual price appreciation of luxury residential properties," adds Sarin.

Talking about New Delhi as A favoured destination, Sarin says, "New Delhi has truly evolved and continues to offer its citizens a contemporary lifestyle. An attractive CBD, high streets, shopping malls along with numerous traditional retail destinations make it a lifestyle hub with a magnetic appeal. Along with these, the prestigious University of Delhi, the education framework of schools and academies are the critical factors making the national capital a premium pick encompassing all the lifestyle advantages it offers. The seamless connectivity with the NCR regions of Gurugram and Noida have further strengthened New Delhi’s appeal as a sought-after high-quality residential destination with HNIs and families continuing to aspire for their dream home in the capital. New Delhi is one of the key states in India, having the wealthiest households. It attracts a large, well-established, and growing niche, consisting of buyers keen on investing in quality homes, not only as a secured investment but also as an expression of their lifestyle. Today for the new consumers and for the evolved home buyers, the house or the apartment is more than just an abode, it is a symbol of success, a means to actualize their life and experience luxury. As families have grown, the second and third-generation business owners in the capital look at reinvesting in superior aspirational residential properties. Securing, quality homes for these families is a way to continue the growth of real wealth and passing on the same to the newer generations as a family heirloom."

Explaining NEW DELHI -NCR's realty potential, Sarin adds, "Gurugram - The Millennium City – Contributes to the growing segment seeking luxurious living A hub for corporates, the city is also home to fortune 500 companies with an attractive business district offering the best to professionals. An established infrastructure for new age living, well developed ecosystem of international schools, numerous shopping malls restaurants and hotels add to the contemporary vibe, complimenting the 24*7 life. This appeal of living in a cosmopolitan city like Gurgaon, an immersive lifestyle, ease of access to a modern club house, community spaces and sporting amenities has led to the curation and creation of luxurious condominiums within multiple high-rise developments across the city, now offering facilities and infrastructure on par with the best globally. The attractiveness of staying close to a global corporate hub, accessible lifestyle zones and a high-quality living experience offered within the walls of the condominiums have shaped the city into a much sought-after luxury residential hotspot."

Calling it a welcoming shift, Sarin said, "The last year has led to a massive shift in the consumers approach to living, with larger house ownership gaining prominence in comparison. This shift has contributed towards discerning home buyers willing to go the extra mile to acquire luxurious residences."

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)