Noida-based realty major announces Rs 1,000 crore investment to tap luxury housing market

The ultra-luxury housing is in high demand and Delhi-NCR has emerged as one of the top locations for this trend. Post-pandemic, the luxury housing market has acquired a strong foothold, thanks to the rising disposable incomes accompanied by a desire for better living.

To tap the luxury housing market, Noida-based real estate player Galaxy Group along with Sawasdee Group has announced to invest Rs 1,000 crore to develop an ultra-luxurious residential project in South Delhi.

The upcoming project is set to become one of its first kinds of redevelopment projects in the region. Notably, the rising demand for luxurious properties over the last few years that offer a unique living experience has prompted builders to redefine their market approach and embraces the industry changes.

"Delhi has a lot of potential for modern construction and people are looking to invest in luxury projects. South Delhi has always been the epitome of luxury and fashion with HNI’s forming the major part of the population," Pradeep Kumar Agrawalla, Director, Galaxy & Sawasdee Group, said.

He added that the luxury housing sector is expected to sustain strong sales momentum going forward in the backdrop of rapid urbanization, improved affordability and needs.

Apart from the Rs 1,000 crore investment, Galaxy and Sawasdee are already working on multiple commercial projects in the national capital including in the Old Delhi region and developing a mega retail and commercial destination in Noida. 

According to a PTI report, the luxury housing segment has witnessed a strong demand with sales of homes priced at Rs 4 crore and above touching 3,100 units during the April-June period across seven major cities of the country (Delhi-NCR, Mumbai, Pune, Chennai, Kolkata, Hyderabad and Bengaluru).

As per the PTI report, Hyderabad saw a 20-fold jump in the sales of luxury homes during the second quarter (April-June) of the calendar year, followed by Delhi-NCR, which witnessed a threefold jump.