Many posh areas of the capital Delhi are now becoming hubs of high rise luxury apartments. Areas like South Delhi and West Delhi are now becoming the preferred destination for realty companies like DLF, TARC and Godrej. Experts say that in view of the increasing demand for homes, strong infrastructure development and increasing focus on high-end housing, the real estate market of New Delhi is likely to become an important destination of the country’s property market in 2024.
According to PropEquity data, Delhi’s real estate market grew by 25% year-on-year during the October-December 2024 quarter, while transactions increased from 10,354 units to 12,925 units during the same period. Also, the supply of new flats increased by 59 percent in October-December 2024 and this figure stood at 11,223 units, whereas in the same period a year ago this figure was 7,072 units.
This growth also indicates a tremendous increase in property prices. Talking about Housing Price Index (HPI) in September 2024, in this respect the market of Delhi-NCR remained at the forefront and this index reached 178. The Housing Price Index is a metric that measures the rate of change in prices of residential properties.
High rise apartments gained momentum
In the last 4-5 years, there has been a tremendous increase in the number of luxury high rise residential apartments in Delhi. Keeping in mind the increasing demand for luxury flats, developers like DLF, Godrej, TARC, Raheja, Unity and Parshvanath have launched housing projects, which is changing the nature of apartments in Delhi, where traditionally low-floor flats have been Were.
Real estate experts say that the change in land policy will promote the high-rise culture of the capital. According to him, the master plan of Delhi was changed in 2013 in view of the increasing need of houses in the capital and the huge shortage of land. The Delhi Development Authority (DDA) and the central government had decided to relax height norms, allowing developers to work on very tall residential projects in Delhi. DLF first launched Capital Greens, a 39-storey high-rise building in Moti Nagar, Delhi in 2008-09.
