NCR gears up for a housing dhamaka

The festive season could see the launch of more than '1 lakh crore worth of residential projects in Delhi-NCR, with developers having delayed new launches till the formation of the Haryana government and the festive period. While housing sales have been rising for the last two years, the July to September quarter saw an 11% dip.

Listed developers such as DLF, Signature Global, TARC, and Max Estates have launched large-scale projects in Gurugram. Others including M3M, Smartworld, Trident Group, Central Park, Paras, County Group, Gaurs Group, and Adani Realty are also in the process of launching new housing projects in Noida and Gurugram.

"Traditionally, the Indian festive season is considered an ideal time to invest in wealth-creating assets. This year, the sector is poised to see a substantial rise in demand for homes, especially with a wave of new luxury launches attracting high-net-worth individuals (HNIs), ultra-high-net-worth individuals (UHNIs), and significant investments from the NRI community," said Aakash Ohri, joint MD and chief business officer, DLF Homes.

DLF is launching an ultra-luxury project with a targeted sales value of '34,000 crore, about 2.5 times the value of its Camellias project in Gurugram, or any other realty project in India.

The sales value of DLF's upcoming The Dahlias project would be equivalent to that of Three Sixty West by Oberoi Realty in Mumbai, DLF Camellias in Gurugram, and Naman Xana in Mumbai. The apartments would have a starting size of 9,500 square feet.

The new project is expected to substantially boost DLF's market share. According to PropEquity, DLF held a 25% market share in the ultra-luxury segment (properties priced above '25 crore) over the last five years.

"The Gurugram real estate market is already heating up in anticipation. Areas like Golf Course Extension Road and Dwarka Expressway are emerging as prime hotspots, driven by infrastructure upgrades and a growing demand for luxury homes," said Vivek Singhal, CEO, Smartworld Developers. Smartworld Developers recently sold 900 residential units in its latest luxury project in Sector 69, Gurugram, featuring high-end apartments priced between '4-5 crore each.

Gaurs Group also sold 1,200 luxury apartments in Ghaziabad, with a total value of Rs 3,000 crore.

Max Estates reported Rs 4,100 crore in pre-sales from its first residential development in Gurugram, while Signature Global posted its best-ever half-year pre-sales, totalling Rs 5,900 crore in H1FY25, reflecting a 217% year-on-year growth.